The objective of any business is to fulfill the dreams of the business owner. If you want your business to succeed and have sustainable growth over a long period of time, you need to master the business success formula.
I’ve learned this Business success formula from my Mentor and Coach Mr. Blair Singer (www.blairsinger.com) Business Success Formula consists of 6 key elements.
The first component of the formula is selling — The most important skill you have in your life is the ability to sell because as Mr. Blair Singer says sales=income. The problem of cash flow in most businesses is due to people don’t know how to sell, doesn’t like to sell, or thinking sales are not important.
The second component is building a team, business is a team sport and not a solo sport. You need to build a team of not just employees and vendors but also professionals like accountants, attorneys, etc. Most people don’t achieve their dreams because they try to do it on their own.
The third component is the ability to teach your team how to become a good team player and to teach your team how to sell, this involves building your leadership and communication skills so that you can motivate and inspire your team to accomplish your business goals.
The fourth component you need to have is systems. Referral systems, marketing systems, accounting systems, training systems, projection systems mean your business is not dependent on you. If you need time freedom where your business runs on autopilot and without you getting involved in day-to-day operations you need to build systems, structures, and processes which are easy to follow and which are sustainable.
The fifth component is accountability. Accountability to numbers — the most powerful sales motivation tool is the accountability dashboard. If you need something bad enough you need to hold yourself accountable or someone else holding you accountable.
6. CODE OF HONOR
The sixth and biggest component which holds teams, religions, organizations, cultures is the code of honor. A Code of honor is a set of rules as to how people on the team and members of the team work with each other. E.g. Constitution, 10 Commandments, etc. This is the glue to business this is why people come together to accomplish something.
According to statistics 80% of businesses fail within the first 5 years of starting it is not due to the economy, it is not lack of funds but due to lack of knowledge that stops business owners to fulfill their dreams.
Are you ready to build a successful business? Use Business Success Formula and watch your business grow in a relatively shorter period of time.