If you think about it, running a Business should really be quite simple: From years of research we know the most effective generic systems and processes to structure a business effectively. We also know the best
attitudes and behaviours for a business owner to adopt (modelled on a multitude of highly successful entrepreneurs past and present). Yet the business failure rate in the UK in the first ten years of trading still hovers around the 96% mark (that’s right – on average 96% of business start-ups will cease trading within the first 10 years).
So is there a magic formula for business success?
A set of steps that will guarantee you rapid business growth?
As mentioned above, with the emphasis on ‘simplicity’: Identify the real profit centers in your business and focus a significant amount of your time working ’on’ this area of your business. A full 80% of your time as a business owner should be focused on:
- Working harder, smarter and longer selling more products and services (minimum time input for maximum profit leverage whilst also delivering an outstanding level of service to your clients).
- Figuring out how you can deliver improved products, pricing and more effective promotions in tandem with 1)
One of the main challenges I have when working with business owners to help them take their business to the next level is the change in their old self-limiting attitudes and beliefs whilst also introducing new systems and team performance within the improved business model. This involves a real focus putting additional effort into developing the business in addition to the normal day to day running of the business (i.e. working ‘on’ the business additionally to ‘in’ it).
In keeping with the ‘simplicity’ theme, there are four areas to consider when developing your business performance
1. Build your competencies.
There aren’t any ‘silver bullets’ here. Building a successful business takes hard work. However working smart and leveraging your time will make a massive amount of difference in your effectiveness at doing this. So keep in mind that you may actually be far more effective at doing this by learning a completely different skill than the one you have now. How will you know? If your business has reached a financial ‘ceiling’ and you are piling in more and more hours with little end result then it’s time to find a new skill.
This may seem daunting. And it might be a painful process. But it could also end up being the most important decision you’ll ever make in your business. If you don’t have what it takes to get you to the finish line that you dream about, then don’t waste any more time beating yourself up. Learn the new skills that will help you become stronger, faster and more effective in business.
2. Surround yourself with an effective team you can delegate to.
Of course, you want to stay in control of your team members, so the natural inclination is to ensure that they do exactly what you ask and always agree with what you want them to do (you’re the boss, right?). However, your team will value you much more if they can feel comfortable in bringing you novel ideas and feeling that they can ‘get on’ rather than feeling they are being micromanaged during their working day..
3. Learn to build relationships and improve your ‘visibility’ within your market.
Many business people are concerned about how to raise their ‘visibility’ within their field or market. Consider building your business relationships to learn practical new business ideas from mentors, colleagues and even your competitors. As you start to develop and generate more effective marketing and sales ideas of your own your visibility will take care of itself.
4. Get to work ‘on’ your business with not a moment to spare.
It’s been said a thousand times for good reason: Working ‘on’ your business as well as ‘in’ your business is one of your keys to real financial success. Identify WHAT you want your business to give you in the next 12 months financially (and how this will fit with your desired work / life balance). Once you are clear on those numbers, then you can start to consider exactly HOW you are going to achieve them.
Then go out and do it.
To Your Success,