There is a question I am asked frequently by fellow entrepreneurs and
business owners: “How are you doing it?” In essence, they are really
asking is how we continue to be successful in industries having been
affected by the nationwide economic crises. Though things have been
challenging, our businesses have remained very stable. We have committed
ourselves to creativity and education over the past 18 months; elements
which I believe have been keys to our success. Because of their proven
effectiveness, I want to share with you a definition of “Success” and of
“Economy” that I have discovered and applied to my life and businesses,
with hopes that you may be encouraged to have a new business
perspective.
People interpret the word “success” differently. We have come to
discover a definition of the word that we are using to gauge our achievement; and it is this: Success= Value + Refinement. We have set our mind to providing value in all that we do, in both the financial and substantial. When value is being transferred, you can be sure that you are contributing to your success through a satisfied consumer, which inevitably will provide positive marketing for your business within their sphere of influence.
Generally speaking, consumers share common desires and values with the
people that they associate with. Refinement is an equal requirement for
success. By that I mean that we have never arrived. We must constantly
seek to educate ourselves in our respective fields and apply new
discoveries and trends to our businesses. Seeking opportunities to
reduce operating expenses without compromising quality, discovering ways
to work smarter rather than harder, and searching for avenues to add
ingredients to your operation that set you apart from your competition,
are practical ways for you to continually apply refinement. When you
combine value with refinement, you are on your way to achieving success.
The other word I would like to define is “economy”. We have learned a
simple description of this commonly feared word that has
substantially contributed to our success. “Economics”, simply put is
maximizing the minimum. Realizing this enabled me to take significant
responsibility and control of ‘my economy’. You can begin to take
control and stimulate your economy as well. Analyze ways in which you
can ‘maximize the minimum’. Get the most out of your resources in your
business and personal life. Any opportunity you have to measure a
decision against this simple explanation of economics is sure to have a
positive influence on the bottom line of your operation. For example, examine the resources that you have at hand. If you have leased space for operating your business, you are paying for every square foot. Make sure you are getting the most potential for productivity and revenue out of it. If there is excess, you may have an option to sublease to another company that compliments yours. Are you getting the most potential out of your staff. If there is down time, cancel the cleaning crew and maximize the use of time that your employees are contributing. Give your employees materials to educate themselves in their down time in areas that are sure to contribute to the success of your business. There are many ways to think through things and maximize your potential using minimal resources.
Nothing profound, I know. But focusing on these simple principles can have incredible and sustainable results. I hope these thoughts will stimulate your success in a difficult economy. Keep things in perspective and continue to cultivate and strengthen your
business dreams and investments in our community.
Wishing you every success,
Preston
