Simple Formula For Business Success
Written by Dave Lorenzo on October 18, 2016 / Leadership / Mindset / Video
People often ask me for the “one thing” they can do to be successful.
Unfortunately, I can’t give you just one thing that will produce business success.
I can give you a guide that, if followed, will produce positive results.
This is the guide for business success I share with my clients:
Organization + Education + Entertainment + People X Persistence = Business Success
I outline this guide in some detail in this video.
Here’s the video:
I’m really excited, because I’m going to share with you our simple formula for success. There are lots of success formulas out there. I’m sure you’ve heard about some of them, seen some of them. This is the formula I share with my clients when we first start working together, so that they know what they have to focus on in order to be successful in their business.
Here it is. Very simple. Organization, plus education, plus entertainment, plus people, times persistence, equals success. Now, what does this mean? Start with organization. You need to have your ducks in a row. If you cannot process a huge number of orders, then when you get a huge number of orders, you’re not going to be successful. So, from day one, from the day you open your doors, you need to have a plan in place for how you’re going to onboard new clients and process their orders, or provide them with a high level of service, and then how you’re going to follow up with them after you’ve done that. You should also have a plan in place for how you’re going to attract and acquire these clients in the first place. That’s organization. That’s the first element.
The second element? Education, and it’s not your education. It’s the education you provide to the people who you’re looking to attract into your business, or your professional services firm, as clients. Now, you may be thinking to yourself, “Why should I educate these people?” You need to help them understand exactly why it’s important they hire you, why it’s critical they hire you right now, and why hiring you is important, because you’re different than everybody else. All that requires education. You have to be able to do that in a way that helps them feel good about what they’re hearing, what they’re receiving. Educating the community, educating the market, is critically important.
The third element? Entertainment. Think back to the last accounting class you took in college, or maybe even high school. How exciting was that class? It probably wasn’t. I had a fantastic accounting teacher, and he made it really exciting. It was thrilling to go to that accounting class. I’m not even joking. This man helped us understand how accounting was a critical function to business, but even more importantly, how accounting would help us make more money. He was entertaining, and entertainment is a key element of any business. You can have the most mundane business in the world. If you provide an entertaining experience for your clients, they’re going to come back time and time again. Even more importantly, they’re going to bring other people with them. That’s the element of entertainment. Entertainment is critically important in getting referrals, and getting people to talk about you, word of mouth.
All right, the next element is people. Every business relies on people. Even if you’re a sole practitioner, you’re a lawyer working in an office by yourself, at some point you’re going to need the help of someone else. Who you select to help you is critically important. You have to look for people who have complementary strengths to you. They have to be able to fill the gaps where you’re not able to. If you are a great people person, and you’re able to attract clients, that’s fantastic. You have to have detail oriented people in the office, looking to help process the client orders or get the products out on time.
The final element, and the reason it’s multiplied, is persistence. No matter how many mistakes you make, if you keep coming back, and keep trying to get things right, you will be successful. Persistence is the critical, most critical, element in any business. No matter what happens, you should never ever give up. You should always keep coming back. No matter, even if you get all of these other elements wrong, if you’re persistent, and you persist until you win, you persist until you get it right, you keep coming back, you will be successful. Of all the elements here, all the addition elements, you can make mistakes with over and over again until you get it right, as long as you have the multiplier element correct, and that’s persistence.
That’s my simple formula for success. In the last 4 minutes, we’ve given you something to focus on that could make all the difference in the world, if you take the time to apply it to your business.
Here are three additional articles you can use to drive your own business success:
The people who surround you are influential in your growth and the growth of your business. Who are the people in your inner circle?
People invest in you before they ever invest in your product of service. Here’s how you can influence that buying decision.
It is powerful to be underestimated. You can use this to your advantage. Here’s how.