Six Things EVERY Business Cannot Function Without
I have lived a wildly rewarding career both financially and at the personal level. A significant lesson I learned early on was that life and business are not mutually exclusive—viewing them this way is limiting. It’s why I now mentor SME’s on integrating both to achieve ultimate fulfillment in life.
Your life’s vision is unique, and everyone measures success differently. That said, making money is a uniting factor amongst those I mentor.
If that’s what you want, let’s review how to set yourself up for the business success you desire.
- Know Your Why
Yes, Simon Sinek coined a catchy, yet fundamental aspect that every business owner should know before jumping into the business world. To build a company or provide a service you love (and is useful to the world), you MUST understand ‘Why’ and ‘What’ you are in business for. Successful organisations don’t try to be all things to all people.
- Assess Financial Viability
Being in business is exciting. Sometimes that excitement clouds judgement. I’ve seen many individuals get caught up in the shiny idea in their mind and throw calculated risk out the window. While I’m all for operating on gut instinct, assessing the viability of your product, or service—including timelines to achieve profitability—is smart business practice. I’ve mentored countless business owners through this process. Learn more here.
- Be Honest About Your Capabilities
Over the past 30-years, I’ve seen both startups and highly-successful business people make costly errors because they were too proud and embarrassed to ask for assistance. You’re never too experienced or inexperienced to seek advice from those qualified to support your growth. Working with a mentor (with runs on the board) can streamline your learning curve. A proficient mentor brings new skills, wisdom and perspectives on operating your business to its maximum potential.
- Set Policies & Procedures
There’s nothing more satisfying than exceeding expectations; transparent business practices make this possible. Implement clear policies, procedures, and systems so that everyone in your business knows exactly what to expect. Defined business functions ensure your people know how to sell and deliver your service/products. Policies and procedures also outline expectations for client/customer relationships and can save you much heartache should the unexpected happen—it sometimes does.
- Take a Lunch Break
Break times support everyone to recharge, refocus and should be encouraged! I urge business owners to avoid having staff eat at their desk—it reduces efficiency significantly. I know this because I’ve managed 12 businesses and over 200 staff members over the years—without counting the companies I’ve consulted to. The health and well being of you and your team are crucial to the health of your business. Physical and mental health strategies should be part of company policy. Oh, it’s also mandatory that YOU follow them. Lead the way, take lunch!
- Schedule Evaluations
Scheduling regular assessments of each part of your business are non-negotiable. You need to identify your business’ position and know what’s working and what’s not. When you have all the facts, you can make improvements where necessary. Tailor assessments to suit your business’ structure and needs on a weekly and monthly basis—and watch your profits, performance and team culture skyrocket.
