This post has been republished from NYCCNC with the permission of John Saunders.
When it comes to any business, there are certain factors for success that apply across the board. When your business is manufacturing, you especially need to be on the look out for opportunities to improve and win. After all, the Fourth Industrial Revolution will give no quarter. You must develop the processes, acquire the tools, and build a diverse, highly-skilled workforce to succeed and stay competitive.
Here are the top 10 most important factors for success that Jay Goltz, as seen in his New York Times article on Entrepreneurial Success, recommends for businesses to succeed and win.
1. Look for opportunities to do something better than just about everyone else.
2. Accept risk as a necessary evil. It makes for much less competition.
3. Act responsibly to customers, employees and vendors.
4. Goals aren’t enough. You need a plan. You need to execute the plan.
5. You need to fix the plan as you go. Learn from your mistakes. Most people don’t.
6. Do not reinvent the wheel. Learn from others — join a business group.
7. Make sure the math works. I know plenty of people who work hard and follow their passion but the math doesn’t work. If the math doesn’t work, neither does the business.
8. Make sure that every employee understands and works toward the mission.
9. There are going to be difficult times and you need to be resilient; whining is a waste of time.
10. There will be sacrifices. Work to find a balance so that you don’t become a financially successful loser. It’s not about the income, it’s about the outcome.