We are all looking for the “silver bullet,” the one thing that will make us successful in growing our businesses.
So what are the elements needed to maintain a successful and flourishing business?
1. Clarity of purpose
You need to have a strong sense of what you want your business to be in the future. It is hard to create a road map when you don’t know where you are going.
In my coaching work, I meet many successful clients who have plateaued or are struggling to move to the next level. Often it’s because they have achieved their first vision and now need to stop and reassess what’s next and set objectives toward a new vision.
2. Passion and commitment
You need to have both passion and commitment, and these qualities must become an authentic part of how you present yourself to the outside world. You must be clear with others about what you are doing and why you are doing it. Your passion will naturally attract those around you and they will remember both you and what you do.
3. Honest Self- Assessment
The ability to understand yourself and see yourself as others see you is critical. You should have a clear understanding of your strengths and weaknesses. This allows you to play to your strengths and leverage the talents of others in the areas in which you are not as strong.
4. Create and execute an action plan
I have seen clients who spend lots of time each year creating elaborate business plans that they never follow. An effective action plan is a road map that you create and execute. You follow it on a regular basis. It is your benchmark to success on a day-to-day basis.
A good action plan allows you to set goals, understand critical dependencies, and delegate tasks as needed.
5. Stay focused on your priorities
At times, we all fall prey to the “activity trap.” We are busy; therefore, we are accomplishing great things. The question is what are we busy with?
Are your activities unimportant trivial things, urgent but unimportant things, or things that will really improve your business and create value for your clients?
I often encounter clients who say they don’t have time to plan or take a look at things who later become frustrated when they are unable to grow their businesses.
The key is to stop and take a look at what’s working and what isn’t working in your business so you can refocus on priorities and shift out of any traps you are in.
6. Reassess the business environment and your customer needs on a regular basis
The world changes and the needs of clients continue to change. You need to provide excellent customer service, but you also need to be sure you are in tune with what your clients truly value.
Most successful entrepreneurs start with a clear vision of what they are passionate about and where they want their business to be. They create their vision from the top down with different ideas and options and then create a foundation under it. They know themselves and their strengths and they reach out to their network for support.
When these successful business owners hit plateaus, they take the time to reassess and tweak their processes by adding some activities and eliminating others. During such transitions, it is helpful to have a professional coach who can act as an objective sounding board to help you evaluate the changes needed and support you in making those changes.