5 Essential Ingredients to Running a Successful Business

Many business owners tend to take their foot “off the gas” when things get comfortable. Depending on their drive and their will to continue the renewal cycle process of their business, the timing will vary. It is a clear sign to the outside observer, that there is a lack of passion and leadership. Sadly, this is all too common, and it drives a large percentage of business owners out of business.

Why is this happening, and what can be done to help these once-passionate individuals?

 Taking Responsibility:

You can't afford to blame others. You are the one in charge—and if things are not going well, it means you've got to take a closer look—not at the ones around you, but at the one in the mirror.

At around two years of age, we become aware of the ego which drives us to behave in ways that are the opposite to that of a leader—hence “the terrible twos”. Even though we grow and learn to balance our emotional and intellectual attributes, the ego holds us back from accepting responsibility on more than a few occasions. The value I wish to address is humility; it can take you farther in success than the brute force of ego. Have the courage to admit to yourself that you are making a mistake, and you will have taken the first step towards a better future for both yourself and your business.

Revisiting Your Original Goals:

Time can have a major effect on the goals of your business. The things that happen during the course of a few months or years can distract you from your original business plans. Revisiting your plans and goals can offer a refreshing reminder as to where your energy was once invested, compared to in the present (If you didn’t have a plan put in place, it is time you do!)

Running a business means that you must learn to handle distractions in a productive way. Not all distractions can be managed; however, it is all part of the amazing learning experience of running your own company.

Self-Discipline:

Taking responsibility and making sure your objectives are well-defined is no doubt a must, but what happens when you lack self-discipline?

Becoming aware of your disruptive habits is the first step in making an effort toward figuring out a solution. Sometimes it is our own self-awareness which points it out for us; other times, it is an outside influence such as a client, friend, or professional.

You are what you think and your business is who you are! Period!

If you are seeing a down-turn in your business, but you’re sitting in your office complaining “Why?”—then you my friend, are in need of a good wake-up call. Not only are you losing a grip on the well-being of your business, but you are moving away from taking responsibility. It is never too late (even if you’ve lost everything and have no business, it’s not too late... but that is another discussion).

Have the courage to acknowledge that you are at the helm and your ship is off course. Corrections are needed and adjustments must be made—not necessarily in the people or things around you, but primarily in the way you think and act.

Make the time to reflect back and gather the facts about how you started the business, and why. Then, compare your actions and mindset from that time to where you are now. You will discover that you are not operating on the same wavelength.

Values, Values, Values:

Values speak for themselves, and when you have well-defined company values, your objective will be to abide by them at every opportunity that presents itself. It trickles down to every member of your company. It establishes character and it is a reflection to be seen and experienced by your clients.

Establishing core values very early on in the vision of your business can profoundly serve you. You will find that during the course of the life of your company, you will choose to revisit your original values and make some changes to align with your new goals and objectives.

Taking Action:

I have observed on countless occasions, business owners who want to make a change but who don't know how or what to do next. Seeking the assistance of a professional business consultant can offer rewarding results. The fresh set of eyes will find things which need attention. Your new help can ultimately offer a set of tools and solutions to make things work better, which in turn could translate to increased revenue.

Taking action is much more productive than just grouching—so what will be the first thing you’d want to change in the way your business is run today?

Enjoyed this post? I’d be very grateful if you’d help spread it by e-mailing it to a friend and by sharing it on LinkedIn, Twitter, Facebook, and all of your favorite social media platforms. Thank you!

—Eddie BenAbraham @ TIC Consulting, Inc. All rights reserved.