Do you have a great idea for a new business that you're sure will make a fortune? Have you invented a really innovative product or thought up a cool new service? Well, I've got some good news and some bad news.
The good news is that it's great to be able to come up with new ideas. Having a solid business concept that fills a hole in the market -- provides a needed product or service -- is a good beginning for a business.
But now for the bad news: no matter how good your business idea, how innovative your concept, your ultimate success depends on how well you take care of all the mundane day-to-day stuff, the "business" side of business. Remember one of Rhonda's Rules is that "80% of success comes from executing the fundamentals well."
What do I mean by fundamentals? It's all that stuff in your business life that you'd rather not have to deal with: the administrative details, the order processing, the bookkeeping, the sales calls.
As a business owner, I know this stuff isn't fun. I hate having to make decisions about insurance, figuring out how much inventory to re-order, or negotiating with the landlord about our lease. It's a lot more interesting to be thinking up new products or launching a new marketing idea.
Novice entrepreneurs imagine there's some magic formula to make the nitty-gritty details go away. What they'd like -- what we'd all like -- is some one who'd run our business, take care of all the day-to-day tasks so we could just do the creative, exciting things.
Unfortunately, there's no such magic formula. If you own a business, you can't lose sight of the fundamentals. Even if you have a partner or great employees, you have to take care of some of these basic business components yourself or at least make sure they're being taken care of and taken care of right.
There's just no getting around it: some stuff in business isn't fun. But it's necessary all the same. Here's your "business fundamentals" checklist:
Copyright, Rhonda Abrams 2003
Rhonda Abrams is the president of The Planning Shop and the author of The Successful Business Plan: Secrets & Strategies. She is a popular speaker and seminar leader. Register for Rhonda's free business planning newsletter at www.PlanningShop.com.