Many entrepreneurs focus on the mechanics and processes needed for a successful business, such as developing a website or acquiring more leads. While those are necessary to run and sustain a profitable business, there is also a less tangible (but equally powerful) focus that often gets overlooked. These are the crucial practices highly successful entrepreneurs execute either on a conscious or unconscious level.
Don’t underestimate them, as the following practices can take your startup anywhere you are willing to go.
Secure your vision
You can’t hit a target you cannot see. You must create a vision of what you want your business to look like. If you could have any one thing you want in your business, what would it be? Get as detailed as possible.
Ask yourself the following questions:
- Who is your client?
- How much money does the business generate?
- What products or services do you sell?
- Who do you serve?
- What kind of work environment do you want to create?
- How many people work for you?
When you find the vision that excites you, do not compromise it.
Related: 10 Common Traits of the Most Successful Entrepreneurs
Focus
The 80/20 rule says that 20 percent of what we do accounts for 80 percent of our results. Start paying attention to which actions get you the most results and do those activities first.
When those are completely taken care of, then move on to accomplishing other tasks. Or better yet, delegate those tasks. And if you can’t afford to hire people just yet, there are virtual assistants you can use.
If you focus on the actions that create results, you can increase your productivity more easily.
Give more in value than you receive in dollars
Some companies are out to charge the most and provide the least. Clients abandon those businesses at the first opportunity.
If you want to build lasting relationships with your customers, you must offer more in value than you receive in return. For example, I work weekly with private clients for a 50-minute session, but I schedule 80 minutes because if we are in the middle of a breakthrough, I don’t want to cut off our session.
I also have a 10-minute session later in the week to touch base, because I know changing your mindset requires constant recalibrating.
What is an extra benefit you can offer your clients? A simple practice where most companies fail is a follow up call. A personal follow up sets your business apart and shows that you value your customer.
Always innovate
When your customers are informing you about a new, more efficient product or service than the one you offer, you are behind the curve. You must be ahead of them, or you risk losing them. At the very least, be informed of the competition.
Henry Ford said, “If I had asked people what they wanted, they would have said faster horses.” He knew what they really wanted was a faster mode transportation entirely. They were not aware of what was to come. How can you apply this methodology to your own business?
Think of it this way: Would you rather go to the dentist with equipment from the 1980s, or would you feel more comfortable in a practice with state-of-the-art equipment?
Are you aware of what is around the corner in your industry?
Be relentless
Expect success even when the circumstances look challenging.
When you expect a positive outcome, you press on relentlessly. Even when the circumstances do not look like they are in your favor, relentless expectation keeps you moving forward.
Thomas Edison made over 10,000 attempts before he developed the incandescent light bulb. He knew it was possible, he just learned 9,999 ways it didn’t work.
Ask yourself, ”If I expect my business to succeed, what is the next step in executing my vision?” Then do it!
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Know your why
Why are you starting your business? Is it to offer a new product or service to the world? Is it to make an impact in your industry? Is it to provide for your family? Is it to share your passion with the world?
Knowing your why helps provide focus to complete tasks and continue moving forward. It gives you courage when fear sets in. It keeps you anchored. When you are discouraged or experience a setback, taking time out to focus on your why and tuning in to your vision are powerful mindset tools.
Create a successful business
When you have a vision, stay focused, give more value than you receive in payment, are willing to take risks and test out new ideas, relentlessly drive to create the business you set out to, and use your why to anchor yourself, then you can’t help but create a healthy and thriving business.
The post 6 Crucial Practices to Create a Successful Business appeared first on StartupNation.
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Dana Stone, Khareem Sudlow
