The home heating oil industry has a long and proud history, and Fuel Oil News has been there supporting it since 1935. It is an industry that has faced many challenges during that time. In its 77th year, Fuel Oil News is doing more than just holding
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Business OPeRATiOns www.fueloilnews.com | FUEL OIL NEWS | AUGUST 2014 27 As the chairman of one of the world's largest business sup- port organizations, I've encountered countless prospec- tive entrepreneurs trying to put their ideas into action by launching a business. [Or add a business unit through a di- versification process.] Here are eight essential tips for shaping a good idea into a great business: 1. "You can't build a business like a hobby project." Entrepre- neurship should never be a casual endeavor. Building a thriving business in today's market means devoting yourself fully to the mission you intend to accomplish via the company. Setting your business aside for any length of time can lead it down a slippery slope you may not be able to crawl back up from. 2. "Wrong sequence ends in business failure." One of the biggest hurdles to business growth is the lack of a detailed planning system. Move your business forward one step at a time, and, more importantly, know where you're going before you try to get there. 3. "Advertising is naked without PR." Flashy ads are no substitute for a well-thought out communications strategy. In the age of information, every business needs a sensible way to spread its ideas and brand to clients and consumers ready to buy. An idea is useless without a suitable voice to present it to the world. Build your advertisement strategy around the peo- ple best suited to get you to the next step of your objective. 4. "Never say NO to growth." In today's market, you can't afford to miss the opportunities that can get you from one step to the next. While defining a plan for growth and future invest- ment is necessary to guide your business decisions, nothing should ever be set in stone. 5. "The difference between wealth and income is how many people you benefit." All the growth in the world means little if you do nothing to benefit those who helped you get there. Your team and periphery support network need to be included in the rewards in direct correlation with the effort they put into the business's success. 6. "As you grow IT, IT will grow you." In today's business world, every connection you make can be a game-changing opportunity. Never walk away from the chance to shake hands with a potential partner no matter their value to you and your business at the moment. 7. "Nothing will grow you more than growing your dreams." While it's important to consider all of your decisions through a filter of practicality, you should never be convinced you can't achieve what you've set out to do. Businesses never fail because a dream is wrong; they fail because they choose the wrong path to achieve it. 8. "Competition slows ev- erything down." Although the market environment may ap- pear inherently competitive at first glance, a collaborative per- spective on business can make everyone's ideas a reality faster than they could through isola- tion and bitter fights for market share. Look at your competitors as potential partners and find a way forward for everyone in- volved. Berny Dohrmann is chair- man and founder of CEO Space International, (www.ceospa- ceinternational.com), one of the world's largest support orga- nizations for business owners. By: Berny Dohrmann eight Must-Know Tips to Grow Your Business Insights from years spent working with entrepreneurs Berny Dohrmann