Speaker | Adviser | Business Leader
All business owners take risks. You had to take a risk to start a business, and as you know; the opportunity to take risks is always present and often doesn’t get any easier. The reality is, to move your business forward you will ALWAYS need to take risks. Right now it may be that one risk that turns into your biggest opportunity. It’s easy to sit back and look at someone else’s situation.Continue Reading
All business owners take risks.
You had to take a risk to start a business, and as you know; the opportunity to take risks is always present and often doesn't get any easier.
The reality is, to move your business forward you will ALWAYS need to take risks. Right now it may be that one risk that turns into your biggest opportunity.
It's easy to sit back and look at someone else's situation and easily see a certain risk that makes sense to take. It's a different story when you're the one who has to bear the risk. Emotion; particularly the emotion of fear, becomes involved in the decision.
Looking back in my life, it is the biggest risks that I've taken that have provided the most reward emotionally, mentally and financially. And I'm sure it's the same for many of you. To help you move forward and approach risks with some element of logic, I've outlined the key stages you'll find yourself going through. I certainly find that when you can be objective about your emotion it helps to offset some of the fear. Fear is rarely rational. That certainly doesn't mean we should ignore it. It is a very helpful emotion. Sometimes we just need to put it in perspective.
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Reflecting on the past 10 years of coaching, if I had to pick my top 5 requirements to achieve success, here's my list:
Your ability to plan, prioritize, know your 80/20 (which 20% of your actions give you 80% of your results) and delegate will be key to your success. Only time spent doing valuable activities counts towards success. No-one achieved their goals by focusing on filing and bookkeeping (unless you are a bookkeeper 🙂 )
Physical, mental, emotional, spiritual. Hours worked is not the measure. It is the effectiveness of those hours. Are you alert, motivated, passionate and physically energized? Knowing your limits, how and when to recharge is a personal recipe. Know yours for best results from your hours invested.
You can only do what you know. And often what we ‘know’ is not always the right thing. Sometimes unlearning is the right first step. Keeping an open mind is crucial and avoid falling into the trap of thinking you know. You are more likely to do this the more successful you become. Continually invest time and money in growing your knowledge base. It is said that knowledge is power. Not quite. Knowledge is potential power. Maximize your potential power by growing your knowledge.
To be gained through continuous small wins. Growing your knowledge; being very intentional in your self-talk; being selective who you hang around; these are all ways to grow your confidence. Growing confidence is a gradual process. Be consistent and intentional. The payoff - an increase in confidence has an exponential effect on your results.
You could excel in the first 4 points but if you don’t do anything then the results are zero. If you apply yourself in the base 4 then take massive action … results are guaranteed. Not always at first, but over the long run your path will be in the right direction. Remember the line to success is not straight. When things appear to be going sideways despite your work on all 5 points, remember to have faith in the principles shared here. They ALWAYS work in the long run.
What is your top 5?
The age old question of which has the greater influence - nature (genetics) or nurture (how we are raised). It is common belief that while the nurture part of us is certainly real, you cannot argue that genetics "is what it is". That is - your DNA determines what you are.
Well if your open to some new ideas (and concrete science) check out this video by Bruce Lipton. Bruce used to be a stem cell research scientist until he learned what really makes us tick. The video is an hour long and will leave you with a renewed belief in your ability to create your own outcomes ... despite your genetic coding. Enjoy.
It’s that time of year when business owners are thinking about ‘how do I reward my team’ or ‘they are expecting a bonus … what do I do?’
I am a believer in sharing the financial rewards with your team. AND I believe it is important that there is some structure and education in place or else it can and usually does lead to entitlement or a misunderstanding what the ‘bonus’ is for.
Here are the key points to ‘Bonusing’
It may be too late this year to put a structured system in place and do the education necessary. If that is the case for you then certainly bonus but make sure you position that moving forward you will be developing a system so everyone can have an effect on how much they get at the end of next year. Managing expectations is very important.
The points I’ve outlined above really are just the high level things to consider. For a details understanding of what I believe to be the best, simplest and most effect system read Brad Hams “Ownership Thinking”