We all want to generate more income than last year, watch our businesses succeed and enjoy the feeling of progression. However, business success is rarely an accident. It takes time, focus, effort and determination.
Brad Sugars, Founder and CEO of ActionCOACH, recently discussed his formula for success in a DriveTime video. In this article, we share his formula and discuss what business success looks like.
5 keys to business success
Whether you are working on business or personal goals, Sugars's formula for success is a way to succeed. Below is the 5-step formula he outlines:
DREAMS X GOALS X LEARNING X PLAN X ACTION = SUCCESS
Let's dig in.
Step 1: Dreams
Having big and exciting dreams for the future is the first step to success. But, it's not enough to just dream the dreams. You need to get them down on paper. Once in writing, dreams lose their intangibility and can become a driving force for change.
No matter what stage your business is at, or what you're working on, write down your success dreams for the future. Be willing to commit to these dreams and begin creating a vision of the bigger picture to turn them into realities.
”So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable”. - Christopher Reeve (actor, author, philanthropist)
Step 2: Goals
Now that your dreams are clear, it's time to move onto the next step which is setting goals. At ActionCOACH, we recommend setting SMART goals to help you achieve your goals. SMART goals are:
Setting short, long and medium-term goals helps you outline a vision for your business. To set these goals, sit down with your business plan, and think about your objectives. Write down your vision of success for each period. Periods can be as big as years or as small as weekly or even daily.
Here is a related reading to help you set better goals: Set Goals not Resolutions
Step 3: learn
Dreams. Tick! Goals. Tick! The next step involves investing in you.
While documenting your dreams and goals, you likely identified some gaps to bridge to lead you to business success. To reach your goals perhaps you must develop new skills, enhance your knowledge or work on various elements of yourself. This step in the formula for success may involve enrolling in a course, attending workshops, reading books and engaging a mentor, for example. This step takes time, and remembering the old saying, "practice makes perfect", is essential!
Step 4: Plan
A key way to business success is through good planning. Creating a working plan is critical to reaching your business goals. A good plan consists of action steps and a broad timeline. Crafting a plan may seem like a lot of work in the beginning. However, a well-structured and thought out business plan can be very time and cost-effective in the long run.
While no two business plans are the same, your plan for business success should include some of the following general information:
- company profile
- your company vision and mission
- results of market research
- operations strategy
- products and/or services
- marketing strategy
- financial strategy
Step 5: Action
The final step is action. Acting on the dreams, goals and plans you have so far put together. You cannot attract abundance into your business and your life without taking appropriate action. Of course, there is always the risk of failure, but don't see failure as a roadblock, rather a redirection for success!
“Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home, and think about it. Go out and get busy.” - Dale Carnegie (write, salesman, and public speaking innovator)
What does business success look like?
Many business owners start to be "successful". However, business success may look different for everyone. As with everything else for your business, it's up to you to define success.
At ActionCOACH, we sum up our idea of business success like this: success is running a profitable firm that conducts business with integrity and makes meaningful contributions to the communities it serves.
What does business success look like to you?
ActionCOACH supports business owners and grows better businesses throughout Australia and New Zealand. Contact us to see how we can help you reach new levels of business success.