9 Powerful Truths You May Have Never Heard Before About Building a Successful Business
Just about everyone is starting a business these days. As a serial entrepreneur, I think this is absolutely fantastic. But setting up and running a successful business, though, is an entirely different story.
I have been scratch building businesses since the age of 23, across 3 countries. Along the way, I have made many mistakes (including a $12 million one), and as a result, learned many painful lessons.
“Starting a business is easy. But running a successful one takes time, effort, and commitment”
Here are nine specific, real-world truths to help you build a more successful, sustainable business based on my personal experiences.
It doesn’t matter if you’re a small business owner who’s been running for a long time or an entrepreneur who is in the processes of creating their 1st startup, you need to hear these truths to create and run a profitable business.
Besides building my businesses for over 25 years, I have been a successful business coach and mentor for 12 years. I find that these same issues come up for many businesses owners and entrepreneurs. If you harness just three of these truths and implement them into your business today, you’ll be on track to make more sales, attract more customers, have a more successful business and a happier life.
Business Success Truth #1
Care About Your Customer More Than Your Business Idea
Is your great idea a solution that solves your customer’s problem, and are they willing to pay money for it? The only way you can answer this question is by research, testing and talking to your customers.
Sounds easy? In my experience, most business owners stumble at this first crucial step.
TIP: Find out what your customer wants and create a product or service to match their ‘want’ better than the competition, and your business will take off.
Business Success Truth #2
Trust & Loyalty Creates Long Term Customers
The very foundations of your business should be built on cultivating trust and loyalty with your customers. To develop this trust, make sure you go above and beyond your customer’s expectations. And, building a loyal community means ensuring your products and services do exactly what you say they do.
TIP: Be true to your word, authentic and honest. Being a shark who just goes for the kill to get a sale won’t create a long term customer base.
Business Success Truth #3
Waiting For a Perfect Plan Will Cause You to Fail
A semi-okay plan executed semi-well will yield more sales than a perfect plan never executed.
Your perfect plan is not built from behind your computer and desk. Get out into the real world. Ask your customers what do they want and why. Take this accurate information and start executing your plan. It will never be perfect, it will change many times, but this is exactly how you grow very quickly.
TIP: Sales are easy when you’ve created something remarkable that your customers truly want.
Business Success Truth #4
Be a ‘Scrooge’ With Your Overheads
Structure your overheads as though you were always in a crisis. When business starts to become easier, a natural complacency arises, and overheads can increase. Trimmer, fitter athletes win consistently. Make sure you run a healthy, lean business machine.
TIP: You must have a clear understanding of exactly how much it costs to run your business every week. Keep those costs nailed down.
Business Success Truth #5
Never Spend Your Cash on Hope
Ever done this? The big deal is done (you shook on it) and you buy the stock required to fulfil that deal and then the wheels fall off and the deal never happens. Sound familiar?
TIP: A deal is not a deal until the cash is in the bank. Never spend your cash on hope. Spend the cash when you have the cash.
Business Success Truth #6
Going it Alone Slows Your Progress and Costs More
Bad decisions you make in business are made because you can’t see the blind spots. How do you prevent this? Get another perceptive.
TIP: If Oprah Winfrey, Richard Branson, and Nelson Mandela all had mentors, shouldn’t you? This will prevent you from enduring a lot of expense and pain, plus helps you build your business faster.
Business Success Truth #7
There’s No Such Thing as a Purely Online Business
If you want to build a successful online business and want to grow it faster, you’ll need to form relationships with bigger players and smarter operators. Never discount the power of offline marketing to build your online presence.
TIP: Nearly all the top online entrepreneurs and successful business owners I’ve met have built their business by doing deals and accessing databases of other businesses in an offline setting.
Business Success Truth #8
Get Rich Schemes are for the Poor Minded
There are no fast ways to succeed. If you spend your time, energy and money searching for the magic box of gold, you will die a pauper. No wealthy, successful business person has ever made their fortunes without sacrifice and effort.
TIP: There are no short cuts. Do your research thoroughly before you get caught out by the next shiny object or program promising you instant riches. Those are the people getting rich, off you.
Business Success Truth #9
Learning Balance Is What Keeps Successful Business Owners in the Game
If you don’t want to burn out, then spend as much time finding ways to de-stress. That’s how you sustain quality performance over the long term. If you can’t find balance your motivation will suffer and you will begin to regret the idea of starting your own business.
TIP: Even the most highly successful entrepreneurs and business owners take breaks. “Ditch any guilt you might feel about stopping work,” said Richard Branson the founder and CEO of Virgin. “Make this relaxation time a priority.”
Business Success Truth #10
Boosting Employee Morale, Motivation and Performance
Ever hear your employees saying “I’m like a mushroom. Kept in the dark and fed dirt?”
Communication with your employees is important. But what is even more important to employee morale, motivation and performance is their understanding of how they contribute to your bigger picture.
When an employee is engaged and made to feel that they are part of something bigger than themselves, it produces a sense of value and belonging. They in turn perform better and produce more favourable results compared to an employee who simply has a task and a manager checking in. Sharing your companies future, direction, plans, goals and financial status and how your employees fit into this picture makes employees feel like a valued part of the organisation and invites them to contribute positive ideas to make the business more successful. It’s not just about giving employees resources and training to improve their skills but more about supplying them with greater insights into the way the company runs.
TIP: Instead of just showing your employees “how” to do something, add “why” they are doing it. This is a proven, powerful motivator.
These are critical truths and will help you on your journey of building a more successful business faster and just as importantly, build a more meaningful, successful life for not just yourself but also for your family and loved ones.
Find Out How a Small Business Coach Can Help You Grow Your Business Today
Trying to survive in business can be exhausting, especially if you are always trying to solve the problems yourself. Are you frustrated, confused, and not sure what to do next? This is not how the picture of your business should look.
I understand this completely. I have been doing this for most of my adult life, and many times I have had to deal with struggles and pain alone.
Being a small business owner doesn’t have to be a lonely ride.
- Do you want help systemising your entire business operation, so you do not have to worry each day?
- Need a practical exit strategy to turn your business into a valuable asset to set you up for life?
- Want a proven marketing plan that has helped many other “offline” businesses just like yours to successfully integrate and grow their brand online?
- Do you want to remove yourself from the daily grind and get your life back?
- Do you want to optimise your business, improve efficiency, ramp up sales, maximise profits, reduce overheads and improve cash flow?
- Need help managing and motivating your team to operate at optimum performance?
If so, we should have a chat.
In the meantime, have a look at some real results from our previous clients. Many of them are small business owners who were struggling with similar issues you may be experiencing right now.
I hope that you find this useful. If you would like a no-obligation, pitch-free business discovery session to see if we can help you get to where you want to go, then please book a time here.
I certainly would enjoy helping you on your business journey, whatever stage you are at, to reach your lifestyle of choice.
Thanks for sharing your time with me. I look forward to discussing how we can get your business working for you.
As always, I wish you all the very best.