How to run your business differently in 2021

Peter Drucker said, “Action without planning is the cause of every failure.” Many are failing in business and in their varied spheres of purpose—year in and year out—because they usually fail to plan. And to win in every sphere of life, planning is non-negotiable.

There is rule that before you do anything, you have to do something else first is true in all generations and nations. Now, you need to understand that the first thing you have to do in business is to plan, and plan again, and keep planning until your plans work consistently to get you the results you want and desire.

Over the years, I have met with far too many entrepreneurs who desired to succeed in business, but were with no plan and the major reason for business failure is, first, failure to plan in advance and, second, failure to revise your plans if they do not work for some reason. Remember, failing to plan is planning to fail.

In the same vein, another class of folks who fail in business are those who have plans but are too rigid to revise, especially when they are not working. With the advent of Covid-19, many business and life plans will need to be revised, but many are ignorantly or naively running with obsolete plans that cannot give birth to the kind of results they are looking for.

In my own estimation, entrepreneurs are deep thinkers. If you cannot think real hard, then you cannot even birth anything new let alone run with it successfully in the midst of the earth. Kindly understand that it is in the place of thinking sometimes that plans change. When it comes to success in every area of life, thinking is non-negotiable and to think productively, you will need to unavoidably start leading a very quiet life. Those who constantly make noise and stay where noise makers are residing will never be able to think for an enduring change.

Now, you can always determine how valuable and important something is by measuring the potential consequences of doing it or not doing it. The potential consequences of having a cup of coffee or chatting with a coworker are virtually zero. It does not matter at all whether you do them or not, but the consequences of planning, of thinking through your actions before you begin can be enormous. They can make all the difference between success and failure, poverty and wealth, happiness and unhappiness, a life of pleasure or a life of despair.

Furthermore, everything you are or ever will be is the result of your choices and decisions. Your choices and decisions have brought you to where you are today. If you are not happy about your current situation, then you must make new choices and better decisions for the future. There is no other way. And thinking is the essential ingredient in both choices and decision making.

There are critical areas (I am mentioning some of them in this article) where your ability to think largely determines the success or failure of your business. The greater clarity you have in each of these areas, the better the decisions you will make and the better the results you will achieve.

To start with, you will need to understand what the true purpose of business is all about. Many folk wrongly think that the purpose of a business is to earn a profit, but they are wrong. What then is the true purpose of business? Simply put, the true purpose of a business is to create and keep a customer. Constant profits are the result of creating and keeping a sufficient number of customers cost-effectively. On the condition that you understand this, your business is going to become better for it.

The truth is, 50% of your time, efforts, and expenses should be focused on creating and keeping customers in some way and this should be the major reason (creating and keeping customers) you are hiring anyone to work with you. The number one reason for business problems is the failure to attract and keep a sufficient number of customers at the prices that you need to charge to make a profit and grow your business.

Secondly, the key measure of business success is customer satisfaction, not money, because it is possible to make temporary money without your customers being satisfied. Over the years, I have had to counsel many CEOs who failed in business as an effect of the crucial issue I am raising here. Lest I forget, if you are a struggling or failing business owner and you strongly desire to be coached, kindly get in touch with me on this line (09026609153). This is probably going to be the best decision you have ever made in ten (10) years! Kindly understand that I do not mentor business-owners pro bono! And remember that it is impossible to become successful in business without having a personal business coach. The earlier you understand this reality, the better for you.

Lastly, your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability. Remember, the most important sale in your business is never the first one; it is the second sale! Till I come your way again next week Monday, see you, where successful business men and women are found!

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