The Secret Formula to Business Success

The purpose of any good article, besides imparting valuable information, is to provoke thought and self assessment. The most thought provoking issue to me is why some people are more successful in business than others. Find out why!

I have spent the better part of my career watching those who are very successful in business and trying to assess the source of their achievements. It is said that to be successful in sports you must believe you are the best. I think it is important to have confidence in your abilities, but this should not be confused with ego. There must be a sense of humility in any relationship to allow you to absorb valuable information from others, because this is how we learn and grow. Otherwise we are blinded by our own self importance.

We can equate success to things like education, experience, determination, confidence, talent and sometimes just being in the right place at the right time. There is of course the other unsavory aspect of people who get ahead by cheating or backstabbing to elevate their position or level of success.

I believe the hidden source of success is to never be blinded by the status quo. In other words, if you think you are achieving the best you can or meeting the status quo, then you are limited to that level of success. Most of us like to work within our comfort zone, so once we find something that works relatively well we don't want to change it. The problem is you can never improve if you adopt this position.

I have had the privilege of working for and with some very successful mangers throughout my career. The ones that excelled where constantly encouraging new and better ways of running the business and challenging you to improve on your area of expertise for the benefit of the company. It is truly amazing what you can achieve when someone selflessly expresses their belief in your abilities.

As owners and entrepreneurs it is important that you demonstrate this with your own employees. If they think you are satisfied with the status quo, then they won't be inspired to do a better job. They need to be motivated through your desire to improve on every aspect of your business.

A good example of this is the industry targets I discussed in the video blog. If you think your current margins or volume by department is the best you can achieve then that is exactly what you will get or less. However, if you embrace industry targets as your bench mark for success, then you will have the ability to improve and grow your business. As Steven Covey said "if you keep doing what you are doing, you will keep getting what you are getting".

Success is predicated on your ability to challenge yourself and your employees to seek out new opportunities to grow your business and profit. If you think it can't be done, then this is the time when you take the challenge of making it happen.

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