Luck, Unconscious Planning & Other Concepts You Need to Let Go Of…
I’m sure you can think of specific moments where luck was on your side, where serendipity has helped move your business in the right direction, but I’m sure you wouldn’t contribute all of your success to it. So, it makes sense that you wouldn’t leave the future of your business up to luck either, right? Wrong. The unfortunate reality is that an estimated 63% of business owners lack a written strategic plan for exiting their business, meaning a majority of business owners are leaving ...
It’s Not Your Money
More likely than not you expect the money you’ve earned to be your own, but unfortunately, missteps in your Ownership Conversion Plan can result in up to 75% of it going to the IRS. Failing to follow through on focal points of your Ownership Conversion Plan can mean losses for yourself, your family, and the charitable causes you might otherwise support.
This is a loss not only for yourself, but for your loved ones and community at large. By having an optimized Ownership Conversion Plan ...
Does the House Always Have to Win?
In roulette, the table odds are set so the house, the casino, wins more than 90% of the time when the ball rolls. This means that with each spin, you have less than a 10% chance of winning. Your betting strategies may change, but the reality is that this will not put you ahead of the odds, and you’ll likely find that the risk was not worth the reward.
Take this concept, and apply it to your business, the life you’ve worked so hard to build. Years, often decades of diligence, yet you put ...
Three Essential Steps to Building a Successful Small Business
Dreams versus dreams realized. I note in the preface of my book that the difference, what it takes to continue to build a successful dream realized, is inspired conscious action.
Of course, that’s the beginning of the story. How to really start the journey to build a successful business, many of us know, is a little more complicated than that. What are some of those inspired conscious actions? Below, I share three essential pieces I believe are critical on the road to building a successful small business.
1. Understand what it means to know your destination.
Having a vision for what you want is the cornerstone to building a successful business. As part of your vision, knowing your desired role, and what capabilities you have and/or need to reach your goals are critical components to think through early, to avoid roadblocks later. Having an understanding of these things allows you to do some of the planning needed to move forward.
Realism is critical. In my book, I discuss being realistic largely in Ownership Conversion, but it’s just as important when you start shaping your vision and building the business you want to transform into your legacy. Of course, realism doesn’t mean limiting your ambition. Realism, in this case, is understanding your market, creating a well-thought timeframe as you scale, knowing how to build a team to support you, and understanding your limitations so you can find ways to overcome or minimize them.
2. Invest in Efficiencies Early
As entrepreneurial companies develop, operational decisions are subject to ‘fake-it-until-you-makeit’ and ‘if-it-ain’t-broke-don’t-fix-it’ mentalities. While I understand it’s easy to make decisions in this manner, these are good mindsets to abandon early so you can become more efficient as soon as possible....