5 Ways to Empower Your Business to Success
Have you recently started a business and you wonder how you will get to profitability and positive cash flow? Have you thought about starting a business on the side but fear and money are keeping you from starting? Maybe you have been in business for a few years, but your business is stagnant and barely profitable. You went into business to have freedom and financial security, but you are nowhere close to that.
If you answered “Yes” to any of these questions, then I want to share with you 5 ways that have helped me and other business owners I have worked with.
1. Positive Thinking
I realize for some of you, the idea of positive thinking to success really gets on your nerves. I used to be in this camp until I heard a Zig Ziglar quote.
“Positive thinking will let you do everything better than negative thinking will.”
Positive thinking does not necessarily solve all of your problems, but it certainly beats having a defeated attitude.
“The Power of Positive Thinking” by Norman Vincent Peale was written in 1952 originally and is as relevant today as ever. This book goes through ways to have increased peace, energy, and happiness by changing your thoughts, prayer life, and mental habits.
“The Book of Afformations: Discovering the Missing Piece of Abundant Health, Wealth, Love, and Happiness” by Noah St. John has a different approach to changing mental thinking. Basically, it suggests taking any affirmation and putting “Why” in front of it.
Affirmation: I provide more value to more people in less time.
Afformation: Why do I provide more value to more people in less time?
The point is that your brain will consciously and subconsciously look for ways to change your actions to help you accomplish what you are affirming.
No matter what size business you have, you need accountability. One great source of accountability is the “The Freedom Journal”. This book forces you to write the following down each day:
- Your 100-day goal
- Your #1 focus for the day
- Two things to help you get closer to the goal
- Three things that you will accomplish that day
- Your action plan for the day
I used this journal when I launched my business in January 2016 and wrote about it. Check out “5 Reasons to Focus on 1 Goal for 100 Days“.
Other ways to improve accountability is to have an advisory board, a mastermind group, and regular meetings with your team.
I heard Dan Miller from “40 Days to the Work you Love” say on a podcast that we should spend 3-5% of our revenue on personal development. If we apply what we learn, we will get a significant return on investment. We all have much to learn in some area of business. One business owner told me that she had no idea how much she needed to know in marketing, management, and finance to run a successful business. As a business owner, you don’t need to know or be involved in every detail. However, you should have a good understanding as to how your business earns revenue from all parts of the business cycle, from sales and marketing to billing and collections.
Connections are essential for survival in any business. We need a system of prospects, referral partners, vendors, and professional resources to be successful. For example, I utilize bankers, tax specialists, attorneys, bookkeepers, insurance brokers, CFOs, and many others to provide excellent service to my clients.
In Rabbi Daniel Lapin’s book “Business Secrets from the Bible“, connection with others is part of at least 8 of the 40 secrets.
Lapin says in secret 4 that the universe was created for connection. “Try to achieve happiness and fulfillment while remaining isolated from others is as futile as all other attempts to defy nature’s laws. God clearly wants us to connect with one another. He wants us to be obsessively preoccupied with serving one another.”
5. Know Your Numbers
Have you ever watched the ABC series “Shark Tank”? I have seen some business owners stumble when they were asked financial questions. They didn’t know their revenue, profit margins, and growth rates. The investors on the show didn’t have much sympathy if they didn’t know their financial numbers. You should have financial goals posted in a visible place so that you will see them often. Develop an ongoing forecasting model that tracks your prospects and revenue potential. You should be forecasting your cash flow and profit on a monthly basis to make sure you are on track. Can you imagine going to a basketball game with no scoreboard? How boring would that game be? You have to know your numbers so you know your score.
We all desire for financial empowerment to reach our dreams. It will be hard work, but with positive thinking, accountability, education, quality connections, and financial goals, you can be successful in any business.
Do you want to learn more that growing your business for success? Do you need more education on how to “know your numbers”? I want to invite you to be a Founding Member of a course I am creating called “Forecast Your Profits“. For more information, click the picture below.