Right from the beginning, I have to thank Guy Kawasaki and his new book ‘Enchantment' for the inspiration they gave me for this article.

You see, lots of new business owners look bright eyed and excited about their businesses as they get ready to open and in a few short months those same people look tired, disillusioned and very worried.

Guy suggests that it might be better to do what he calls a ‘premortem' on your business. You pretend that the business has failed, then you look at all the things likely to cause the business to die and find solutions to fix them before that happens. I reviewed some of my case studies and came up with 5 areas which most businesses need to work on right from the very beginning.

PERCEPTION
Get a clear vision of what you are in business for (apart from making money).?

Be realistic about what your business involves. Is it long hours, lots of marketing, inventory management or meeting industry standards? Don't buy an existing business without spending time watching the work done by the owners? More importantly, check the figures? It's much better to know that you are buying a run down business at the beginning than to find out within your first month.

PLOTTING
Have you done a business plan? How do you schedule your time to ensure that all the work gets done AND you still have time for relaxation, family and relationships?

Planning cash flow really helps especially in the early stages. Calculate what your costs are to stay open every week, then you know what you have to sell to get that money. As part of this, you can be planning your inventory. If you need $1000 per week in sales to cover your overheads, choose to stock a product which sells and gives you that money.

Set clear, concise goals. Write them like this....
By (date) I will have (whatever your goal) and make sure they are specific, measurable, attainable, realistic and timely.

PASSION
Show it!

How do you know when business owners are passionate about their business? Here's a few ideas. It's clean, run efficiently, friendly, consistent and has regular turnover of stock.

Spend time getting to know your customers and everything you can about them. Encourage them to give you feedback on customer service. Follow up when they buy something and give help if they need it. For example, I once bought a stereo and asked the salesman for instructions in putting it together. Imagine my surprise when he rang me a few days later to ask how everything was! Stay in touch with your customers. Let them know about new products coming in or sales that you might be planning. You can have loyalty programs for them too. Finally, ask your customers for feedback on things like the layout of your premises, the products you sell and your marketing. You never know what you'll learn!

POISE
I really mean balance here, but needed a word beginning with ‘P'

Business owners frequently focus on cash flow. They don't sleep well and they end up having problems with health, relationships and no energy.

Work on the major cause of the imbalance in your life. Frequently poor time management is the most common contributor. To balance your life, you need time to manage health, finances, family, relationships, our hobbies and interests and our spirituality. One business woman I know puts family above everything else and will close her shop to attend to family matters rather than try and juggle two things at once.

PERSISTENCE
Somewhere, I read that 85% of people pull out of something just before they achieve the results they wanted.

Often, by being persistent, you ‘outlive' your competition. Persistence demonstrates your commitment to your vision, and statistics show that sometimes you have to offer a customer the same thing more than 3 times to get the sale.

Anthony Robbins author of ‘Awaken The Giant Within' talks about CANI - constant and never ending improvement. Persistence gives you the ability to constantly review what you do and find ways to improve it.

The likelihood of your business surviving increases if you can get a clear perception of your business and the vision you have for it. Then start planning how to get there while adding more passion, creating a work/life balance and being determined to reach your goals.

Penny Paxman is a business coach, trainer and mentor who is passionate about developing confidence in small business owners. With over 20 years of experience, Penny works with her clients from the moment they decide to start a business, through their business journey and onward to the success they would like to achieve. She can be contacted at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or at www.tickslife.com.au