5 Keys to Success in Business
Business owners dream of success. We want to grow our brands to make more money or become time rich, enabling us to do what we enjoy.
If becoming successful was easy, everyone would achieve it. But that’s not the case. So just what are the keys to success in business?
Let me tell you a brief story about business success.
In 2008, three men lost their jobs and needed to make ends meet. They were consistently late on rent when an idea struck their minds.
They realised that if San Francisco was too expensive for them, it was probably too expensive for others.
So they launched “Airbed and breakfast” to charge people to stay in their apartments.
They offered guests an air mattress, free breakfast, free Wi-Fi, and a promise of networking with friendly people. All this for a much lower price than a hotel in San Francisco.
And they were successful.
So successful that when the great recession hit in 2008, the market demand went up for short-term, low-commitment living quarters. By March 2009, the site had over 10,000 users and 2,500 listings, and big-name investments started flying in not long after.
Later, they changed their name to “Airbnb”. The rest is history.
A Business Success Lesson
What is the success lesson to learn from Airbnb?
Let’s look at an economic downturn, like a recession. When a recession hits, people are generally more fearful. People don’t spend their money as they usually would.
But some of the most successful businesses prevailed during this kind of decline.
What is evident in the Airbnb success story is that some of the greatest pains become the greatest strengths.
More often than not, if you are having an issue with something, it’s likely that you are not alone.
There are likely millions of people out there to benefit from a solution.
By being proactive about that solution, you are in a higher place to succeed. One of the most important keys to success is being proactive.
Our 5 Keys To Success In Business
At Outside ideas, we strive to help business owners prosper; here are our key ways to a successful business:
The Number One Key to Success – People
You know the saying, “your network is your net worth”?
The first key to success is to have excellent connections.
Business owners have everything to gain from other small business owners— of course, you can exchange work, but the experience and knowledge you can tap into are the most valuable.
When you’re inquisitive, you’ll find everyone you connect with has something incredible to offer.
Pete always says, “Never pass up on an opportunity to network”.
But remember that networking in the small business world should always be unselfish – you must also help the other person achieve results.
Get curious in your conversations and be generous with your knowledge. Conversations help more people to know about your business and what it does.
Aim to expand your network continuously through networking events and social platforms.
How to find connections
There are tools and software can help you target the right people.
Here are a few tools we love:
- LinkedIn social media platform – Connect with people and engage with them. Putting up posts and sharing your opinion can help your information land in the right hands. You can make great business deals and find really good referrals on LinkedIn.
- Linked Helper – Linked Helper is an automation software that allows you to search, connect, and engage with the right target audience on LinkedIn. We use it to reach people we wouldn’t ordinarily have conversations with.
- Online Directories – A directory is a website that lists businesses. Some well-known ones are Thomson Local, Freeindex, Bing places, and Yell. You can search and filter to find people you’d like to target, your ideal clients. Use these online directories to find names, addresses, and phone numbers. You could connect with them through LinkedIn, by writing an email or by picking up the phone.
Don’t be afraid to reach out and have that call.
Connect with the right people and keep them close – leading us to our next key to success in business, ‘relationships’.
The Second Key to Success – Relationships
Relationships are the second key to business success.
Business owners can make fantastic connections through networking events, but for us at Outside ideas, that’s just the tip of the iceberg.
Often, business owners fail to realise that the initial contact is only the beginning of the relationship.
The most successful networkers will:
- Follow up.
- Be meaningful.
Let’s look at three steps to building successful relationships.
Follow Up for Success
When you’ve met an ideal someone at an event, online or offline, follow up. Connect with them on a personal level. Never assume you’ll see them at the next event.
Connect on LinkedIn and follow them on Instagram, Facebook or Twitter, so they know you’re interested in building a relationship.
Then ensure you send a personal message asking them to meet. Pete says, “Success comes from one-to-one meetings”.
Engage Regularly and Naturally
Once you’ve met personally and are building a positive relationship, social media engagement becomes more effortless. You’ll find you respond to their posts more naturally. You will want to support their business.
Build Purposeful Relationships
Purposeful relationships manifest when two business owners share the same goals and beliefs. When you find your ideal people, you’ll truly want to keep them in your fold.
Even in business networking, personal relationships exist, especially when you’re a business owner that cares. The connection is more profound, and this is now the point when work is regularly exchanged or shared.
The Third Key to Success – Marketing
In business, marketing is the most critical tool that a business needs to sustain itself.
Plus, marketing will help a business grow.
Outside ideas knows there are two ways to become successful using marketing in business:
- Use multiple platforms; mix things up.
- Develop a strategy.
Start brainstorming on new ways to market your product or service.
Use Multiple Platforms
To market correctly, you have to use many platforms.
You’ll need to be active and engaged on social media, have an email marketing strategy, and even sms marketing.
You may also opt to use traditional forms of marketing like billboard and advertising.
It’s impossible to exhaust all forms of marketing. Find what works for you best and focus your efforts on those platforms.
But before you jump to doing so, develop a strategy.
Develop a Strategy
What is the purpose of your marketing efforts?
To spread awareness about your product depends on the product itself.
Who is your target audience and where are they likely to buy from you? What are their values? Where do they spend their most time?
Answering these questions will help you to develop the kind of strategy that works for your client avatars.
Remember, it’s not about you. It’s about who you’re selling to.
The Fourth Key to Success – Courage
“I have realised; it is during the times I am far outside my element that I experience myself the most.”
A small business owner must be courageous; it is often in our nature. However, we know pushing yourself outside your comfort zone is sometimes tricky.
We want to encourage you to step outside your comfort zone. Outside ideas knows that being brave is the fourth key to business success. Good things will come.
There is so much untapped potential when you remain in a state of convenience!
If you want to succeed in business, push yourself and do things that scare you. You may find something that gives you value and excitement or releases creativity.
Here are some things you can explore that will push you and help your business simultaneously.
Involves talking to people and being brave enough to follow up connections – see the first key to success – connections. We’ve got some great tips on networking.
- Public speaking.
A voice and confidence coach will help you to.
Writing well helps your social media posts, blog posts, and guest posts. It could even lead to writing a book. These all help with the fourth key to success in business – marketing.
Learning to speak publically will help here.
Get in the news.
Now is the time to show the world what you mean to do with your business. Put yourself out there.
You’ll see results in your connections, relationships and marketing.
Courage comes with a strong mindset. So let’s look at the fifth key to success in business.
The Fifth Key to Success – Mindset
In the last couple of months, and dare I say years, there has been a lot of negative news on TV.
If it isn’t the pandemic and the wars, it’s headlines about an economic recession.
Pay attention to the news, and you quickly get demotivated.
Even the most prominent companies, like Amazon and Facebook, must lay off workers when a global recession knocks.
But if there’s anything I have learnt, this is the period to make bold moves. It’s the time to go after calculated risks and not be held back by negativity.
As Warren Buffet puts it, the keys to a successful business are “Be fearful when others are greedy, and greedy when others are fearful.”
If it helps, try limiting the amount of news you consume. Surround yourself with people who are proactive rather than reactive.
Whatever you do, don’t let the news get to you. Don’t allow fear to become a part of you.
Keys To Success in Business – Our Summary
Steven Covey’s “The 7 Habits of Highly Effective People” has a compelling excerpt on proactivity.
“Reactive people are often affected by their physical environment. If the weather is good, they feel good. If it isn’t, it affects their attitude. Proactive people carry their own weather with them. They are value-driven, and if their value is to produce good quality work, it isn’t a function of whether the weather is conducive or not.”
I encourage you to carry your weather with you.
Here are the 5 keys to a successful business:
- Contact the right people.
- Network as much as possible.
- Market your business.
- Step out of your comfort zone.
- Avoid being guided by fear.
We believe that mindset helps motivation. We’ve worked with small business owners from different industries for years. One thing remains clear – The people with the right mindset usually end up achieving a lot more than those who don’t.
If you would like help in becoming more proactive, get in touch.
Outside ideas are on a mission to help people and businesses grow. We have a range of support that can help you.