Running a business can take determination and hard work. There is a reason why one business succeeds while the other one fails. Often for the failing business, it is due to the business owner not being present. This can mean everything from allowing others to run the business, to not even being mentally present. This is why business owners are more likely to succeed when they focus their efforts on the top five common denominators for business success.
The difference between the successful entrepreneur and the unsuccessful one is ensuring that you cover all the bases, while they try to take shortcuts. The successful business person is the one who focuses equal time on each aspect of the business, and never neglects any one aspect.
Neglect is cause for large gaps in your business venture, and these are directly related to profits. This is something that you don’t want to mess around with. You can imagine that if you have a poor product, or you never advertise so your consumers can find your site, and how that will affect the likelihood of your business’s success.
It doesn’t matter if you have no skills with marketing, graphic design, or public speaking, you can learn these skills over time. Begin today by focusing on these five common denominators for success, with tips on how to implement each one.
There’s even a bonus at the end to help you to succeed in each of these business activities.
1. Daily visualization
Are you blindly coasting along hoping that somewhere in the next few months you’ll turn a profit? You may be busy with the daily minutiae of life and forget to do something. You may be thinking about how you’ll do it tomorrow, but then tomorrow also becomes tomorrow, until suddenly, it just doesn’t get done at all.
You can retain a strong focus on your business when you can have a daily visualization and meditation of your goals. If you have to go back and refer to your business plan then do so. You may even need to check your balance sheet to see if you’re staying on track, or if you can do better.
It’s important to remember your goals each and every day. Even if you choose to only do this for five minutes, stick to it for five minutes each morning. It can be as simple as coming into work, pulling out a notebook with your goals in it, and pondering on these goals for the next five minutes.
The first thing in the morning is the best time too, as everyone is waiting for you to get settled before they bring their problems or updates to you. Most likely the rest of the day will be chaotic. Some business people also like to ponder on their business goals the last thing before lights out, though this may wreak havoc with your sleeping patterns. You may not wish to have your brain actively working, as it may cause insomnia. But by considering and meditating on your goals first thing every morning will also allow you to keep your goals in mind for each and every task of the day. You may even ask yourself, how can I do this better?
2. Personal development.
Whether you’re just starting a new business enterprise, or you have decades of business acumen, the good business owner will always benefit from continuing personal development. Personal development must continue in order for the business person to continue learning.
No one person can possibly know everything there is to know about running a successful business. Steve Jobs didn’t, and Bill Gates and Donald Trump don’t. Martha Stewart spent a few months in prison for her lack of knowledge on illegal trading, and Donald Trump has had a flew business flops too.
Education must be continually done to keep on learning. Remember what happened after the internet bubble burst in the year 2000, and no one had the skills to do anything else, nor had they planned on any other business enterprises that would have been profitable. You don’t want to be that guy.
Some ways that you can increase your personal development are by purchasing books on business or borrowing them from the library. You can also find a lot of information on the net or through e-books.
Podcasts, audiobooks, and webinars can also help you to learn more about new business techniques.
Buying a journal and beginning journaling may also help with collecting your thoughts and figure out where to focus your future efforts.
Taking a night school class may also help you with public speaking or with learning new types of software that you may wish to use in your business.
You may also wish to accept the help of a mentor, one who’s already succeeded in business and who can help you to succeed in your own.
3. Income-producing activity.
It’s great to plan for your business but now the hard work begins. At some point, you’re going to have to focus on income-producing activities. Sure, you may get some business through word-of-mouth, or from someone who finds your website, but most of the time you’re going to need to build up your income-producing activities.
These should start with generating leads. You may be collecting them from your website list email addresses, or you may have to actually pick up the phone and start calling people.
Once you’ve built up a good leads list you’ll then need to put the lead in front of the information. This is the information about your business and your marketing materials.
You’ll want to give your leads plenty of time to absorb the information so that they’re not resentful that they never had enough time. But it’s certainly of benefit to give them a deadline to view the information.
The final step is to follow up with each individual lead. This is the time where you must answer questions, and put concerns aside. If you’re providing a solution to one of their problems, these must be focused on.
Following up with potential leads may take more than one effort. You may need to do some back and forth.
Hopefully, by this point, your customers or clients will be onboard with you, and they’ll be ready to sign up or order whatever business products you are offering.
4. Stay in the environment.
During the process of doing all your business activities, you should always stay in the environment. This can have multiple meanings. After all, you don’t want to be wasting your time watching cat videos when you could be watching effective business marketing videos instead.
You should always do activities related to your current business. This means doing training calls with the newbies to help them to sell better. It may be in figuring out team hangouts, such as the local coffee shop every Wednesday morning.
If you are on social media, you should only be on your company’s Facebook, Twitter, or other social media pages. If you do step outside that zone, it should be to encourage customers to join you on your pages.
If there are company events such as training seminars, conventions, etc., you should actually be attending these events. Don’t send an employee and then hope for the best. You should always be present, in mind and in the body.
Staying in the environment also means staying within your positive company environment, and staying away from negative influences. This could be the competition, or it could be naysayers who hate your product or service. You can’t do anything to change their opinions so don’t waste your time with negative outside influences. It can also be emotionally draining, so you’ll need to turn that chatter off and focus on only your internal positive phraseology.
It can be difficult to focus on the business for every moment of the day, so don’t be afraid to go and hide in the bathroom for ten minutes to shut it all out and take a breather. This will enable you to shift your focus back to your business environment again.
5. Cultivate the expectation of leadership.
The term leadership can also have many meanings in business. It can be the one member of the team who is the leader of everyone. He or she is the one who manages the team and who has the most experience. This is how they earned their leadership business, and why they are some of the biggest earners in their business.
Leadership can also mean when each member of your team is also considered a leader, as they have their own team members under them. This phrase can also provide encouragement, making every one of equal standing on the team.
And finally, leadership can indicate that your business or company is the leader in its field. Other business people will look to your own business for leadership. It can provide some prestige, while people on your team may get invited to seminars and conventions to give speeches.
No matter what the level of leadership in your business, it is something that is highly desired, and it should always be an expectation of your business. And if you haven’t quite reached there yet, it can be added to your list for personal development improvement. You can also provide daily visualization and meditation to reach the goal of leadership.
6. EXTRA BONUS!—Gratitude.
Many business people have this sense of entitlement that if they join a specific business enterprise that somehow they’re entitled to a share of the profits. Or, they think if they work hard, the profits will come pouring in. While hard work can be a component of making money, it’s certainly not guaranteed. And when the money comes in, we forget to acknowledge gratitude.
This is also a denominator that can have many meanings in business. People can express gratitude as part of their religion. They may also express gratitude within their own minds. “I got that contract because I’m awesome!” they may say to themselves.
It’s also important to express gratitude as part of your social skills set. When a customer makes a purchase from you, you thank them profusely. They’ll be pleased that they were thanked for their business.
You may also use gratitude to thank your staff or employees for a job well done. Gratitude can also work as a reward. Your team members will work toward their success because they want to hear more gratitude from you. Of course, gratitude can also take on monetary value or bonus, such as when they have exceeded expectations in their performance.
Gratitude will also allow you to realign your goals. You’ll be able to sort out what is important and what isn’t. You might hold gratitude for one business venture’s success, more than the other. This can give you insights into shifting your focus to the more successful part of the business.
You may also receive gratitude from others, which is the best of all because it tells you that you are running a successful business enterprise.
If you’ve been blindly letting your business day run you all over the place, take charge now and focus on these five-six common denominators of business success. Not only do you now have guidelines to aspire to, but you’ll also be able to share each of the 6 items with your teammates as well.
Don’t forget to visualize your goals each morning. Consider what training you may need to improve. It can be a short podcast or reading one chapter of a book each day. Don’t forget to generate some new leads, as these activities are what will bring the money into your business. Always stay in the environment so you can stay focused on your business, and not your competition. Always cultivate the expectation of leadership and see you and your team as leaders now. And don’t forget to experience gratitude, as it’s what makes us human and not animals.
Hey Nate, just stopped by to read your post. Thanks for the awesome info.
This helps a lot, we can use it in our business. I have learned a lot. Thanks for this, well appreciated.
Great article Nate. Some great tips there on staying in the environment and performing the income producing activities.
Thanks for sharing.
Great post Nate!
I love that last bonus you put there, because gratitude is a huge reason I am successful.
Waking up every day with a measure of gratitude makes all other aspects come much easier.
And part of my personal development comes by reading this blog. Thanks.