There is likely a whole encyclopedia and countless books written about business. However, as a quick guide and reminder, simply think of the ABCs: Awareness, Buffer, and Continuity. Awareness means knowing the environment in which you operate. This includes your customers, competitors, the regulatory landscape, operations, products, services, employees, and the community—as well as other internal and external factors that impact your venture. 
Awareness allows you to properly configure your business to be competitive, relevant, and progressive. Knowing what is happening and why enables you to plan for future opportunities, react appropriately to current events, operate efficiently, maximize profits, and motivate employees. Other advantages include the ability to prioritize—identifying what is important versus what is irrelevant—as well as knowing your strengths, understanding your weaknesses, and preparing for threats such as fraud.

Buffer provides a margin of safety to overcome unforeseen events, even when you are being fiscally responsible. It means having a backup plan or an alternative. Every business should be prepared for scenarios such as a customer failing to pay on time, a critical order being cancelled, an executive being pirated by a competitor, or physical disasters like a flooded office or a warehouse fire. Maintaining sufficient funds to keep the business running during difficult cash flow periods is no longer just a “nice to have”; it is a necessity in today’s volatile global environment. It has also become common practice to have "buffer employees" to cover for those who cannot show up due to sudden illness or family emergencies. To keep a business running at an acceptable level of consumer satisfaction, companies may need to provide this buffer internally or resort to outsourcing.

Continuity means being able to keep the business running not just in the short term, but over the long haul. Consumers tend to patronize companies with a reputation for consistency and reliability. This implies that a business can survive tough competition, provide relevant products to its market, and maintain a clear succession plan for both management and ownership.

The strength of your ABCs ensures the survival and growth of your business through both good and bad times. Running a business does not need to be a complicated process. However, it must be clear in your mind that your products or services are what customers want, readily available, and offered at a competitive price. To minimize costs, your suppliers must provide competitive pricing, economies of scale, and constant quality improvement.

Missing out on your Business ABCs is not an option. It is in your best interest to ask for help to fully understand these pillars. Smaller companies may rely on capable family and friends, while larger companies have access to executives, consultants, and boards of directors. Don’t risk your hard work and capital—ask for help when you need it.