The four key things that make a business successful

Having been a Counsellor for over twenty years I found many people were coming to me with issues that related more to their businesses. So in order to support my clients properly I trained as a business coach, and I have now been supporting mentoring and coaching businesses for nearly 10 years, and have gone on to develop my skills as a life coach.

One of the things that I have discovered through my work is what it is that makes a business successful:

Be prepared – You can be asked at any time to talk about your business. That could be for 30 seconds or 2 minutes. You never know when the opportunity to make an “elevator pitch” may come along. If you can explain your vision to someone clearly and concisely at a moment’s notice then you will be able to take advantage of any opening to talk to a new potential client.

Know your numbers – Cashflow is critical to any business. The traditional wisdom is that you should have 3 months reserves to tide you over any problems. The Pandemic, which of course lasted a lot longer than that, showed that a clear understanding of  the key numbers in your business and person life is essential. What are the costs of running your business? What are your household expenses. By taking these numbers and adding a contingency of 20 percent you will have a figure that you can work to through the month, or in the event of a crisis. Knowing your product costs and the margin you make round out the financial picture.

Time Management – The aspect of business that causes more problems than any other is lack of time. Having your time mapped out through a diary and calendar, allocating your time to tasks, meetings and all the other things that fill up your day is one thing. Ensuring you have the time for yourself, and have set aside time to deal with the unforeseen issues that inevitably crop up in work, or personal life is a key part of time management. Cut yourself some slack and don’t fill every minute.

Have a business coach – Elite sports people have coaches, managers have coaches, and coaches have coaches. The choice of someone to work with you on your business is a very personal one. The support that can be gained from someone who will give you an honest view of your progress, be a sounding board for ideas and mentor you personally, as well as coaching you to business success is immeasurable.

A saying that covers all four of the points we have looked at above is ”expect the unexpected”.  The most important one may be having the support around you to enable you to check in and measure your success. At MBD we show how you can have a successful business and a fantastic life. With over 25 years of running a business and helping hundreds of companies to enjoy success, we are the support you need. Connect with MBD to discuss how we can support the next stage of your business success.