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My thoughts on what makes a business successful.

Over the years I have had a lot of time to work on my business and I have also had the privilege of having a front row seat as our partners have grown their businesses.

Someone asked me what I thought the top three elements of success in business is. I thought about it for a few weeks and here are my top three:

1. Determination

Starting, growing, and running a business is a complicated venture. Even the simplest of businesses will have many details that will only become apparent as time passes. Hidden challenges seem to arise just when you think everything is running smoothly. At those times I tell myself to dig deep into my determination and remember that:

– Every challenge is an opportunity. Maybe it’s an opportunity to streamline the business, maybe it’s a personal growth opportunity.

– Every problem can be solved. Maybe it requires effort, maybe it requires money, maybe it requires expert help, but I work from the standpoint that every problem has a solution.

2. Taking Stock

Hope is a wonderful thing but it’s not a business strategy. Doing the work and hoping for the best doesn’t give you enough data to identify how your business is really doing.

I have learned to make time to think about all the aspects of the business and identify everything that contributes to its success. After that you need to create a system for tracking things (it can be as simple as a spreadsheet). It takes discipline to track things but it’s so important to do it because over time you will be able to identify problems as soon as they occur.

3. Course Correction

Once you identify that something is not going the way it should, it’s important to take steps to rectify the problem(s). That might involve rethinking everything and extra work, but it’s better than watching your business get weaker and weaker. If your business is not doing as well as you want it to, talk to someone whose business know-how you respect and get their opinion. Be humble and listen to what others say but weigh up all the information carefully.

So there you have my top three strategies for business success. They may be different from yours and if they are, I would love to hear your take on it. Drop me a line anytime.

Thank you for trusting us with your business. Here’s to keeping the wheels rolling and your business growing.