When it comes to out-of-the-ballpark business success stories, many entrepreneurs find themselves wondering just how those businesses made it all work. Here are four top practices that have not only helped me make tens of millions of dollars over the years, but which have also supported the companies I work with as a business coach in significantly driving up their profits.
1. The person who gets up the fastest wins.
The difference between an average business owner and someone who is outside-the-box successful and really able to reach their goals comes down to this: We all get knocked down, rejected and disappointed. Projects don’t work out. We lose customers. You lose a big sale. Someone on your team quits. That’s life, and that’s just part of business. What separates those who succeed in business from those who don’t is the time it takes them to recover after a setback. Those who thrive get back up quickly. This is one of the signs of a good leader.
Of course you’ll feel down and disappointed sometimes, but if you want to succeed, you’ve got to keep your eye on the big picture, get back up and keep going. Some people get knocked down and then get off track for weeks, a month or even longer. If you stay focused on the big picture, you can turn things around within a week, maybe even within a day. Look at the lapsed time that it takes you between getting knocked down, getting up, brushing yourself off and getting back out there again. Minimize that time, and you’ll maximize your success.
2. Surround yourself with influencers and focus on the power of relationships.
When I started doing this, I saw a dramatic difference in the opportunities coming my way and the doors opening for me. Greek shipping magnate Aristotle Onassis was asked what he would do if he lost everything tomorrow. He said he would go out, get three jobs, make $500 and spend it on one dinner. That dinner would put him at a table with high-net-worth influencers. You know that saying that you are is the culmination of the five people you surround yourself with most? If you want to raise your success to a higher level, you’ve got to surround yourself with people who are already there. Understand the value of relationships and work constantly to nurture those relationships. To really grow your business, you’ve got to network and get yourself out there, not stay at home and hide behind your computer!
3. Get a mentor.
Business isn’t easy. If it were, everyone would be doing it. To really thrive, get the support of someone who walks his or her talk — a mentor who has been there and done it before. Find a CEO mentorship program. You’ll have frustrations in your business. You’ll get overwhelmed sometimes. You’re emotionally connected to everything that’s going on within your company. All that being true, it’s easy to see why we don’t always make the best decisions.
We don’t always stay on track. We get shiny-object syndrome. A good mentor is going to pull you back in and keep you focused and accountable. They’ll help you determine where the holes are in your business, where money is falling through the cracks, where you want to be financially and how to get there. They’ll hold your hand and guide you. I wouldn’t be where I am now without a mentor, and I’ve had one since the very beginning when I launched my first business at age 19. Even then, I was smart enough to know that I didn’t know a lot. I wanted to learn faster, so I found a mentor to help and guide me.
4. Do what your competition is not doing.
Look at what your competition is doing. Then look at what they’re not doing and do that. You want to stand out from the rest, not fall into the sea of what everyone else is doing. You want people to notice you and say, “Wow! That’s different. That’s creative. I really need that.” It doesn’t have to be something majorly different; it could simply be a different style of doing business. Maybe you allow dogs at the office and your competition doesn’t. Maybe you connect with your customers on a more personal level that makes the idea of working with you more attractive to them. Find what you do differently from anyone else and present that outwardly for all to see.
Honing these four crucial practices will make a world of difference for you and your business. Knowing is half the battle, but the key here is to take small, achievable steps towards your goals. Implement these tools, and you’ll be well on your way to resounding success.
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Voice for Business Success
Allison Maslan, CEO of Pinnacle Global Network, The World Leader in Scaling Businesses. She is the Wall Street Journal Best Selling Author of, Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19. Her client list has included Ben & Jerry’s, Supercuts, Charlotte Russe, and Allstate.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success and create a more meaningful life. The Pinnacle Global Network, her private mentoring and mastermind enterprise has guided thousands of business owners over the past 10 years. Allison’s been featured in Inc., Success, Fortune, Fast Company and Forbes Magazines, is a regular contributor to Entrepreneur Magazine and a featured expert on ABC, CBS, NBC, CNN and Fox across the US. Allison has also hosted her own podcast, The Scale or Fail Show, since 2011.