I love watching Shark Tank, and Shark Tank Australia and so when I had the chance to meet and chat with Steve Baxter I jumped at the chance. Any one that grows a business as big as he did and continues to help other entrepreneurs along their journey has the utmost respect from me.
Steve shared with me his 3 things EVERY startup founder must do. Now just because your not a startup founder doesn’t mean this applies to you, I think this applies to EVERY business owner out there.
They were; Want To Win, Plan To Win, Win.
- You never want to plan to fail. So many people go out there and they will put together a plan of action and then they will say, well worst case scenario if we sell XYZ we will break even. That is the WORST possible thing that you can do as a business owner. Never have a plan, a map that leads you to failure.
- Plan to win. Have you set a goal or a plan? What specifically is your plan? Does everyone know your plan? OK well now you actually have to ACTIVATE that plan and get out there and see what your clients will say, as no plan ever survives contact with a customer, get out there and get some market feedback!
- Win. Seems simple right? Well Steve actually breaks down winning into 4 critical areas…
Now some of these may seem a little.. dry, but these are essential to winning in business;
- Know your management accounts – if you haven’t gotten familiar with a profit and loss, a balance sheet or cash flow statement it’s time to get familiar! You can’t grow or scale a business if you don’t know the numbers. I have organised my book keeper to have my accounts ready every Friday morning, so I can login to Xero and see exactly where the business is at.
- Check the bank – Steve recommends checking you bank balance daily – it’s a habit I have gotten into – every morning first thing is check the accounts and see where the business is at.
- Tech – Have someone in house that has some form of tech ability, if your business is 50,60, 80, 100% online you better make sure that at least one person in your team has some technical ability. If crap hits the fan, you need to be able to respond FAST.
- Update your investors – if you have anyone else in your business a partner, investor etc, give them regular updates, they don’t only want to hear from you when you need money, keep them in the loop!
Steve shared a lot of amazing insights into business and whilst this article is a short one I hope you can take at least one thing, and if not heres a few little parting words that should get you across the line 😉
Understand equity and your business, be honest, network as much as you can, empower your staff and the only opinion that REALLY matters is that of your clients, as they are the ones paying you!