The Single and Most Powerful Asset Your Business Can Ever Have

I’m betting you’re thinking that it’s your credibility in your respective niche or the people who work for you. Maybe even your products or services, even your intelligence or something no business can succeed without – money!

Well the answer is a resounding no on all accounts. In fact by all accounts it is your own attitude or more specifically your mindset that decides the fate of your business. How many times have you read or heard that if you want to create a $1 BILLION company you have to think like someone who already runs a $1BILLION company – you must already be that person.

Or at least have the same mindset.

I know what you’re probably thinking – here we go again – more “mind over matter”, “you are what you think”, “what the mind can conceive you can achieve ” or ” it all starts with the mind “- but the fact of the matter is that is precisely where it all starts.

The difficulty is in transferring that thought into a series of specific actions that lead to you running a $1 BILLION business. Let’s face it, only the very few do!

Here are 7 mindset principles that are crucial to building such a business. If you are serious about it and you devote just a few minutes a day to adjusting your mindset towards this goal then it is the best investment you can make in that business.

But be aware that this will take time – you will, in all probability, have to do it in stages. First get to a $100,000 company, then a $1 million one and so on. Once you get to $10 million, according to the people who have done it, it gets easier!

1. The Principle of Defining your Grand Purpose

Great business leaders and their companies do great things that leave a legacy, leaving the world a better place for it. These leaders create a cause, not just a business. They become philanthropists who use their incredible position and wealth to the good.

Their businesses became more than just a business – they became a conduit to something bigger than just a business, bigger than the leaders themselves and their self-interests.

I quote Victor Frankl a renowned Austrian psychiatrist ” Success, like happiness, cannot be pursued, it must ensue… as the unintended side effect of one’s personal dedication to a cause greater than oneself “

What is your business’s Grand Purpose or cause? How can your business help enhance your customers’ lives?

2 The Principle Of Thinking with Clarity

“As Man Thinketh” is a very famous book written by James Allen who spent 25 years interviewing famous and successful people of his time trying to figure out exactly what was different about them that made them successful.

He deduced that it was all down to their thoughts and acting on them.

If you focus on any particular problem you end up with more of the same problem. However if you focus on the solution you will find that solution and very probably other different and potentially profitable solutions will appear as a bonus!

What are you focusing on now in your business? The problems or a solution? Clarify your problem and then start thinking with clarity about solving it. Thinking with clarity sounds easy but it takes practise. People who run $Billion businesses do this – frequently.

3. The Principle of Attraction.

What you think can often be attracted. This doesn’t mean that if you constantly dream of winning the lottery you will win – dreaming or wishing isn’t the same as considered thought. In business and very often in life, what you seriously think carefully about you can and very often do, attract

I’ve also read that the big difference between dreaming or hoping is the feeling that comes with it. Strong emotions help speed up the process. Don’t just dream – really feel what having whatever it is you want would be like, live it! You are only restricted by your imagination – let rip!

Do you only seem to attract difficult customers or ones that produce a low income for you? If so then you almost certainly believe that’s all you’re worthy of – at least subconciously.

Paul McKenna, a renowned hypnotist, was trying to help a client make his business more successful. The man sold his services by seminars and by doing so could only work for so many days and with so many clients a year thus capping his income. He felt he couldn’t charge any more than say $1,000 a client as in his own mind this seemed a fair but high price.

Paul asked him why he couldn’t charge more and the man answered that he felt no-one would pay more. So Paul asked him to imagine charging the client $120,00 for his services. The man obviously could not consider it even if he thought anyone would pay it but then Paul began to drop the price first to £6,000 and then to $5,000 and then to £2,500 at which point he asked the man if he thought that was a fair price to which the man replied it was. Why? Because the man thought that compared to $12,000 it was a bargain!

This is a prime example of how someone running their own business can change his business around almost immediately by changing the way he thought about his business and what he could do for the client. The man changed his pricing structure, ended up with more clients than he could handle and has since raised his prices again.

Apparently your business is always a mirror of your inner thoughts. What do you have to do to get better prices? What needs attention in your business to enable this? What does your business need to get to the next stage?

4. The Principle of Commitment and Creation

So you want to create a $Billion business. On their own your thoughts, hopes and dreams are not enough – you have to do something. Albert Einstein was quoted as saying ” Nothing moves until something happens “

You have to make something happen and you do that by being 100% committed to your goal. No matter what, you will take your business to the next level.

Once you are 100% committed and focused on your goal then magic seems to happen. You find the right people and resources to support you, the right opportunities will appear as if out of nowhere. It’s called synchronicity.

Are you still dreaming or have you done something – are you 100% committed and focused?

5. The Principle of Perception

When you market your product try to see it from customers point of view. How do you perceive your product. I once worked for a company selling a high priced product but in reality it wasn’t that dear to buy. However the general view from our customers was that it was an expensive product and they expected to pay a lot for it – so they did!

How you market your product is crucial to how your customer will perceive it’s value to them. What are you doing in your business to create perceived value? Can you change it?

6. The Principle of Consequence.

“Every action has an opposite and equal reaction” or so my physics teacher taught me at school. If this is one of Einstein’s unbreakable laws then it stands to reason that any action you take will have a consequence.

You may not be able to fully control the consequence or outcome but you can control your reaction to it. If you want a different outcome you must change your actions that brought it in the first place.

If you want to increase your business from $100k a year to $10million then you have to take different actions than you are already. So what are they?

7. The Principle of A Rich Mind

It is your mental attitude that will determine your success. As I hinted at the beginning of this article “if you can believe, you can achieve and so shall you receive”

Imagine how you would run a $Billion business – or even a $1million one. How different would it be to the way you run things now? How different would you have to be?

Finally.

To change the way we think can be extremely difficult for some and almost natural for others – it’s the same in all walks of life. But if you are committed and focused by following these principles and practising them even if only for a few minutes each day you can shift even the most deeply embedded thinking to new level.

It’s all in the mind as they say!

Grateful thanks to Denise Corcoran for the above. I found an article she wrote back in 2001 a few days ago looking through some old files when I was trying to think of a what to write a new post about. Did someone mention synchronicity? I’ve changed it somewhat to include my own insights into mental wealth but I’m grateful nonetheless.

I’m Starting My Own Business: What Do I Need to Know?

Congratulations! You have taken the first big step to becoming your own boss and going out on your own.

You know your industry, how to build a brand and are very creative about the details of certain business affairs.

However, many first time small business owner’s fall short of putting systems into place to get the business moving in the right direction from the gate.

This is where the smart business owner will save time, money and avoid inevitable pitfalls that plague many entrepreneurs the first time out by hiring a business coach.

What is a business coach?

A business coach is a lot like a personal trainer at the gym: A good trainer will begin by learning your goals, strengths and weakness in what you can do well and where you need assistance. A good coach is skilled in recognizing your skills and also your fears and areas where you need to build strength.

It is important to know that there is no certification required to become a business coach, therefore you want to be sure you connect with someone who knows how to work with your business and that you communicate well. A good business coach should be eager to see you succeed and be on board with your goals.

Some questions to ask are:

  • How long has this person been coaching?
  • How long did they own their own business?
  • Are they will to take on a small business?
  • What is their success rate?
  • Ask for references
  • What can the coach do for me?

A business coach will offer guidance, expect accountability for tasks assigned and offer encouragement to help you meet the steps to success.

Many business coaches offer help in their areas of strength.

They help business owners find what they want to do in a particular field. Many call this role a “business effectiveness” approach. Business effectiveness can span a wide spectrum of sales, customer service, human resources, sales, marketing, leadership, financial management, exit strategy, and succession planning.

When working with your coach, part of the process will be to establish a safe and trusting relationship. A good way to see if the working relationship can go forward is to feel you will be heard in the exchanges. A good coach knows that business coaching is not a one-way road. As the business owner, you have a voice in the transactions.

Comfort in communication

A phrase used in the industry is “safe place,” for business owners, created by Professional Business Coaches Alliance. The expression is important. The words illustrate a supportive environment for the business owner who should feel free and comfortable voicing his or her concerns, opinions and objections to the recommendations of the coach.

While many good meaning people like to offer advice, that advice is tainted by the givers own fears and experience, however well meaning. A coach is arms-length and objective.

How do I find a coach?

Hiring a business coach is not a casual task. It is important to understand your goals first. This is not something to relinquish once you have engaged a coach. You are a team and while you are partnering with a business expert, it is still your responsibility to share your vision for success.

A good approach to finding a business coach is first to analyze your own goals. Did you clearly outline your steps to success to your business plan? Or, maybe this is where you need to begin with your coach.

A lot depends on the stage of your project. Coaches can help you in the early stages to help you get off a strong start and avoid some of the “newbie” errors that often plague the new business owner.

  • Talk to other business owners and ask for references
  • Search online for companies that offer business coaching and start a dialogue. If communication goes well, set up a conference call or Skype. You will get a good sense if there is a good connection
  • During the interview process, see if the person has some good business ideas to offer. Creativity in the coach is key to the nuts and bolts of setting up a strong foundation.
  • Understand what you want from your coach. Have your list of questions ready as you do your research and when you area ready to interview potential candidates.
  • Your questions should reveal, among other things, an emotional intelligence, commitment and communication levels, experience, you seek.
  • Decide whether you need a coach locally with close personal attention or you can work with someone more remote via phone, text and email.

Obtaining the services of the right business coach for you can make the launching of a new business less stressful. An early start in the good direction will help you gain the footing that is needed in those first critical years.

There are times when even the most savvy business person may miss some important key signals because of a laser focus in a different direction. Smart business people understand the need to look for outside perspective.

Business Is Good, Why Would I Need a Business Coach?

If your business is doing well in this competitive market, congratulations! You must be doing something right. The question is, is business as good as it could be? A good way to test that theory is to bring in some outside business counsel to scan the landscape and see if there is more you could do to expand and grow even more.

Why would I need a business coach?

If your business is doing well in this competitive market, congratulations. You must be doing something right. The question is, is business as good as it could be?

A good way to test that theory is to bring in some outside business counsel to scan the landscape and see if there is more you could do to expand and grow even more.

It is not unusual for even the most successful entrepreneurs to get a “second opinion.”

That opinion is usually comes from a business coach. The art of business coaching expands your field of vision. An objective and outside assessment from another professional may see things from a different perspective.

The value in an effective coach can help an entrepreneur see optional approaches to business issues that may be found in other industries. These “crossover” options can bring in some new creativity in marketing. It’s the broader perspective a business person can’t always find on their own, according to Geoff Williams at American Express.

What will a coach do for me?

Few high achievers reach their goals without someone who has been there and help guide and way to success. Great coaches offer their experience, and ask a lot of questions. Part of the coaching process is to encourage their clients to think about their business in new ways and new lights.

Not all business enterprises benefit from coaches. In some cases, individual contributor operations have found business coaching to be helpful. Phoenix, AZ sculptor, Kevin Caron, hired a business coach when his art just wasn’t gaining traction. His coaching really paid off.

“I’m probably the last kind of business owner in the world anyone would expect to have a business coach,” the artist said. He admitted his business would not have taken off the way it did without the vision his coach brought to him.

How do I choose a coach?

In order to choose a coach, you need to be ready to work with one. That means asking yourself what you need and want help with.

• Define your goals. A business coach can offer specific or general advice. Determine those areas in which you need the most help, and make a commitment to finding a qualified expert.

• Consider someone with a mix of backgrounds. You don’t necessarily need someone in your exact business, but you also don’t want to go too far afield. Sometimes a parallel background can offer some interesting insights.

• Get someone outside of your immediate circle of friends and family. While you have people around you that wish you the best, it is better business to hire someone who is not your friend or in your professional circle. Keeping the relationship purely objective is best. You want your coach willing to tell the truth, even if it’s not what you want to hear.

• Make sure you can communicate comfortably. Not all personalities click. You and your coach don’t need to become friends, but you do need to be able to communicate comfortably, openly and with respect. Personalities don’t always click. At the same time, neither the coach nor the client should feel intimidated by the other.

• Don’t be limited by geography. With the current technology, you can take advantage of having a wide range of choices for the best fit for you and your business. References and browsing through the resumes online can help you find a coach with the expertise and skills you’re looking for.

Smart business people understand the need to look for outside perspective. It is important to remember that good business coaching is a process. You and your coach will work closely together to refine your objectives.

Once you have decided to take the step to work with a business coach you will quickly find the value in obtaining a creative partner in finding new roads in which to take your business.

Please contact us to learn more about business coaching.