What You Need to Know as a Business Owner

by Olufolake Stephen Adams Business/Marketing Consultant

Hi there. Today, i want to share with you what will turn your business around for huge sales and profits and what is it?

And that is to understand some things when you are starting out in business or if you are the busness owner of your business.

My first question to you is this: 'Why did you start your business? Do you know what business really is even though it is often used and we seem to think we know its meaning?'

Henry Ford said, 'If your business is to MAKE MONEY ONLY, IT IS A POOR BUSINESS.' Well how does that hit you? Are you in business for the profit only? Then the tendency is that you won't make any and that is why many start but never make it. This is the reason of my sharing this with you.

The below facts are my findings as i build my business that until the following you will read below are in your business, you have not actually started business, you are manuevring around. sorry to talk like that, but that is what it is. It is time to get into the real business world and make your impact and make your world a better palce via your business offerings.

Zig Ziglar said, 'You can get everything you want if you help enough others get what they want'.

Find out what you need to know as a business owner so that you can indeed build a lucrative succeeding successive success in your business.

Your Advantage of being a Business Owner

According to my research, self-made millionaires are 95% business owners. They were not working for anyone but for themselves. I also realized that no one can fire you if you own your business. This should be a great advantage for you as you are your own boss.

But being your own boss, does not guarantee success as well. They are so many CEOs today who are pure failures and who have shut down in business. What happened? I believed it is because of inadequate information when they were starting out.

Secondly, many of them had no genuine reason or purpose why they should start their business. What they had in mind was just to make money. Starting a business is more than generation of sales of making money.

There are 3 Major reasons why you should set up your business if you want it to outlast you and be successful. It is what Bill Gates, John Rockefeller, Steve Jobs, Grey Carson, Dangote, Wale Adenuga etc used to build their businesses including mine. So what I am sharing with you here are experiences of 17 years To know these 3 MAJOR reasons why you need to start your business, please get this material, ‘The Real Purpose of Starting a Business.’ It will show you in full details the real reason and purpose of starting your business. They are what I used and I am still using to build my business till today.

Thirdly as a business owner, you must have a plan on which your business must stand. This will and should be your building structure or block. Starting a business is more than just making money or sales. It is about impacting others with your products and services and leaving your customers satisfied. Without this, your business will never succeed.

Fourthly, you must have a MISSION STATEMENT i.e. your PURPOSE OF EXISTENCE AS A BUSINESS OR COMPANY. Remember that I said a mission statement. It is NOT STATEMENTS.

For instance, my company’s mission statement is to help businesses make maximum profits in their businesses everywhere we go, making the TOTAL MAN a success. The essence of this is because, your ideal clients or targeted audience, location, every meeting, strategy, advertisement and seminars/ webinars or videos or resources will stem from this. It will enhance a single track, single aim, focus for you. It will also cut off distractions on the way for you.

Have you identified your business’s mission statement that come 20 years to this time, it is still on the same page of the statement? You need to identify this as a business owner. To know more on how to create a mission statement that help you generate sales in your business and for your business, check this resource:'‘30 Ways to Create Sales in Your Business.’ It will help you profoundly.

Next, you need to know how to have a customer experience and build your customer services. This is the PIVOT that determines your sales generation. You need to have a customer friendly plan in place that addresses the complaints and addresses the problems of your customers. Rapport must be built to ensure this.

Lastly, you need to know how to lead. Business like I said, is more than just incurring sales. It is about people: your customers and your workforce. John C. Maxwell has these to say on the following leader influence:

Position: This is a leader who is drunk by position. People follow because they had to.
Permission: This is a relationship building relationship. People follow them because they want to.
Production: This is a result-performing leadership. This is a leader who yields results. People follow them because of what they have done for the organization
People Development: This is a reproducing leader. This is a leader who reproduces himself in others. People follow such because of what they have done for them.
Pinnacle: This is a leadership position based on your personality. People respect you for who you are and what you are. This is the highest level of leadership. People will follow such, because of who they are and what they are and this is the most effective of all.

Now, which of all these leader positions or influence are you? This is the essence why you need to know these things before you can even call yourself a business owner.