Find Success in Business
Find Success in Business
With this Question:
Do You Own a Business or a Company?
To find success in business – company – is the more accurate and powerful answer. When this piece of the puzzle falls into place it opens up effective strategies that will put you on the road the business success you really want. It might seem like a trivial distinction at the moment, but keep reading – it will be a worthwhile use of your time.
There is an emerging line of thought: people don’t own businesses.
What they actually own are companies that do business with markets.
If your customers can give you their business and they can take it elsewhere — when they want to — then clearly you don’t own it. Business is what your company does and the market is who it does it for.
Knowing This Gives you a Serious Advantage
A company is what you own. With this new mindset, it is much easier to create long-term success in business. When you focus on strengthening your company powerful easy-to-implement strategies become readily apparent.
Many entrepreneurs find it’s too easy to get caught up with the excitement of pursuing growth and doing more business, but when the flow of business exceeds the strength of their company then symptoms quickly multiply causing stress and profits typically disappear as well.To use a metaphor: the owner is in danger of being caught in an avalanche of symptoms that drags them down into the Valley of the Lost Entrepreneurs. This is not a fun place to be. In the valley, people are working too hard for low or no profits. They spend all their time trying to stay on top of their business. They aren’t in a position to re-invest profits and they can’t find the time to investigate new business opportunities. They are – in effect – lost entrepreneurs.
On the other hand, people who have strengthened their companies earn ongoing financial resources from their company’s profits. Effective delegation also gives them more free time than most. Their business models are consistently performing well and that’s when they catch their entrepreneurs’ second wind. They can take on exciting new challenges.
Every local economy needs more business people like that. These are entrepreneurs with financial resources, time, and successful experience. They can choose to grow their existing company, get involved in other companies, and/or put their talents to work in community pursuits.
But, there are an amazing amount of talented people who get stuck in the Valley. Many owners know their business inside out and backwards, but to achieve success in business they need to learn more about building a strong company. Making it even more difficult is the ongoing flow of business that competes for their attention every step of the way. It can be challenging to find time to strengthen your company, but the consequences of not doing it are ultimately a lot more painful. Years of long hours and low-or-no profits can easily take a negative toll on your life.
The Most Effective Way to Find Success in Business
Get profitable now and staying profitable is the META Advantage. If you’re breaking even at one million in revenues and you think you need to get to two million to be profitable I’ve got some shocking news for you. Chances are good you’ll still be breaking even at two million. This happens more often than you might think. Finding success in business turns into a never-ending journey.
The outlook changes when you focus on strengthening your company to profitably deliver value at one million and then plan your advance to two million. You’re much more likely to find success in business with this approach. Profitable companies are a lot easier to manage and grow.
A quote by Oliver Wendell Holmes
I wouldn’t give a fig for simplicity this side of complexity,
but I’d give my life for simplicity on the other side of complexity.
When it comes to success in business simple ‘solutions’ don’t often yield lasting results. The reality is that the second wind type of success that business people really want – is on the other side of complexity. The good news is that it often appears more complex than it actually is. This is because it’s a new type of challenge for most people. It’s the same when you’re learning almost anything that’s new. It gets easier to understand as you drill into it.
How to Strengthen Your Company
Company strengthening work is not hard work – although it can be frustrating at times. Particularly as you begin to make your way through it. Having an experienced coach with a proven road map to follow is a huge advantage. We can pave the way and keep you from falling into the maze.
It’s been proven that expertise in all types of endeavours is developed through focused practice. Our coaches have real-world-tested practice plans ready. Our job is to deliver your success in business and we’re good at it.
Work on the Five Key Elements
- Have a well-thought-out process for creating and keeping the right momentum is the second element. AR²T of Momentumeffectively addresses challenges and roadblocks. Every company faces problems. Successful entrepreneurs have a well-thought-out approach for dealing with them.
- Define the value you want the company to deliver and make sure it connects with a viable business opportunity. You don’t want to be like Mother Teresa and deliver tons of value while living in poverty. Sometimes you need to adjust. This essentially means “experimenting” to find a market segment with enough customers who are willing to pay high enough prices. This, in turn, will allow you to build & grow your company the way you want to. It’s a great idea to be very clear about the value your company offers. Phrasing it as your Company Promise and ensuring that your staff are focused on keeping your promise: every single customer, every single day, is a winning strategy.
- Build good financial information systems that support the choices and decisions you need to make. This is the number one skill for long term profitability. A lot of people are surprised by that. They might think cash is king, but experienced business-people know that information is everything. Lots of cash plus bad information is like taking a long walk on a short pier. Enough cash and great information often leads to success in business. Financial information is about numbers and business is a numbers game. Strong companies have excellent financial information systems.
- Develop a system for systemizing your company and a plan for creating accountability with your team. META’s Company Accountability Matrix is a very efficient approach. When someone complains about their staff not being responsible or communicating well I always ask: what’s your plan for creating responsibility in your team? I get a lot of blank stares like I’m asking a trick question. Really it’s just a straightforward question. Business-people that reply with a straightforward answer are much more likely to find success in business. Strong companies have solid plans for developing systems, & building accountability and responsibility into their culture.
- Create a marketing plan that effectively connects your company with the right customers. The BRIDGE Marketing Program delivers a six-step process for developing great marketing plans. Business is a numbers game, but marketing is a contact sport. Strong companies cross the bridge and consistently make effective contact with their prospects. They take a strategic approach and go after the business that is right for them