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| What Are the 7 Proven Principles of Business Success? (Part 1) |
The 7 Proven Principles to Business Success will overcome whatever limitation you have. Think of it as a recipe for business success. All you have to do is, first of all, learn what the seven principles are and then apply them in order. When you follow this recipe, all of your challenges will fade away.
Why do you own a business? Isn't it because you want a LIFESTYLE? You didn't intend to work long hours, be stressed, have little time off, and be hassled with staff and customers, did you?
Isn't it time you made some changes for the better? After all, if you want to change some things in your life, you have to change some things. If you're ready for a change, here's the magic recipe you need to follow…
Principle 1: Work on yourself to understand people.
Business is all about people. You have them as customers and employ them, but few people have realized the absolute key to success is understanding people at a much higher level. Your sales and marketing skills are determined by what you know about people. Your leadership skills with your staff to perform as well as you do are determined by your knowledge of people.
So what's the best way to learn about other people? Easy, learn about yourself! You're a people, and the more you know about yourself, the more you automatically learn about others.
Principle 2: Learn business success principles.
There are so many principles to business success, but I'll emphasize just a few. One is, you're in business to make a profit, not just turnover. Turnover is a job, whereas profit gives you a LIFESTYLE. Your aim should be to increase your net profit percentage of turnover, as this allows you to grow and pay yourself whatever you desire.
Net Profit percentage comes from improving everything you do, not just doing more of what you already do. How you answer the phone, greet people face to face, write your ads, improve your communication and leadership with your staff. All of these are areas to improve.
Another principle of business success is cash flow. Cash flow means having the cash in your bank account that should be in your bank account. The better you get at getting money upfront with deposits and getting people to pay on time, the better your cash flow. If customers cost you money before you get any back, that's negative cash flow; if you get cash before you incur a cost, that's positive cash flow.
Principle 3: Set goals and have a plan to achieve them. Until you set a goal, you don't have a reason to improve your business. Therefore the HOW doesn't matter. People have to know why before how. You'll want to know how to grow your business once you have set a written goal.
When you have a goal, it's time to look at the relevant strategies for your business. I know of over 300 strategies, but most people can only think of about a dozen. Strategies are like tools. If you build a house with just a hammer, a saw, and nails, you will be making it for a long time. Business is the same. When don't people know what strategies are available or suitable to them, how can they effectively grow their business?
A Business Growth Plan is simply the order to implement those strategies beginning with the highest priority strategy. When you have documented goals for 3, 6, 9, 12, and 24 months with a list of methods in the order, you have a Business Growth Plan that makes growing your business EASY!
Principle 4: Turn your staff into a TEAM.
Unfortunately, business owners are trying to do it all on their own. They often don't train their team regularly with team meetings or one on one allocated time every week. I believe you have one role as a business owner, to be a great teacher! Your aim should be to teach everyone in your business how to do everything you currently do better than you do! And what does that then make you? Obsolete! When business owners think no one can do their job as good as me, they are digging a big hole for themselves they will never get out of. Then they wonder why they are stressed, tired, work long hours, and this happens more and more as the business grows. TEAM stands for Training Everyone Achieves More!
to be continued...
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