5 Golden Rules To A Successful Business Investment Strategy
You can have a great business and marketing plan but to be truly successful you must prepare for long-term growth. One of the most effective ways to do that is designating a certain amount of profits to your business investment strategy – this is what will keep you competitive and at the cutting edge of your industry.
Set Your Long Term Goals Right Away
If you don’t set clear and specific long-term goals you won’t be able to measure progress and maintain optimal efficiency. Start with the big goals first and then break them down into smaller tasks and milestones that you can act on right away.
Invest In What You Know
This may seem obvious but you have to recognize and acknowledge the temptation of great opportunities that might not be great for you. You will grow most rapidly when you focus on your strengths rather than taking unnecessary risks that will inevitably stifle progress. Focus on getting to the top of your industry before you start to branch off. Charting unknown territory can sometimes be rewarding but its mostly expensive, time consuming and risky. Speaking of risks…
Risky Business is Bad Business
Everything is all about ROI and the bottom line. A steady, linear progression is the type of healthy growth that provides businesses the type of freedom necessary to expand. Shaky, unpredictable fluctuations in investments take the control out of your hands – always play out every possible scenario and outcome.
Reinvest Profit & Eliminate Debt
If your budget and business plan is realistic, you shouldn’t be carrying too much unexpected debt. Use your income to pay off your debts but be sure to allocate funds to re-investing in the business to continue steady growth. Your business is either growing or dying – remaining stagnant leaves you vulnerable to competition.
Stay Great & Innovate
Here’s the thing. If you don’t keep on the cutting edge of your industry…somebody else will. Steve Jobs did an incredible job of keeping Apple at the forefront of technological innovation but did they really do anything new? Not really. There have been many computers, touch screen based devices, tablets and MP3 players prior to Apple’s dominance but one thing set them apart: Apple understood their customers and tailored their products accordingly. The important lesson here is that you can create the best product in the world but it doesn’t matter unless your customer thinks so too.
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