Fuel for your Future
The early days of running your own business are an exciting and transformative time. Everything is new, opportunities seem limitless, and your enthusiasm is at its peak. However, staying focused on your goals and making strategic financial decisions will significantly improve your chances of long-term success.
Whether you are just starting out or have been in business for some time, planning for success is essential. Be sure to integrate these 5 steps to fuel the way for your thriving business.
Stay Focused on Your Expertise
Understanding what you offer and who you serve requires both discipline and focus. As a new entrepreneur, you’re likely filled with enthusiasm and an “I-can-do-anything” attitude. Channel that energy into acquiring and retaining only ideal customers. Your primary goal right now is to build a solid foundation and to foster customer loyalty. Think of your business like a well-traveled road—over time, repeat customers create natural grooves, making it easy for them to stay with you and to refer others.
Build a Reputation for Reliability
Your customers count on you. They trust you to deliver on time, every time—no excuses. Make a list of your customer service priorities and review it often. One of the worst business decisions I’ve ever heard was from an entrepreneur who planned to miss a long-term client’s deadline in favour of pitching to a new prospect. Never risk an existing relationship for a potential one! It only takes one misstep to give your competition an opening you’ll regret.
Price for the Long Run
Setting your rates and prices is complicated. If possible, consult a professional; if not, ensure you’re factoring in all elements affecting your long-term business success —including a profit margin to fund your retirement and a war chest to handle the unexpected. Beyond operating expenses, consider:
- Repaying startup debts (legal fees, personal loans, etc.)
- Hiring and training staff
- Self-financing growth and expansion
- Marketing and business management expenses
- Professional dues, fees, and development
The right pricing strategy ensures your business is built to last!
Prepare for the Unexpected
Customers come and go, suppliers change, and industries evolve. Your business must be financially and operationally prepared for the unexpected. Ask yourself: What happens if a key customer doesn’t pay? What if a supplier fails to deliver? Flexibility and preparation can turn obstacles into opportunities. By setting aside emergency funds, you’ll have the added stability to navigate challenges and seize new possibilities.
Enjoy the Journey
This may seem obvious, especially in the early days when excitement is high. But the most successful entrepreneurs I know genuinely enjoy their work. Their enthusiasm is contagious, making customers want to do business with them. When you love what you do, success often follows.
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About Me
Jennifer has successfully navigated change throughout her entire career—from ledger paper bookkeeping in the 1990s to today’s cloud-based, real-time financial solutions. Now, she guides business owners to improve their decision-making and to fuel a profitable retirement. Her accolades include:
- Certified Profit First Professional
- Certified Fix This Next Advisor
- Intuit Global Firm of the Future Runner-Up
- Top International ProAdvisor (2019) & Multi-Year Top 100 ProAdvisor Awards
- Alumni of the Intuit Trainer Writer Network
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