As a Ken Blanchard fan, I find his One-Minute series of books are packed with common sense ideas and practical advice for business owners or professionals. One of my favorites, The One-Minute Entrepreneur, is loaded with success concepts and a lot of one-minute insights.
I thought I would share some pearls of wisdom from this book – along with my take on them. Hopefully, these will provide some light-bulb moments as you plan your own entrepreneurial success.
#1 – A good life is built on strong, solid values such as integrity, love, honesty and purposeful work. I would suggest that the same is true of your business. When you love what you do and do it with purpose, integrity, and honesty, you build a reputation that attracts quality people – from customers to employees and more. Be the business others want to be associated with.
#2 – Becoming a successful entrepreneur and having a spouse are not mutually exclusive. Balancing work and family (spouse and children) takes planning and a commitment to both. Things that are important to your business get scheduled so they get done. Apply the same principle to your family. Build your business to work FOR you.
#3 – You’ll never achieve more than you think you can. So why not dream big? Don’t let little, safe goals hold you back from achieving more in life and in business. Take a look at the goals you’ve set for the coming year. Do they WOW you? If not, think bigger or better.
#4 – To create a successful business, you must first master the basics. Here are four things that are obvious – but worth mentioning:
- Sales must exceed expenses. While you need to invest in growth, build overhead expenses as you build customers.
- Collect your bills. Be reasonable, but don’t be your customers’ banker.
- Take care of your customers. They are the lifeblood of your business – and they pay the bills. You work for them!
- Take care of your people. Nurture them as they are the ones who make it happen. In the eyes of others, they are your company!
#5 – The best management includes day-to-day coaching. It catches your people doing things right and re-directs their efforts when they are off base. A serving leader helps others win. Teach, delegate, inspire, engage and congratulate them. It’s a recipe for building a winning team – one that serves your customers and helps you achieve your goals.
#6 – Success occurs when opportunity and preparation meet. Coming up with new ideas is rarely a problem for entrepreneurs. Implementing them is another issue. It requires preparation. What is the goal? What do you need to do to accomplish it? How do you get it done consistently within the company? Get others engaged and remember, ideas without actions are simply dreams. Results come from doing.
#7 – Take care of your numbers and your numbers will take care of you. While financials may not be your favorite thing, winning in business requires that you understand them. So here are two things to keep in mind. First, sales growth is important, but cash flow and profit are the keys to staying in business. Make sure you put the focus on all three. Second, little issues become big problems when they are ignored. It’s not enough to know you have a problem, you need to take the right corrective action to fix it. If you are not sure how to fix a problem, ask for help.
Create your own one-minute insights
Form a new habit this year by writing down your own one-minute insights. Whether you use a notebook or electronic device, capture pearls of wisdom you gain from reading, listening or learning. Over time, you will have a log of quotes, tips and other information to inspire and remind you to focus on what’s really important to you in business and in life.
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