Entrepreneurs: 3 Crucial Questions for Your Business’s Financial Success
A high percentage of people who are entrepreneurs and opt to run their own business find themselves working longer hours for less money than the job they worked so hard to escape from. That’s not all bad news, though, because they at least have the freedom that they craved. They don’t have to answer to anyone.
But It Could All Be So Different
If you started a business of your own, and within a year it was making twice the salary of your current job, you would be pretty happy, right? But what if, in addition to that, you were only working half the hours of your current job?
So, now you’re working half the hours for twice the pay. Nobody is telling you what to do. Plus, there’s no commute. How would that feel to you? Pretty good, right? How would that go down in your social circle? Do you think your friends would be a little envious?
You would have time to take your kids to school, learn new skills, get in shape, make new plans, and the money to fund them. That is what most people would call a fantastic business!
Most people would find this a very attractive proposition. But is it possible? Of course, it’s possible! Thousands of entrepreneurs are already doing exactly that and more, and so can you.
(Read more: Planning Your Escape From Your Job And Become An Entrepreneur?)
How Can I Do Better?
If you want greater profits from your business, it’s important to perform regular and specific reviews of all aspects of your business.
You’ll want to know what’s working, what’s working the best, and how you can do more of that.
You’ll want to figure out what’s not working, too, so you can determine why that doesn’t work or how you could improve or replace your process. If neither is possible, just stop doing that.
Finally, ask yourself the question, “How can I do better?”
Albert Einstein once said, “It’s impossible to solve a problem with the same kind of thinking that created it.” So, you might need some help on this one. Your best resource is to talk with someone who has faced these issues before and found effective solutions for them.
True entrepreneurs never waste time or energy re-inventing the wheel. They go and talk with the guy who created the wheel in the first place.
Here’s a tip that seasoned business owners use:
When reviewing business strategies, most people come from the “What’s wrong and how can I fix it” perspective.
Here’s a better idea:
Start from “What’s right about this issue?” When you come from a positive perspective, your creativity for problem solving is switched on and in alignment before your start.
This creativity could very well transform your business from a good business into a fantastic business!
Let’s look at how.
The Five Right Questions
Asking yourself these questions will lead you to the answers you seek:
- What’s right about this issue/situation/strategy? Get clarity on the task at hand.
- What makes it right? Get specific. What is it about those things that makes it an effective process for this situation?
- What would be ideal? Get creative. What would be the absolute ideal strategy/solution for this issue?
- What’s missing that could bring about the ideal situation? Get resourceful. What do we need to find, create, add, or invent to reach this ideal?
- What will it take to put in what’s missing, so we can bring about the ideal? Get busy. What is it going to take to make this issue/strategy/situation ideal?
Using the “What’s right?” perspective will, over time, change your complete mindset for everything – not just your business, but your personal and family life, too. Just think of how many conflicts occur each day in the home where the words “What’s wrong” describe their mindset.
Try it yourself the very next time a conflict shows up in your life and see how different your whole attitude becomes immediately.
30 Day Reviews
It would be good business practice to sit down every 30 days and review the answers to these questions:
What action did I take this month:
- To support my business?
- To grow my business?
- To improve my effectiveness?
- Improve my efficiency?
The truth is, the more decisions you make and the more action you take, the more efficient you become. And the more efficient you become, the better results you’ll create. Plus, it will take you progressively less time to achieve those results!
This is why seeking the advice of seasoned professionals is a key strategy in creating a fantastic business! Talk to fellow entrepreneurs and ask their advice.
The really smart ones will suggest you hire a Coach. All the most seasoned entrepreneurs have at least one Coach. Ask for a referral if you can.
A Coach can help you make profitable decisions, take effective actions, and streamline your thinking. It’s like having a business partner that you don’t have to split the profits with. Or having a high-value employee without having to pay for taxes and medical benefits. It will save you more money than it costs!
So, making greater profits in your business comes down to these important questions: What’s working? What’s not? How can I do better? Answer these on a regular basis and reap the benefits!