Ten Ingredients for Business Owner Success

If there were a few simple and proven "ingredients" to ensure business success, all business owners would be successful. It is beneficial however to learn what some successful owners consider the critical "why people succeed in business" list. In a recent blog (nytimes.com/boss), Jay Goltz posted his Top 10 "Most Important Success Factors," listed below with my comments following each statement.

1. Look for opportunities to do something better than just about everyone else.

What is your Unique Selling Proposition (USP)? How do you differentiate yourself to attract and excite your Dream Customers? If you are not different, lowering prices may be your only strategy to gain business; and if you are not the 1000 pound gorilla in your market, that can be a strategy for disaster.

2. Accept risk as a necessary evil. It makes for much less competition.

If you do not "play positive" your chances of winning are greatly diminished. As in sports, war, and love - play to win! Risk without the resources to win makes no sense either.

3. Act responsibly to customers, employees, and vendors.

The Business Golden Rule: "Treat others as they expect to be treated". You need to win the loyalty of all 3 groups in order to succeed. Do you treat your vendors and customers as part of your team? Do you treat your employees as "internal customers" you want to be excited about and loyal to your business?

4. Goals aren't enough. You need a plan. You need to execute the plan.

Do you have a straight forward Strategic Plan? Does your Strategic Plan have measurable goals with defined timelines known to all of your team? Do you have Key Performance Indicators (KPI's) that guide the daily activities of your team?

5. You need to fix your plan as you go. Learn from your mistakes. Most people don't.

Do you review and adjust your Strategic Plan every quarter to assure the goals and strategies are always the ones that lead to success? The world is changing very quickly so yesterday's plan is most likely the wrong plan. Does your culture encourage learning from mistakes or is your team afraid to admit mistakes and implement corrective actions to prevent a recurrence?

6. Do not reinvent the wheel. Learn from others, join a business group.

Running a successful business requires knowledge about the winning strategies of today. By developing a network of advisers and peers you will strengthen your skills as a business owner.

7. Make sure the math works... If the math doesn't work, neither does the business.

How are you planning and measuring the results of your business? Do you budget and compare the results to your budget on at least a monthly basis? The concept is no more complex than a lemonade stand, but the implementation of a sound money management process may require outside expertise. Don't feel you need to be the expert at everything. As business owners it is our responsibility to manage the money and make sure the math works.

8. Make sure every employee understands and works toward the mission.

Is communication with your team a priority? How often do you meet to review your Strategic Plan and the results? Is your team on the same page? It costs very little to harness the energy, skills, and enthusiasm of your team yet many business owners fail to invest the time in consistent communication with your most important asset which is your team.

9. There are going to be difficult times and you need to be resilient; whining is a waste of time.

Your attitude will affect your employees, customers, and vendors. To be successful you need to be success minded. As a business owner you are the leader and your team and customers will respond to your vibes - negative or positive.

10. There will be sacrifices. Work to find a balance so that you don't become a financially successful loser. It's not about the income it's about the outcome.

Most business owners begin with dreams of Income, Lifestyle, Wealth, and Equity. They are all important. In your strategic planning process, keep your goals in front of you to keep your dreams alive and your chances of success will increase. A business should serve our lives and not the other way around!

AdviCoach helps business owners reach the goals of income and lifestyle that led them to be business owners in the first place. What are your goals and what are the strategies which you will implement to reach your goals? AdviCoach can help you design a roadmap for success so you reach your goals and achieve your dream of business ownership.

Bill Horowitz coaches the owners of privately held and family-owned businesses to help them grow profits and build an effective team. He offers a complimentary coaching session. bhorowitz@advicoach.com, www.advicoach.com/bhorowitz