According to the Business Optimization Strategy, Stephen Pierce, there are three (3) the main reason why people fail on the internet:
1. Lack of structures
2. Lack of Systems
3. lack of skills
However, the lack of three s is not just the reason why online businesses fail. This is also the reason why offline business fails too.
The business structure provides a framework for how companies will be operated and there can be several ways to see how to compose business. For example, businesses can be arranged as single ownership, partnerships or corporations and there are pros and cons for each type of business structure.
Some companies built around have many and many employees while the other multi-million dollar business has very few employees. For example, Armand Morin’s internet marketing expert who reported producing around $ 20 million per year from its internet activities only had seven staff members. As you can imagine this greatly increases the profitability of the company.
Most businesses have very humble origin but it is important to have a clear vision of how you see your business grow in the future. This will affect how you compose your business. The structure you choose for your business will be quite flexible to grow when your business grows. It must also be a structure that allows you to maximize your business profits.
The Casmap System Brad also from the view that the system is very important for entrepreneurial success. The problem is that many people are intimidated by the system. However, the best system designed to make your life easier is not more complicated.
“The system is very strong and the most powerful system is simple.” Brad Semp.
The business system is just a process you use to do various tasks in your business. So at one level you have automatically created a system in your business. It’s just that they might not be the best and most effective system.
Documenting the steps involved in all the tasks you do every day will provide clarity where and how your time is spent. And, after you reach this, you can then evaluate and improve your system.
You can also see where your time can be spent better and things you can outsource. The last challenge is that you can’t outsource correctly if you don’t know what you are doing.
With an effective business system where you will have a step-by-step process that you or other people in your business can repeatedly follow consistent results. You will be able to focus on making money or tasks generating income than busy work.
With the right system where you can focus on working on your business than in it. And you will have confidence that you want to take time away from your business that other people can continue to run your business and make money even in your absence.
“The reason people lose money is because they don’t have the right business skills and tools.” Keith Cunningham.
The above statement applies whether there is an economic decline or whether the global economy develops. There are many entrepreneurs and business owners who continue to make a lot of money even though there are recession. And, even those who might lose money, the amount of money they control compared to other business owners is relatively small.
This is a time like this when entrepreneurs and business owners must be the most flexible. Easily make money when it happens it’s good. It requires greater skills to make money when going bad.
It is said that there are four (4) how to make money. You can make money as:
1. an employee,
2. People who are self-employed,
3. Business owners, or
4. An investor.