By: Kathleen Ries-Jubenville | Category: Business | Read time: 4 minutes
Starting and running a small business is difficult. On top of an abundance of uncertainty, it involves a multitude of energy-draining tasks and financial concerns.
The success of any business is significantly impacted by customer demand, market timing, and strategic planning. But did you know one of the biggest factors in creating and maintaining a profitable business is the strength of the leadership team? When investors are vetting opportunities, they don't just review the company's business plan and financial reports. They also meet with the owners and managers to determine if there is potential for a successful partnership with the people running the operations.
You may be thinking, "Of course, I know that's true! I watch Shark Tank." But take a moment to absorb the implications of that. If you are a business owner, it means you not only have to work on your business, but you also need to work on yourself!
a. Why: Be clear about WHY you are serving others. Create a personal vision and a business mission statement.
b. What: Create products or services that solve a problem. Put them into appealing price points and packages.
c. Who: Understand the frustrations and other emotions your potential customers feel about their problem, then empathize with them.
d. How: Guide them to buy from you by confidently explaining your authority in the matter, how you can solve their problem, and the value they will get from your products or services.
a. Clarity: Know what you are doing, and why, every hour of every day. Beware of trying to do too many things at once. Prioritize and work on one or two projects each quarter. Make sure they will move you closer to your long-term goals.
b. Energy: Generate the physical energy you need to succeed over the long term. Exercise, stretch, hydrate, eat healthy foods, and take breaks to stay vibrant and alert throughout the day.
c. Productivity: Plan and measure the activities you should focus on to achieve your goals. Use a calendar, to-do lists, and a daily planner to stay on top of things, prepare for meetings, and prioritize your daily tasks.
d. Psychology: Maintain a growth mindset and a positive attitude. Be willing to try new things, make a few mistakes, and learn from them. Invest in training, coaching, and perhaps even therapy to continue to your intellectual and emotional development.
a. Honesty: Tell the truth to your clients. Don't sell them something they don't need. Be clear with your boundaries...what they can expect while working with you. Keep accurate accounting and employee records. Don't try to fool tax agencies or insurance companies. Be honest and sleep well!
b. Humility: You cannot possibly know all the answers or be able to predict the future. Just make the best decisions you can, with the information you have available, then be prepared to admit mistakes and change direction, if necessary.
c. Faith: Believe in your ability to figure things out as you go. And believe everything will work out if you just do your best each day. "Do your best, and let God do the rest."
d. Love: Do everything with love in your heart for the people you serve. This includes your family and friends, your clients, your vendors, your networking associates, and your staff. And, last, but not least, love yourself. Owning a business is hard. Just show up the best you can, be patient with yourself, and celebrate your wins!
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