Entrepreneur Scott Dylan Outlines Keys For Business Success
Scott Dylan is an entrepreneur who lives in Manchester, United Kingdom. He’s the founder and partner of Fresh Thinking Group, which is a private equity firm. Fresh Thinking group buys distressed companies and turns them into successful ventures. He has turned around many companies over the past two decades.
He recently shared his thoughts on how to build a successful business. Scott Dylan said you need to first prove your concept. Research your idea for a business to determine if its product or service is viable. Make sure your company solves a problem. Focus on your potential customer’s problems and how you can solve them.
Scott Dylan said to optimize your finances like he does at Fresh Thinking Group. Even startups need to have strong accounting. You should be able to easily understand your company’s expenses, profit and cash flow. If you ever want to acquire another company or get people to invest in your business, the first thing they’ll do is ask to see your financial records.
Don’t forget legal matters. Determine the likelihood of another business making a claim that they own your product, service or company name. He made sure that Fresh Thinking Group was an original name for a company. Other legal matters include trademarks, copyrights, patents, sales tax filings and LLC filings.
You need to connect with others to build a successful business. This can save a lot of money on advertising by getting referrals. You also need to connect with people to hire employees or gain access to a mentor. Ways to connect include video networking, LinkedIn, virtual conferences and in person.
He said to never stop learning. Even as the owner of a company, you need personal development. By continuing to learn, it will lead to more innovative ideas. A personal development mindset also leads to a good company culture.