The Business Success Triad

So, you want to be your own boss. Millions of people talk and dream about one day owning their own business. Some have stepped out and made their dream a reality. Many who have gone out on their own have realized great success. They’ve also realized the great personal satisfaction, sense of accomplishment, and freedom that comes from building the business of their dreams.

Unfortunately, not every dreamer realizes success. Some have lost everything they own chasing their dream. There are many examples of this and just as many reasons why some succeed while others fail. To succeed in business, you need to have a good business mind. This is not to say you must be the smartest person in the room. There are many very successful people who were average students. A good business mind includes an understanding the fundamentals of running a business and an understanding that you are in business for a reason, and it is not to simply make money.

Like a muscle, a good business mind can be developed. You can learn to master business financials, manage inventory, control labor, schedule efficiently, and market effectively. However, to be truly successful in business you must also master the business triad.

Any good businessperson knows that true success is driven by a deep understanding of the triad that is people, products, and process. All you must do is pay attention when you visit any business. The good ones employ great people, sell products that are in demand, and have systems and processes that deliver results as expected.

The people are trained, developed, and coached to deliver the level of customer service and experience that those who frequent the business expect and demand. This is done consistently. Every time. The people are held accountable for delivering on the promise that was made to the customer the first day the graced the threshold of the business. Accountability is not limited to the adherence to systems. It is also about the customer experience.

The product or service offered is not only of high quality, but in demand. It meets a need as identified by the customer. It solves a problem. Great businesses owners are not limited to what they “think” the customer wants. They find out from the customer what they want, and they deliver it to them. They solve a problem.

For example, the patron of a sports bar may want big screen televisions and a large selection of draft beers. However, what they may be longing for is a sports bar offers a frosty cold mug for their beer, fast and friendly service, expansive bar seating, a selection of healthy food options to pair with the traditional sports bar fare, and clean restrooms. While that does not seem like a problem, it is. No one likes to settle. When these people find a sports bar that delivers all of this and more, the others are left behind.

Successful business owners also understand that it is their processes that build the foundation for success. Everything from how the business is marketed, to how the customer is greeted, to how the product is created, to how services are administered, and how the inventory is managed require clear processes. They also require consistency, which comes back once again to accountability. Accountability for execution on the processes as they were designed. Not a version of the original design. Accountability for the original design of the process.

Business is not complicated. However, it is hard. Complicated and hard are two very different things. It is hard to hold people accountable. It is hard to be consistent. It is hard to listen to the customer. It is hard to run the same process every single time. It is hard to count inventory on a consistent cycle. It is hard to do pop-up events with partner businesses on a consistent basis. It is hard to give up your plans because you must cover for an employee that called off on Saturday morning.

Business ownership is not easy. It is not for everyone. However, if you you’re your entrepreneurial dream to become reality, you must decide, commit, and be willing to do all it will take to succeed, which include sacrificing short-term comfort for long-term gain. If you are willing to do all of this and more, the odds are in your favor. If not, you might want to look in the mirror and ask yourself if this is truly what you want.

Randy Stepp is a Principal with Renaissance Leadership Group. RLG is a full-service business development company whose purpose is to help business owners realize their dreams of independence and freedom.

Visit Renaissance Leadership Group at www.renaissanceleadershipgroup.com to learn more about business development.