1. Invest in your business
This means investing time as much as money. Building a business does not happen overnight. In most cases it takes years. Understand that short-term gains are not everything, and put money made back into the business.
2. Track and analyse everything.
Monitor your accounts, be aware of every little detail of your business. I’m sure you’re already aware, but you’ll almost certainly need to become rather friendly with Microsoft Excel. You can only succeed by knowing what is and isn’t working. This means comparing and contrasting your results.
3. Utilise the internet.
By this stage, the internet has well and truly embedded itself in every aspect of our lives. To think that you can successfully run a business today without harnessing the potential of the internet – with its access to billions of people and countless markets, as well as seemingly endless streams of information – then think again.
4. Start investing.
It’s an almost universally known fact amongst successful businessmen that you cannot rely on a single stream of revenue. It’s far too risky, and can leave you in some seriously hot water. Think outside the box. Make some time, and consider your options.
5. Business is a long-term game.
Speculate to accumulate. Like life, business is larger than the short-term. Think about now precisely so that you can think about the future. It cannot work the other way around. Be smart, and recognise that life is lived in the moment, but that there are plenty of moments tomorrow, too! Play the long game, and reap the benefits.
6. But being smart also means recognising the power of ‘now’.
Momentum is your greatest ally. This means grasping the moment and capitalising at every potential opportunity. Business and markets are constantly changing, and trends that are popular now can seem irrelevant in a very short space of time. Don’t sit on your laurels, and act when the going is good.
7. Listen to advice. But don’t stop believing in yourself
We’re human beings; we do not have the answer to everything. Appreciate that other people know things too, that they have experience and knowledge that you may not. Business is very much a team game, and we are often dependent on others for our success. But this doesn’t mean you should stop following your own drive. Trust your gut (but this means being informed) and get ahead.
8. Tuck away some of your income. It might just save you.
It’s fundamental that you invest money made back into your project. This is how businesses grow. But you have to remember that businesses are assets, and if all your money is in a company, and the company sinks, then your money sinks with it. Take 10% and put it in a savings. Who knows, it might come in handy.
9. Surround yourself by people who are smarter than you.
Asking for help is essential. You cannot do it all by yourself. And if you are going to be working with others (especially if they’re working for you), then make sure that they’re the highest quality people you can find. Andrew Carnegie, billionaire and philanthropist, lived by this motto. Play the role of facilitator, and create a team you can be proud of.
10. Stop reading pointless articles on the internet.
Right now, as you’re reading this, there are countless other people striving to make their business a winner. They are not sitting here reading a list about how to become a millionaire. Focus on the work, on being as good as you can, and get to work!