- After employing the Rollover as Business Startup Solution, all of your focus should go towards the success of your business.
- Do create a specific plan, do not micromanage, and figure out what to do in case your business “stalls”.
- While ensuring the success of your business, make sure your stay IRS and ERISA compliant.
Once you have employed the Rollover as Business Startup (ROBS) Solution, it’s time to invest all of your efforts into the success of your business. Of course, you still must keep in mind of IRS compliancy, such as how to determine a reasonable salary for your position; but don’t worry, we have you covered there and in other IRS and ERISA compliancy areas. Once you know what you can and cannot do after employing the ROBS solution, it’s time to evaluate and implement all the realistic strategies to make your business succeed.
As an entrepreneur, you possess the pioneering attributes to get your business up and running, nevertheless, you should still employ strategies for the ever-changing business economy. In this article, we provide a few business tips so you don’t exit the ROBS structure for the wrong reasons.
5 Ways to Make Your Business Succeed
We all know it takes a lot more than five ways to make your business succeed, but the following tips are paramount for the prosperity of any business.
1. Create a Flexible Business Plan
Everything important in life requires a plan. Whether it’s planning for a vacation, or planning for retirement, some things should never be left up to fate. Your business plan doesn’t have to be long, but it should be specific. Even a simple business plan must answer key questions, such as What is my sales strategy and What solutions and benefits does my service/product offer? Additionally, your plan should be able to define your industry and market and your financial future. While this may go without saying, make sure your plan is written down and not floating in your head.
Your plan may be good – it may be great; but even the best laid plans can go awry. So make sure your plan has room for contingencies and can easily be adjusted for whatever the future holds.
2. Stop, Collaborate and Listen
These Vanilla Ice lyrics can apply to you, as the owner of a business, or a high-earning employee. A crucial element in entrepreneurship is listening to what others have to say and create an environment for collaboration. In fact, Aspen Institute’s Aspen Youth Entrepreneurship Strategy Group listed collaboration as one of the important elements of the entrepreneurial mindset.
Set aside personal grievances, foster humility as well as ingenuity and recognize that your specific idea should not be the final word, but can be improved by the ideas of others. Because in the end, it’s about how to make your business succeed – not having others kowtow to your opinion.
3. Let Your Employees do Their Job
After all, you hired your employees for a reason: to perform a job you deemed them qualified to undertake. So, allow your employees to do their work and try not micromanage. As a boss or supervisor of the business, it’s your responsibility to administer tasks and ensure the task was completed timely and efficiently. Don’t allow micromanaging to be a part of your job description.
Micromanagement can be the blight that weakens the success of your business. Furthermore, studies have shown that a lack of freedom among employees elevates stress on the job, which can hinder their performance when carrying out tasks. In the end, you should never do something that can cripple your employees with stress or anxiety.
4. Have an Organized System In Place
A good way to have a system in place and stay consistent is to write it down for future purposes. You are all in this to achieve a common goal, but with separate tasks. A written system will help you train your employees, keep track of their activities and stay on course.
Not only should you create a written system to stay goal oriented, but make sure you always track your finances – what’s coming in and what’s going out. When there is an upcoming project that requires large capital, determine the expected costs and don’t start the project until you have all the funding.
5. Breathe New Life into Your Business
Even the most successful businesses can hit a road block. There are many reasons for this occurrence: maybe you lack an organized system, or your system is outdated but you haven’t improved it. Perhaps there is a communication issue within your team and the multitude of intelligent minds are arguing rather than collaborating. Whatever the cause, this roadblock, also called a “stall” is common in every business. And once the growth of a company stalls, it has a very small chance of recovering.
When this happens, determine what is broken within your business, and how to fix it. For example, customer needs are ever changing. Has your product or service changed to meet their latest needs? Is it time to add new services or products once the efficiency of the original service/product runs out? Is your team made up of “old-fashioned” thinkers when it’s time to shake it up with fresh minds for a fresh approach?
These, and many others, are questions you must ask yourself to determine what’s broken and what steps are necessary to resolve the issue(s).
Get in Touch
If you’re an entrepreneur with a brilliant idea, but lack the funding to get it off the ground, consider the Rollover as Business Startup Solution. This structure allows you to tap into your retirement funds, which is likely your greatest source of wealth, and turn your dreams into reality. We encourage you to learn as much as you can about this complicated structure by reading our free ROBS Solution info kit. Then when you’re ready, call IRA Financial at 800-472-0646 and we will help you establish the structure.