Much has been written about the essential qualities that contribute to lasting success in business. Especially during uncertain times like those we are currently experiencing, it’s more important than ever to identify and follow some basic principles that have proven to be effective over time. Here are a few such strategies that have served me well over my 30 plus years in business. How many of these are you currently using to drive your business success?
1. Have a clear vision and mission for your business that are grounded in your passion, and that reflects the core values that have served you well in life.
2. Know your “value proposition”, and stay true to it. Don’t try to be “all things to all people”, or you will surely lose your way.
3. Be realistic about the financial needs of your business, and create a “living” business plan supported by current financial data from your business. Regularly update the plan based on shifting circumstances and priorities.
4. Treat your reputation as your biggest asset! A tarnished business reputation is difficult – if not impossible–to rebuild.
5. Know your limitations or weaknesses, and identify ways to compensate for them. For example, if you tend to procrastinate when facing deadlines, use planning tools that will hold you accountable for staying on schedule.
6. Surround yourself with people who are smarter than you, and then give them the space to do what they do best.
7. If you have employees or associates in your business, regularly express your appreciation, and reward them appropriately whenever possible. Employee appreciation builds loyalty, which, in turn, fuels the employee retention that is essential to sustainable business success, especially during challenging times.
8. Finally, when faced with the inevitable challenges and roadblocks that every business owner encounters, remember that a “set-back” is just a “set up” for a “come back”! The combination of persistence, flexibility and tenacity is the key to sustainable business success in the 21st century!
Dr. Faye E. Coleman, Founder and CEO of FEC Enterprises, LLC, is a trusted business advisor and certified executive coach with over three decades of experience in executive and transition coaching, leadership development, diversity and inclusion training, and organizational change management. A sought-after public speaker, Faye specializes in empowering her clients to realize their full potential and achieve the success they seek. A serial entrepreneur, Faye started and led her first award-winning company, Westover Consultants, Inc., to become one of most highly regarded professional services firms of its size in the Washington DC metropolitan area. After selling that company in 2015, she formed her current coaching practice, FEC Enterprises LLC. Her clients benefit from her considerable business savvy, honed over her 30+ years, as a successful business executive.