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There are ten critical areas where your ability to think largely determines your business success. The greater clarity you have in each of these areas, the better decisions you will make and better results you will achieve.

1. Key Purpose

What is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Fully 50 percent of your time, efforts, and expenses should be focused on creating and keeping customers in some way.

2. Key Measure

The key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability.

3. Key Requirement For Business Success

The key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability come from adding value. Every day, you must be looking for ways to add more and more value to the customer experience.

4. Key Focus

The most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient, and demanding–just like you. Nonetheless, the customer must be the central focus of everything you do in business.

5. Key Word

In life, work, and business, you will always be rewarded in direct proportion to the value of your contribution to others, as they see it. The focus on outward contribution, to your company, your customers, and your community, is the central requirement for you to become an ever more valuable person, in every area.

6. Key Question

The most important question you ask, to solve any issue, overcome any obstacle, or achieve any business goal is “How?” Top people always ask the question “How?” and then act on the answers that come to them.

7. Key Strategy For Business Success

In a world of rapid change and continuing aggressive competition, you must practice continuous improvement in every area of your business and personal life. As Pat Riley, the basketball coach, said, “If you’re not getting better, you’re getting worse.“

8. Key Activity

The heartbeat of your business is sales. c analyzed thousands of companies that had gone broke over the years and concluded that the number-one reason for business failure was “low sales”. When they researched further, they found that the number-one reason for business success was “high sales.” And all else was commentary.

9. Key Number

The most important number in business is cash flow. Cash flow is to the business as blood and oxygen are to the brain. You can have every activity working efficiently in your business, but if your cash flow is cut off for any reason, the business can die, sometimes overnight.

10. Key Goal

Every business must have a growth plan. Growth must be the goal of all your business activities. You should have a goal to grow 10 percent, 20 percent, or even 30 percent each year. Some companies grow 50 percent and 100 percent per year, and not by accident. The only real growth is profit growth. Profit growth is always measurable in what is called “free cash flow.” This is the actual amount of money that the business throws off each month, each quarter, and each year, above and beyond the total cost and expense of running a business.

What are your goals and growth plans? “Two little words that can make the difference: START NOW.” Now go and be more successful.

Every Year many business owners typically make resolutions which they hope will improve their business success over the coming 12 months – the commercial equivalent of drinking less and getting more exercise.

But with a triple-dip recession expected to be on the cards this year and with the retail sector particularly very vulnerable, which aspects of business success could they focus on in order to improve their chances of survival if trading conditions do get worse?

Here are ten aspects of business success and survival that the majority of business owners should be seeking to avoid or do less.

1. Debt

Despite the calls for banks and other funding institutions to lend more to the small business sector it is absolutely vital that you think carefully before taking on or increasing your levels of business or personal debt. Unsustainable national debt was the main cause of the current economic downturn and the burden of debt can ultimately harm or restrict a small business’ ability to realise its potential or ability to continue to trade if sales dry up. If you can avoid taking on debt from the outset and rely less on borrowing once you’re up and running then make sure you do so by bootstrapping or bartering instead.

2. Disputes

Commercial disputes with suppliers, landlords, customers, partners (directors and share holders) and even employees prove to be costly, unnecessary distractions for tens of thousands of business owners each year. When you become irreversibly embroiled in a dispute they are exhausting for all involved and attempting to resolve them once the dispute has heated up is generally too late to achieve a harmonious outcome or settlement. You need to spot potential areas for commercial disputes and business disagreements as early as possible and settle them straight away. If you let a dispute or disagreement fester, even a little, the poison will inevitably become more venomous and costly.

3. Delays within your business

There is a saying in business that the length of time remaining to complete a project is always exactly equal to the amount of time already spent on it. Delays in projects, production, deliveries or the launch of a new product or marketing campaign invariably mean loss of income and the opportunity to earn. The more instances in which you can identify, reduce or eliminate the potential for delays, the more you will be controlling your costs and increasing your income.

4. Laziness

Related to commercial delays are the activities and attitudes of people, especially your employees or sub contractors. If you have an inherently slow, lazy or under-productive member of your team, they could be costing you money every day. If they are unable to improve their productivity with extra support, coaching or training from you then place them on a formal performance review and (following proper legal procedures) they will leave your business.

5. Doubt

Not being able to make your mind up about a commercial decision isn’t good for business success or your own personal state of mind. Generally speaking, the longer you are in business the better you will become at being more decisive over issues you are not sure about. As a general rule, if you are in doubt about something then don’t do it and move on. Or make a decision one way or another quickly, because even if it is the wrong decision it probably will not harm you as much as continued procrastination and inaction.

6. Hype in the market place

Similar to hyped-up statements about enterprise and entrepreneurship being for everyone, you should be suspicious of hype from any of your suppliers or business partners and avoid using hype and superlatives in your own marketing messages. Hype is generally a mask covering defects and unpalatable facts, or a signal that those who spew it do not actually know what they are talking about. As well as being wary of hype from others, remember that others will be suspicious of hype from you. In any business situation you will find that honesty, modesty and realism get noticed and appreciated more by customers, suppliers and staff than hype ever will.

7. Waste

Every business, product or service involves some unavoidable slack, waste and inefficiency that can generally be reduced. In what ways is your business wasteful either in time, unnecessary spending, over-producing or over-stocking? If you look closely enough at every single aspect of your business you will be surprised at how many little ways you can find to be less wasteful – hence reducing your costs – which in turn will either increase your margin or give you room to be more competitive in your pricing.

8. Green

Being green, carbon neutral and environmentally friendly is great in principle but don’t let this become an obsession and get in the way of being able to trade viably. In many ways, being ethical and green can be a distraction and unwelcome cost, although when approached sensibly it can be beneficial to your business finances, external image and trading opportunities. Being green is about being ethical while remaining profitable. After all, an environmentally-friendly insolvency or a green bankruptcy is no use to anyone.

9. Perfection

In an ideal business situation you will be striving for the best you can achieve, and having a perfect, defect-free product or service should be part of the vision for your business. But perfection in any business is (almost) impossible. Striving for perfection is sensible and should be your driving force. But at the same time recognising that your efforts will fall short of perfection is more realistic and manageable. Not quite reaching perfection this month or this year doesn’t necessarily mean that you won’t become best-in-class in your particular industry. Continually striving to improve, while remaining humble and occasionally admitting your faults will also get you noticed in the right ways.

10. Social Media

Before the emergence of Twitter, Facebook, Pinterest and YouTube how did business owners network or promote themselves around ten years ago? While it is now true that social media networks can provide useful and often productive platforms for business promotion in many sectors, it is important to remember that the ‘traditional marketing is dead’ messages from social media gurus are nothing more than self-promotions. Spending a little less time on social media and a little more on face-to-face prospecting, picking up the phone, writing a sales letter, updating your catalogue or improving your shop window display could make a noticeable difference to your sales. Building relationships in business is a major asset.

Apart from addressing some of these ten typical issues, the inevitable triple-dip recession, rising inflation, static consumer spending and the prospect of the UK falling off its own fiscal cliff, staying in business and gaining your black-belt in entrepreneurship should be no more of a challenge or hazardous than it has been in recent years.

Business Success: Final Thoughts

Fresh thinking requires a vision to see beyond the conventional. When you combine excellent quality with outstanding value for money you will begin to realise the full potential of creative and well presented business solutions. Together, the sky`s the limit. Have passion to learn and let the knowledge help you to be successful in life.

Business success is a journey, not a destination.

“Two little words that can make the difference: START NOW.”

Many of us measure success from a purely business perspective. We place value on aspects such as turnover, profit/loss, growth, customers, clients, sales, the list is endless. Often we fail to acknowledge value from other areas of our lives, and as such our tight focus on one aspect, often business can see us scrutinizing the wrong things.

Measuring the Things that Matter

Although you are ambitious and business-driven, taking some time to look at other aspects of your life can be of use to you. In so doing, you will be able to use it to motivate yourself through the bad times that may beseech your career at some point.

Moreover, success in one area of your life tends to lead to success in another.

Here are some aspects of your life which give value, but you may not yet realize it:

Health

If you have your health you are in a great position. You have nothing holding you back from achieving your goals and ambitions. If you’re not doing so already, try and find some time to do a little exercise. This not only makes you feel physically better but it can stimulate ideas and get the creative juices flowing.

Family

If you have a great family setup then you are in a good, and many would argue a fortunate and blessed position. Strong family relationships are the stuff of happiness, and few would not value happiness.

If your family is doing well, then this gives you a platform to do well in your work. It is not just having family support, but a feeling of wellbeing and the satisfaction of contributing to a positive family setup. Should you be in this position, consider this to be your best success if you do not already.

Enjoyment

If we spend our lives without enjoyment and valuing these times, then we tend to become reclusive and not see value in anything we do. The fact is that you need your time if only to recover from the time you spend working and other duties outside of your work. Taking some time is great for your productivity.

Not Appreciating Holistic Value

As a business consultant, I’m often asked to advise businesses that are not doing so well or want to improve. Time and again, I see owners and managers focusing on the wrong things. These things tend to make little or no business impact, and all they do is drink energy from hard-working executives. In many respects, I point out where the value lies to a business owner or a good Chairman and his or her executive management team, and this often transforms the fortunes of a company.

Taking time to appreciate what is meaningful from all aspects of your life will not only make you a happier person, but you will see where the true value lies in your professional life. This will make you more productive,  and give you a  more meaningful life.

Taking a Holistic View of Business Problems

Learn to value success

When businesses feel they are not fulfilling their potential or worse, experiencing problems, I am often called in to assess. What I normally find is not the problems with the business model, but business owners tend to focus on details that make little impact, and as such, the issues tend to become protracted, and in some circumstances contribute to the cause of their business problems.

Inside the Business Problem

The problem when you’re close to the business, especially as a business owner, is that it is all too easy to get so close you no longer have a holistic view. You may be focusing on one aspect that you feel is the cause, when actually addressing a different issue entirely will see a better result.

This often arises from being too business-focused. Constructive and productive thoughts about making your business do better, have turned into something bordering obsession. You could well be overthinking problems, and as such making business mistakes. That’s ok, we all make mistakes.

Seeing Issues from the Outside

Bringing in a fresh pair of eyes is often the best solution to his kind of scenario. A business-savvy person can take a look at the whole of the business, and cut through the ‘noise’. This is the value of consultants. We come in, we look at the business, determine what needs to be focused on. As a result business fortunes change for the better.

Learning to Value

I often advise my clients, business owners, for the most part, that learning to value is a great skill. It is important that we look at our whole lives and not just judge ourselves on one aspect. This is true of everything we do, including family, friends, and everything else that happens outside of our careers.

It is in essence the secret to having a meaningful life. This not only helps you maintain an objective focus on your business, but it also gives you confidence and strength,  which business owners need in abundance.

Running a successful business in my experience is not just about having focus, drive, and ambition, although these things are important, it is also about taking value and inspiration from your whole life. Once you embrace this not only will your business do better, but you will see considerable changes in your whole life.

If you feel your business is not doing so well or could do better.

It could be you simply need to take a step back and take a  holistic view. You’ll be surprised at the results.

#mfkassociates  #holisticview  #business #valuepropositions

#focus  #drive  #ambition #businessstrategy

#managementconsulting

Are you Afraid to say you don’t know?

Admitting Limitations Builds Trust with your Clients

Knowledge can Provide the Solution you Need

Knowledge Collaboration Brings Real Value to your Clients

Honesty the best  Policy

In an age of information, the most important asset is knowledge.  It is often said that if you have the information you have the upper hand, “the advantage”.

Well yes, sort of!

Isn’t it true that when we are asked about something, and if we do not actually know anything about it, we are tempted to bluff and say, “well yeah I know about that” and wish that we did know about it? What would happen if we admitted that we didn’t know much about a subject? Have you considered saying, “no I do not know”? Have you thought that could be of value to your clients?

Many of us are scared that we will be dropped as consultants should we admit that there is a topic or subject we know little about. This is a misconception, given that business relationships are based and built on trust. If we pretend we know little about the subject and our client discovers that, it could do a lot more damage than simply saying we don’t know.

In fact, the most “valuable” knowledge may sometimes be “not knowing”.

The Value in not Knowing

You need to admit the fact that you cannot know everything. This actually gives you credibility in the eyes of your clients, and as such it is perfectly all right to say, “I do not know this.”

However, it is even better and more valuable to add, “I do not know this but I could get you the best one who knows about it, or find out all about it me.” So it is not only important for consultants to be honest to our clients but also critical to collaborate and establish a close network with each other.

Through discovering what your client wants or bringing in someone that does, you offer real value in your service. This is positive for your clients and for your reputation as a consultant.

Collaboration can  Bring  Real Benefits to  your Clients

I meet with peers every once in awhile just to check and see how things are going at their end and to exchange information. It  gives me a chance to explore possibilities of future collaborations and to see their perspective of market trends.  Recently, I had one of these meetings with a very seasoned guru in his own right, one of the world’s top experts in hospitality consulting, Mr. Omer Isvan, the President of Servotel Corporation.

And while we were exchanging information we came to a point of acknowledging how important to be able to say “I do not know” to your client.

It is often thought that when a consultant is called upon a duty, he is supposed to come up with a miracle solution to save the situation. Often, we do by taking a holistic view of the whole case and adopting an approach accordingly to carefully assess the problem at hand. Then we are in a good position to provide a meaningful and valuable solution.

It would be great if we knew everything there is to know in the world, but this is not the reality. So sometimes saying, “I do not know”, could be much more valuable to your client than you could imagine. Knowing your limitations is valuable in itself.

An abundance of help and support is available out there. Just tell your client that “you do not know but you will find out or find the best person to ask”. This is a perfectly acceptable response, and you will ultimately be judged on results. It is ok not to know everything.

About the author: Mehmet Fatih Kara – Strategic Planning – Insightful thought leader who intelligently analyses all functional business areas and key market dynamics to deliver a clear strategic and operating model. Implements detailed action plans whilst identifying and capitalising upon new business opportunities.

View Mehmet’s short bio