If you Google "what makes a business successful" you're going to find millions of sources, articles, blogs, videos full of well meaning advice. And if you hop onto Amazon and search for "business success", you're going to find over 1,000 books on frameworks, how to, six step plans and more.
In fact, while I'm on the topic here are three of my favourite business success books:
The Ultimate Sales Machine, Chet Holmes
The 7 Habits of Highly Effective People, Stephen R Covey
Traction, Gino Wickman
Before we get into the meat and potatoes and you think I'm going to regurgitate the 3Ps of Business Success, start talking about goal setting (that old chestnut) and harping on about purely aspirational concepts that are so pie in the sky theoretical they're basically just word salad, let me ask you a question:
What does a successful business mean to you?
You're chasing success and you've got some distant, slightly blurry vision of what that destination looks like but have you paused long enough to answer this question in vivid detail? It's not as easy as sitting down at Pizza Express with a menu waiting for your server to come over to ask what you'd like.
This is the step that needs more time, more thought and more discernment. In my coaching sessions, asking clients what success looks like to them more often than not, it starts with spouting arbitrary revenue goals. And in fact, it's why I don't usually start here.
To be serious for a moment, you start out in business to create something for your life. In one way, shape or form that usually leads back to a core theme for all business owners and entrepreneurs which is: freedom. Maybe it's time freedom, location freedom, financial freedom or the freedom trifecta as I call it.
Having clarity on that vision for a life you love and then designing a business that supports that, that's what business success means to me.
Let's get back on topic.
What are the three things that make a business successful?
What makes a business successful isn't rocket science. I'll tell you here and now that there are only three ways to grow any business, and if you have the ability to generate revenue then there's no other business problem you can't solve. So maybe the question should be, what are the three things that make successful business owner?
My husband was in the Royal Marines, he was a Captain when he retired from the Corps and I am an incredibly proud military wife (hence the adorable picture from our wedding day!) There were many things that set the Marines apart, their Commando Values and Commando Spirit underpinned by the Commando Mindset to always be the first to understand, adapt, respond, first to overcome. And to any Commando reading this, I sincerely apologise if I've absolutely butchered that.
With that inspiration, if I were creating the Commandos of the business world, here are my three non-negotiables that make a successful business and successful business owner.
Resilience
Growing up in Africa, resilience is built into my DNA. And from competing at national and international levels in sports, I learned a lot about resilience after injuries, set backs, things not going the way you wanted. Resilience translates directly into business in more ways than one.
Resilience in marketing and sales means making sure you're not relying on a single source of new clients means that if one pipeline dries up you can weather the storm. Resilience in your services or offers, means not only relying on one or two high ticket services or clients and ensuring you're tracking the quality of your revenue so you're not held hostage. Resilience in cash flow management to keep track of your profit, stewarding your cash well, and not making decisions in peaks!
Quite honestly, the list goes on and it could be an entire article of its own. Instead, let me ask you where do you feel you need to be more resilient in business?
Persistence
This one makes me smile because I can be persistent to the point of being annoying. What can I say, when I have a clear idea of what I want to work towards I can be borderline stubborn in my pursuit. We need that persistence at times. Do you know what WD40 is called WD40 because it was the 40th attempt the chemists finally successful.
As I was thinking about persistence in business terms, I kept thinking 'no that's determination' and I guess they are cousins. To be clear, persistence is firmly continuing a course of action in spite of difficulty or opposition. Getting really clear on why you've started your business and what you want to create for you life helps on those hard days, it really does when you need to be pushed or pulled through a rough or sticky patch.
I could keep talking about it, but in your business what is the data telling you and where do you need to be more persistent to tweak, test and refine until you get the right formula?
Determination
Chet Holmes talked about having a PHD, that's pig headed determination. And let me tell you, the different between business owners who are successful and those who struggle is often sheer grit and determination. It's too easy to send that sales presentation, that LinkedIn connection, the cold email or whatever it is and to walk away if you get a no or don't get a reply. Where's your PHD?
I know that Alex Hormozi is marmite to a lot of people (you love him or hate him to my American audience unsure of that metaphor) because of his contribution to hustle culture. Say what you will, he gets it.
When you want to go after new clients, are you willing to reach out to 100 people? When you want those referrals, are you willing to call clients and ask for them? When you're determined enough to reach your goals, what are you willing to do to get there?
So there it is, my take on what three things make a business successful. There's obviously more to it and something which I ought to mention is that the buck stops with you as the business owner. Take responsibility for your results. You can't outsource responsibility, no one is coming to save your pipeline, save your sales, save your cash flow or save your business.
The good news is that as the business owner, you get to decide your way to better results. You get to make decisions based in data, you get to be the one who is resilient, persistent, and determined. Just don't expect anyone else to have the same fervour as you. It's your business.
