Many business owners believe that their business is successful because of them, the founder. The truth is that having a successful business has nothing to do with you; it’s all about everyone else. Sure, a business idea that changes the world is great, but it doesn’t automatically translate into a successful business.
A lot of business owners start their own business for all the wrong reasons. Some of those reasons include: to get rich, to become famous, or to free up their time (yeah right, reality check). However, most business owners completely miss the mark with their approach to creating a truly successful business.
Want to create a business that is truly successful? Worry about yourself last. Focus on everyone else and your business will become a success.
Succeed by Making Everyone Else Successful
When you stop focusing on yourself, the owner, and turn your sights on everyone else who interacts with your business, then you are on the right track. Want a successful business? First, turn everyone who interacts with your business into a success.
Focus on your employees and then your customers, in that order.
It is pretty amazing the transformation you go through with regard to your attitude toward employees as your business grows. At first, you don’t have any employees, so you don’t know how to feel about them. Then, when you first start to hire employees, you have mixed emotions. On the one hand, employees should take work off of your plate and help your business grow. However, on the other hand, they drive up expenses and reduce your profit.
But as you grow, you come to realize that your employees are your number one asset. Oftentimes, this reality check sets in too late for many entrepreneurs. They don't realize the importance of hiring and how difficult it is.
Further down the road, you become obsessed with hiring and retaining the best people. You come to realize that your job as an owner isn’t what you did in the past; now all that you concern yourself with is talent acquisition and retention.
If I had any advice for an early stage entrepreneur who wanted to grow quickly, it would be to invest heavily in employee recruitment and retention. It is amazing the things you can accomplish when you surround yourself with the very best people you can find.
Focus on Employee Careers Goals and Personal Dreams
When many founders start a business, they do so with visions of their future. The fancy cars, the second home, the long vacations, the IPO, and the peaceful retirement. This approach is wrong.
Focus on your employees’ goals and dreams, both in business and in their personal lives.
What I know for sure is that your best employees don’t perform nor stay because of money. Great employees need more than money. The best employees need a road map to accomplish their goals, both career and personal. They need to be challenged. They want to feel irreplaceable. Above all, they want to feel like they have succeeded.
If you want to accomplish your goals as an owner, start with everyone else. Help your employees accomplish their goals and put yours on the back burner. Success will come with dedication to your employees and hard work.
Focus on Delivering Value to Customers and They'll Never Leave
You need to create a business where customers don’t care about the price of your product or services. Focus on delivering indisputable value to your customers. Turn them into evangelists. Put their needs before yours. Always, always focus on your customers and delivering value.
The second you decide to attempt to compete on price, you will never depart from that strategy. When price becomes your differentiator, you will have trained your customers to focus only on that. You, in essence, will have turned your business into Walmart.
Instead of competing on price, focus on delivering value to your customers. The marketplace is in constant flux. If you can continually focus on creating a valuable product or service that your customers simply can’t do without, then you will win.
If you truly want to build a successful business, stop worrying about yourself. Focus on turning your employees and your customers into successes. Your business will follow suit.