“Prosperity is a way of living and thinking, and not just money or things. Poverty is a way of living and thinking, and not just a lack of money or things.”
– Eric Butterworth: American author
Do you believe that good business habits can determine success?
5 out of 10 new businesses fail and talent, money and a great idea does not always equate to a financially successful business. The way we think and behave can have more of an impact that our innate talents.
I recently came across an article by Tom Corley, regarding 16 habits that separate the wealthy from the destitute. He spent years studying the difference between the habits on our country’s rich and poor, questioning hundreds of individuals.
Here are the 16 habits he maintains will help you reach and maintain your wealth potential. I have adapted them to a business setting.
- Live within your means. In business it is easy to commit to expenses, harder to get out. Keep them flexible or minimal until the business has a solid stream of income.
- Don’t gamble. Taking a calculated risk in business is necessary. That risk will depend on your abilities, not just a roll of the dice or picking the right numbers.
- Read every day. Learning more about business, your industry, the economy and about other successful business owners will increase your opportunities. The world is constantly changing. Choosing not to change can lead to the closing of your business.
- Use the internet constructively – use it as a tool to connect with your customers.
- Control your emotions. Acting calm will get more done than flying off the handle.
- Network and volunteer regularly. You never know when you will meet your next best customer or that life changing business partner.
- Go above and beyond in work and business. Give more than what you are paid for. You will feel great about a job well done and the outside forces will start to work with you.
- Set goals, not wishes. Writing down a vision, or mission or annual goals clarifies what you want to achieve. It helps communicate those goals to others that can help you accomplish them.
- Avoid procrastination. It takes action to create a business.
- Talk less and listen more. Listen to employees, listen to customers – it will help you make wiser decisions.
- Avoid toxic people. Whether they are customer, vendors or employees toxic people steal time, and energy. This only results in a loss of income.
- Don’t give up. Rarely do things get done on the first attempt. Big goals take time.
- Set aside the self-limiting beliefs holding you back. If you don’t believe in the product or services that you are providing, why will your customer believe in them?
- Get a mentor. Learn from others. It could be an author, a peer, a teacher or just someone who believes in you. It helps you make it over the bumps in business.
- Eliminate “bad luck” from your vocabulary. Take responsibility for everything, then focus on what you can control.
- Know your main purpose. Know why you are in business, why you are providing the products and services you are delivering. The “why” will keep you on the path to your success.
We offer comprehensive business reviews that will help you expand your “rich” habits and replace your “poor” habits to achieve the results that you are looking for. To learn more or schedule your next review contact Mary at 920-351-4842 or Mary@focus-cpa.com.