I’ve been trying to come up with a short phrase which is the equivalent of gary Player’s legendary statement
“The more I practice, the luckier I get.”
I don’t think most of us like to focus on how much luck can be involved in business. It does have an effect but, as business owners, you and I will both have a strong preference for being in control.
What I’ve come up with is
“The More You Do Right In Your Business, The More Your Business Will Do Right By You“
This is consistent with a number of my business models which I use to explain business success:
- The five pathways to business success or failure
- The eight pillars of business prosperity
- The six steps profit formula
All involve doing more right in your business.
As for your business doing right by you…
As the business owner your profit (or loss) is what’s left after everyone else – after your suppliers have been paid, after your employees have been paid, even after the bank has been paid its interest.
Every other stakeholder in your business – employees, suppliers, bank and the tax man – has a formula for how much they will get.
You have the residual.
You want it to be positive (a profit) and hopefully highly positive but you can’t manage profit directly. You can only manage the components of profit, the sales revenue and the costs and how they can cascade down into their own detailed measures.
Your sales revenue and your costs are determined by how much you do right in your business.
The better you are at sales and marketing, the better your sales revenue.
The better you are at purchasing, the lower your costs. The better you are at managing your staff, the more they will give back for their wages and salaries.
It pays to do more right in your business.
Luckily, there is a vast range of tips, ideas and advice for you to tap into so you don’t have to learn from scratch.
You can do it yourselfThere are many thousand of business books, you can see the full list of my reviews at Business Books Reviews by Paul Simister. I've also narrowed these down to a list of the 12 Best Business Books For Business Owners & Entrepreneurs.
Or lean on someone like me.