6 Things Your Business Needs To Be Successful

A business should not be seen as just one entity, but instead a collection of separate elements which all work together to produce a profit.

Specifically, there are 6 important elements you MUST have to build a sustainable business.

1) Direction
A business must have crystal clear direction to where it’s headed. And you as a business owner must have “SMART Goals”. It’s also crucial that your team is aligned to this direction because if they are, it’ll give your business the momentum and traction it needs. So you have to have a clear plan of where you want to be, what you want to achieve and how you’ll get there. This will be the road map for your journey moving forward.

2) Understand Your Digits
It’s crucial that you’re able to make sense of your financial books. As a business owner you should find someone reliable to do your books. I strongly feel, that as a business owner you should outsource this. So that you only have to focus on interpreting your financials. And once you’re able to interpret your financials – you’ll be able to translate your digits into activities. So that you can identify your winning activities to build a cash-flow generating marketing machine for your business.

3) Winning Team
A winning team needs a strong leader, so it starts with you. A weak leader will equal a weak team. So you have to become the leader your business and team deserves. As you develop a mature leadership style which is a Delegative leadership style, you must also develop your team’s skills. Because a Delegative leadership style only works if your team is highly skilled and can function without you. Once you achieve this you’ll be able to grow and scale your business much quicker. And most importantly you’ll be putting out far less fires in your business… This is when – your business can operate profitable without you.

4) Define Your Uniqueness
Today, great services isn’t good enough anymore. You have to find your uniqueness as a business. What do you offer that your competitors don’t… If I asked you, what makes your different to everyone else as a person – you’ll probably know… So the same applies to your business – what makes your business different. Once you’re able to determine your uniqueness, you must then shout it out to all your customers or clients… Put it in your signature, your branding and test if it works for your business. Until you find your uniqueness because if you can it’ll set you apart “head and shoulders” above your competitors. This will allow you to dictate your price – within reason, your services or products will increase in value so that you don’t have to compete on price. This will also protect your margins…

5) Entrepreneurial Mindset
The reason why some entrepreneurs are more successful that others, is mainly because of their mindset. You can be your own best friend or your worst enemy… The ultimate hidden success factor is your mindset, it’s not just the strategies, techniques or systems you use. You can even fail with the correct systems in place for example, you may have a limiting belief about a strategy you’re implementing in your business. And because of this, you won’t achieve the results the strategy promised. Mainly, because you probably didn’t implement it with all your effort. So success is a mindset, it’s that simple. If you want to change your business, you as a business owner has to change first…

6) Action Plan
You must take action to achieve any kind of results in your business and life. So it’s about being proactive and you have to differentiate between “busy” and “productive”… I’ve often heard business owners say, “I’m always so busy” but, after spending some time with them in their businesses – it became clear to me that they were the wrong kind of busy… Because they definitely weren’t productive…They just couldn’t close the loops and get things done.

This meant that they battled to gain traction and momentum in their business. An easy to overcome this, is to start listing things that need to get done on a daily basis – so implement daily power sheets… And be disciplined enough to follow through consistently…

Once you implement all the above 6 elements correctly, you’ll be well on your way to building a sustainable profitable business. That’ll generate the cash-flow you want for the short and long term.

Good luck!

– Bernard Ting Chong (Founder & CEO, Business Growth).

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