The 3 Fundamentals of Business Success
Eager to have your best year in business ever in 2020?
Here are the 3 most essential ingredients for your business success this year:
Business Fundamental 1: Mindset
WTF is Mindset I hear you ask?
Mindset is becoming one of those terms that everybody uses… There’s ‘Business Mindset, ‘Personal Mindset’, ‘Success Mindset’, yada yada yada… But what the heck does it actually mean?
Officially, Mindset means: “a person’s way of thinking and their opinions:”
To me, Mindset is all about getting your attitude, right.
If we don’t have the belief in ourselves or the belief our business can succeed, then it will be very difficult TO succeed. Because
“If we think we can, we can, and if we think we can’t, we can’t”
This is why I believe that the first foundation to both your personal and business success is your Mindset.
As I write this, it’s January 2020. The first month of not only a new year, but also a new decade. What an ideal time to work on Mindset to set you and your business up for success!
But, January also tends to be one of the worst months for an entrepreneur’s mindset. Especially if, like me, you’re in the Southern Hemisphere where things seem to come to a screaming halt for two months while everyone has their Christmas Summer Holidays.
Often January is the toughest month for cashflow.
And momentum can be lost with team members and customers absent. Which means it can be tough mentally.
So, if having confidence or believing in yourself is a struggle for you, here are 4 things you can do, within an HOUR, to help lay your Mindset Foundation:
1. Do a review and review your successes
As entrepreneurs, we’re very future-focused.
Which is not a bad thing.
But, it can leave us feeling deflated – like we never get to our goals.
The best way to overcome this feeling is by reviewing and celebrating what we HAVE achieved.
So, I encourage you to take a short breather, get out a pen, and create a list of everything you’ve achieved in the last 12 months.
Then reflect on it.
And feel gratitude for what you’ve achieved.
2. Look over your positive customer reviews
Feeling a bit deflated about the difference you’re making? Then go read your best reviews and soak in that feeling of being appreciated by your clients.
3. Write your vision for the year
Grab a piece of paper. Write the date at the top as if it was 12 months ahead of today’s date. Then, write about your next 12 months as if they’ve already happened. Write how proud you are about achieving your goals.
This will help you inspire you and help you focus on what you want.
4. Create a theme word for the year
Now that you have your vision, I recommend creating a word which will mean something to you and remind you of that vision. Write this word somewhere you see multiple times a day – I stick mine on my computer. The more you can see this word, the more you’ll start to feel it, and the more it will help you believe it.
In 2018 I wanted to feel brave.
So, my word was Courage.
I regularly had people say to me “you’re so brave Kat.”
Did I feel brave?
But, it was my word for the year, so I set the intention and took action about becoming braver.
It was powerful.
In 2019 one of my words was Leverage. I spent my year working toward leveraging my time, and seeing this word in my workspace every day really did help me focus and achieve most of my vision.
5. Find a friend who believes in you and share how you feel
I have 3 other female entrepreneurs that I meet with weekly. I call them my “biz besties” and I wouldn’t be without them. If I’m feeling low, they’re the ones I call. Relationships like this are invaluable. We met through an entrepreneurs group coaching program.
These types of group coaching programs, along with regular networking meetings, can really help.
Here’s me and my Biz Bestie Bunch at our first meeting of 2020. We just celebrated 2 years together. I feel SO blessed to have them in my life. We’ve all come such a long way since our journey together began.
If you know Mindset is an area of struggle for you and you’d like more step-by-step help, check out our online course:
It’s all about helping you improve your mindset to improve results.
Business Fundamental 2: Strategy & Planning
Soooo often as business owners we have big ideas for what we want to achieve, but we don’t spend time putting plans and systems in place to help us achieve our ideas.
Many entrepreneurs struggle with plans.
So, if you struggle with planning you’re definitely not alone.
I commonly find that clients feel resistant because of past failures.
Or confined – like a plan will suck the fun and creativity out of business.
Or uncertain where to start.
Or overwhelmed at the thought of adding something else to do in their busy schedule.
But, without written goals, and a plan we will actually use, any success we achieve will likely be a fluke. They really are a business fundamental that every single business should have.
Here’s my basic recipe for creating a kick-ass plan:
Step 1: Do a review of your last year
This will help you establish where you are, what worked well and help you clarify what you want to change for the upcoming period.
If you’d like a simple free template, download my Free Annual Review Template here.
Step 2: Review your budget
Self explanatory really. You need to know what your minimum viable amount of income is.
Step 3: Add in your take home pay/profit goal to get your total Revenue Goal
Once you have an annual revenue goal, break this down and figure out what your monthly revenue goal is.
Step 4: Write down any other goals that you have, which aren’t of a revenue basis
For example: maybe you want to write a book.
Step 5: Write down your strategies for how you’re going to achieve that revenue goal, and other goals
It’s best here to be as detailed as possible.
Need help creating your plan?
We have a few different ways we can help:
BUSINESS FUNDAMENTAL 3: ACTION
So, by this point, we should have a great success mindset – believing we can achieve our goals.
We should have developed a clear written strategy of how we’ll achieve our goals.
Now, the third fundamental is… drum roll please…
In the words of Nike: we need to freaking
JUST DO IT
Without action all the mindset and all the strategy in the world will get us nowhere.
In my experience, very few entrepreneurs will stick to their plans and take action successfully without accountability.
This is why, in 2020, we are running a FREE (yes, you read that write) 12-month accountability challenge.
Here’s the Skinny:
Each month there is a theme – January’s theme is unsurprisingly Mindset and Planning. Each month’s theme is designed to help you grow your business and achieve results.
Each week there is a small action for you to take to help you achieve the month’s goal. These actions can often be achieved in as little as 2 minutes. But, while small, when added up over a year, they lead to mighty results.
We have an accountability community to join on Facebook
And, for good measure, there are weekly accountability emails explaining that week’s action and the purpose behind it.
In addition to this ongoing challenge: here are my top tips for successful action taking:
- Get accountability. Share your plan with someone and become answerable. This will help ensure you do what you say you will.
- Consider getting a coach (if you haven’t already). It’s not an accident that all of the best sportspeople hire a coach. They do it because having a coach is important.
Pssst contact us if you’d like to find out about our affordable and flexible coaching packages.
- Set reminders and due dates in your diary
- Schedule review meetings to review your progress
I hope you’ve enjoyed this jam-packed article on the 3 fundamentals to business success.
I’d love you to comment below about which tip you found most helpful!
And, I look forward to seeing you in the Business Growth Challenge.
About the author:
Kat is passionate about helping start-ups and small businesses succeed and achieve their business goals so that they can achieve the lifestyle they desire (and deserve).