1. The Business Plan. Probably the most important and possibly the most difficult step is creating a strategic business plan. In this plan, you need to outline goals and benchmarks as well as a method for keeping yourself (and staff) accountable for achieving these goals.

2. Adjustments. We must be ready and willing to make adjustments frequently. The time period needed will depend on your specific business, but semi-annually is average for making large adjustments. Generally, do not wait for annual reports to make changes. The market does not wait that long to change, and neither should you.

3. Your New Role. Transform yourself from a technical expert to a master strategist. The S (self-employed) quadrant is much better than the E (employee); however, if you do not transform yourself from a technician to a strategist, you will have just built yourself a job and are now a glorified E.

4. Maximize Numbers. Drive the numbers higher. As often as possible in your business model, drive the numbers higher and higher until you reach the limit of what your buyers or tenants will pay. As a landlord, my leases automatically increase by two to five percent every year, depending on the area in which the property is located and the current inflation rates. When I have a vacancy, I check the paper and other listings to see if I can push the numbers even higher.

5. Education. Increase your financial IQ and develop your financial operational reporting system so you can track all your critical numbers. If you don't understand it, you can't measure it; if you don't measure it, you can't manage it.

6. The Review. Review key numbers weekly, or daily, if you have a large product flow. This review should be done with all key personnel. If it is just you and your spouse making the decisions, make sure you set a consistent time each week to review your key numbers.

7. Budget. Control costs by budgeting percentages instead of dollars. As your business increases, your expenses should not increase in an unbalanced manner.

8. Audience. Identify key customers or referral partners so that you can create incentives for them to help you grow your business.

9. Innovation. If you have an established business, throw out the old management model that you started with and create a new one. Think fresh and new; start from scratch and you will be surprised at how many new ideas you come up with. Be innovative and streamlined in your thinking to separate yourself from the competition.

10. Victory. Play to win. We do not go into business to lose, we go into business to win. Business is a championship sport, and must be played to win!

As your business grows, you also want to think about your management style and how you make decisions. You need to think like a successful corporation--not like a Mom-and-Pop organization, even if that is all you are.
Here are some key differences to look at in order to understand your management style and help you move toward the direction of a successful corporation:

Mom-and-Pop (M&P) managers are reactive; whereas successful corporations (SCs) are proactive. M&Ps are disorganized; SCs have things planned out. M&Ps fly by the seat of their pants; SCs make informed decisions. M&P owners are hands-on; the SC owner delegates. With a M&P, there are no consequences in place for actions, but with SCs, there is accountability. In a M&P, everybody does everything; a SC has defined tasks, even if one person is responsible for multiple tasks. M&Ps have a hard time measuring results, but a SC has a measurement system in place. M&Ps have vague or subjective incentives; SCs have objective incentives. In a M&P, people are trusted; a SC has tight systems and controls in place. With a M&P, the company dies with the owner; a SC survives the owner. A M&P shows favoritism; a SC has systems for more fair treatment of people. A M&P is difficult to sell; a SC is easier to sell off or transfer ownership to family members.

The bottom line is to remember that your business will not build itself, and you do not need to do everything. Your main job as a business owner is architect and builder of the business, not the day-to-day activities. Set your business up to meet your goals and lifestyle, and stay within your limitations.