I have found along my journey as a Business Coach that there are a ton of people out there in the world looking for a magic bullet. The “secret formula” that is going to take them exactly where they think in the moment that they need to go.
Can’t say I blame them, as that would be the easiest and most direct route wouldn’t it? I want to share with you the closest thing to a “formula” that can create business magic in creating a long-term sustaining business that has the potential for growth and long-term financial success.
Simply put, how you will achieve great things in your work is by creating a business that has made a difference not just for you, but for others that are willing to pay for the value you bring to them.
1. Always have goals
From the short term of 6 months, to the long term of 1 year, 2 years, and even 5 years. These goals include both financial and innovation goals to keep your business at the top of the game.
These goals must have all the elements it takes to run a business - from marketing, to production, to administration. Don’t leave too much to chance or you will find your business spiraling out of control.
2. Have a viable product or service
You must be passionate about sharing your brand’s mission with the world. If you have not experienced this already… when the money runs out, passion is going to be the only thing left to fuel the fire. Your customers are your best resource to keep you on track. If they aren’t happy, you are on shaky ground and need to immediately get honest feedback from them of how you can improve. Do this in the form of surveys, email, or even just pick up the phone and call them!
3. TAKE ACTION
Action speaks much louder than just talking about what you are going to do. You have to go out there and do it!
4. Have a backup plan
When your initial ideas don’t quite pan out, be ready to go to plan B, C, or maybe even plan Z. Ideas sometimes don’t take hold the way you want them to, so by having different routes and strategies ready to go, you will able to quickly adapt to shifting circumstances.
It’s much easier to create a bulletproof plan by working backward. Think about your current service offering and with each aspect of your business ask yourself “what would happen if this didn’t go right?” and work backward from the big picture to the miniscule details to prevent the worst case scenario from ever happening.
5. Pay attention to the details
You have to do the work and sometimes quite frankly it can be scrubbing the toilet (if you know what I mean). Not that you should get stuck in these drudgery tasks all the time – don’t skip them over either or worse let them go undone without anyone doing it – like your bookkeeping for example. It’s a fine balancing act here.
6. Ask for help when you need it
Those of us who wear the hat of entrepreneur can tend to think we can do it all ourselves. The truth is we can’t. I have found time and time again when I reach a client in “crisis” mode they have gotten so stuck in their own head that their Inner Critic has left them gasping for breath.
Support comes in all shapes and sizes - from mental clarity, to financial backing, to someone else doing the small tasks so you can do the other things that you are best at is key to positive growth.
7. Develop an exit strategy
Along with those short and long-term goals comes the strategy of how one day you will leave the business. Whether it is while you are still here on the planet looking for the next stage of the journey or have your ducks in a row if something were to happen to you.
By creating a strong exit strategy you are actually creating a strong company that can twist with you at every trun.
As you might guess or have already lived through, these 7 items don’t happen over night and take work to properly implement. The odds that it will all happen by luck aren’t in your favor at all. As millions of people discovered last week, when they weren’t the winning power ball number for over 1 billion dollars. Wouldn’t you rather make your billion with your own properly implemented strategies and planning?
Here is to your dedication! Now get out there and make a difference this with your unique formula that you bring to the table!
To Your Successes and Victories,