There are individuals who are more consistently successful in business than others. This does not mean that their record of success is totally unblemished. It does mean that they eventually win because they are able to bounce back from adversity, learn from their mistakes, and ultimately succeed in achieving their goals and objectives.
These may vary from one individual to another. Not everyone measures success on strictly monetary metrics. Becoming a billionaire is not on everyone’s radar. For some, it is a matter of achieving consistent growth in revenues and profits so that they can gain financial freedom. Others encompass the welfare and happiness of their employees in their calculus of success.
No matter what the underlying reasons are, in business there is no escaping the fact that winning relies on building a viable and secure platform, which can withstand the vagaries of time, creative destruction, hyper-competition, and globalization. Just surviving in this environment is difficult, thriving requires a winner’s mindset. It is worthwhile to pin down the factors that contribute to winning:
Boost your knowledge – Recognize early on what it is that you know about the business and what intelligence you lack to succeed. It requires an honest assessment of your strengths and weaknesses and how they may affect the company’s performance. Certain weaknesses can be compensated for by hiring somebody who possesses the missing skills and knowledge. However, people that are hired do not necessarily become permanent cogs in the organization and may choose to move their services elsewhere. Winners are fully cognizant of their missing links and make the commitment to reinforce them by registering to online courses, subscribing to continuing education, or seeking experienced mentors. They understand that you cannot fully rely on others to fill the gaps.
Take the long term outlook– To win in anything you start of by building a solid foundation that will endure over the long term. While setting objectives in a five and even ten-year time frame, you cannot get there without shoring up the company’s short term needs. It is only through a strong organizational structure, intrepid marketing, optimal productivity, and solid financial controls that the business can succeed over a much longer time horizon. This requires other talented players in the organization to work in close proximity and cooperate in setting goals and objectives.
Leverage through delegation – In any organized endeavor you win or lose as a team. This is as true in sports as it is in a business environment. You require total synchronization, cooperation, and commitment of all players. The coaches can’t succeed on their own, they need to delegate and distribute responsibilities to each member of the team. The key word here is delegation, and successful managers know that they cannot move forward without delegating responsibilities and authority to fulfill the different functions in the organization. They possess the necessary confidence to let go of the “B” list of responsibilities and allocate them to others without fear of losing control. They are also aware of the “A” list consists of and focus most of their energy there.
Turn failures into opportunities – Nobody goes through life without some failures in their personal or business life. The business environment is a risky one, particularly in the initial years. Forty percent of companies fail in the first five years. This can undermine confidence, destroy personal and business connections, and make it difficult to fashion a comeback. But to win, you must possess the drive to get up from the mat and find a way to overcome adversity. A good start in the case of initial business failure is to learn from the mistakes and forge a new, more sustainable plan for the future. In order to win you may have to start by losing.
Get others on board – A winning profile always includes great communication skills that promote morale and group cohesion. This is evidenced by motivating, coaching, mentoring others to up their game in the performance of their duties. It is an indispensable trait that is either inborn or needs to be developed. The adept communicator of today does it well not only through verbalization but is also highly capable of using the internal and external communication media to their advantage. Effective company e-mails are important but just as necessary is the ability to use social media to capture and influence a wider audience.
Manage time well – No commodity is more precious than time, yet it is often wasted on dealing with upside down priorities. The winners realize that their time must be focused on the items that are in synch with their stated responsibilities and are intrinsically tied to the achievement of revenue and profit goals. Time is managed through tight scheduling of priorities that include not only company obligations but also personal commitments. One can easily undermine the other. They are constantly aware of what the “A” items are on their schedule and deal with these first.
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