To build successful businesses there are Three Elements all entrepreneurs eventually learn that are essential for increasing revenues and profits. Many business owners learn by a ‘trial and error’ approach over a number of years, however the …
game of business has been very well researched over the years through feedback and study of entrepreneurs who are the best in their field. Without focus on each of these three areas any business success will require far more effort over a longer period of time. If you’d like to fast track your own success then read on…
- 1) The First Element: The Psychological Approach. Or, more precisely, how your current psychological approach may be holding you back.
You may already have heard of the saying that “your business is a complete reflection of you!”. If that’s the case then what is showing up for you within your business at the moment? Do you need more sales? Do you never have enough time? Do you have communication issues with your team members? Do you need to recruit your first team members? Whatever is ‘showing up’ for you within your business, the most important thing is how you are reacting to ‘what’s showing up’. Do you tend to blame others or deny there’s a problem? Or make excuses to justify the lack of performance?
This is sometimes one of the hardest things for a business owner to accept i.e. all of the problems that you are experiencing within your business are as a direct result of you ‘not’ addressing something within that business! To illustrate this point I have been working with a particular client for a number of years now, and as the business has grown there have been a number of recurring problems that have always been down to a couple of team members not being quite up for the job. This reflected in the business owner being unable to delegate effectively – and ‘what showed up’ was ‘running round like a headless chicken syndrome’ all of the time. The business owner didn’t confront the issue (for various personal reasons that we worked through together) and so the problems just wouldn’t go away. Eventually, however (when the business owner felt ready to make that decision and we’d implemented a couple of new systems within the business) the two team members were replaced and there has been a radical shift in the business performance. This has also helped the confidence of the owner in two ways: they realised that their that fear (of the unknown) was actually stopping the business from moving forward (plus keeping the owner very busy!) and by addressing this fear they also learned a number of things about themselves that massively increased their own business confidence and productivity. So this element involves you, your beliefs and you creating strategies and tactics to break through the hidden (yet very real) mental barriers that may be holding you back from achieving further success.
- 2) The Second Element: Your business structure. How your current business structure may be holding you back. There are many areas of your business where you will need watertight systems and methods. This element is more focused on uncovering the current strengths and weaknesses of the strategic side of your business. It will ensure that you have the right strategies and tactics to help you break through the business-related barriers that may be preventing your success. Within the second element there are three focus areas when business growth is your goal. The first of these is:
Sales: The key in any business is to make sure that you take the time to understand exactly who your clients are and how they decide to buy. Everybody has a certain way they love to “buy” from others, so finding out the various personality types and their tendencies will go a long way in making it easier for people to buy from you. Create a set of systems within your business for sales success.
Marketing: Customers won’t buy from you unless they know who you are and why they need you. It has always amazed me when I go into a business and the business owner is desperate to increase sales and therefore cash flow into the business – and yet they are doing very little effective marketing of their business – because they don’t really understand what ‘marketing’ is or they’re doing the day to day ‘stuff’ that’s not connected with driving the business forward whatsoever! However we define marketing, in it’s simplest terms it is: The generation of quality leads for the business and the further development of your brand. Your focus is to choose multiple marketing tactics and develop a marketing system that consistently markets your product or service to your clients.
Management: As a business owner you should be looking to spend 80% of your time working strategically ‘on’ your business in the areas of Sales and Marketing. Any Knowledge, talent and beliefs that you have learnt will be wasted if you are not applying these strategically and tactically to your business. If you want to grow and sustain that growth, then it’s essential to manage that growth. It’s essential to put in place systems to manage growth, cash, people and working relationships. How do we know if don’t have this in place? Because we will forever be reacting to our business and any daily problems that arise.
- 3) The Third Element: Although the shortest it’s without doubt the most important: it addresses our need for consistent action. Once you have the right resources and information in place then it’s essential to take action. If you asked me if there was one thing that would separate the masses from successful serial entrepreneursthen it would be this: Fast implementation of ideas. Having an understanding of the first two elements (what may be holding you back psychologically and structurally within your business) is an essential step to achieve change, but without implementing what’s been learnt will inhibit change. This is where so many businesses fall short. Through the lack of implementation of those ideas.
Wishing You Continued Business Success,