Staying in Business
What Does It Take to Stay in Business Over 25 Years? Top 10 Insights From a Small Biz CEO
This article was written after 28 years in business. Years later and the same points hold true.
This year marks our 28th anniversary. Since most new businesses close up shop in the first year and many, if not most others, don't make it past a few, we're pretty pleased with this accomplishment. One of our student interns had the idea that, as part of our celebration, we should Blog about what it's taken to stay in business for such a long time. Sounded like a great idea so, as company head, I decided to write this article.
There are many things that come to mine when asked that question, "What does it take?". Ideas, plans, strategy, money, favorable market conditions, a team, business savvy and marketing know-how are some of the fundamentals. But when I started out in business about all I had from that list was the ideas. I knew next to nothing about business, had no real capital, had no experience in marketing, no staff and no clear sense of what to do to pull it all together.
What I did have was the "internal" ingredients for success and these, to me, are the most important of all. The internal side is about who we are as people and how we "show up" in whatever aspect of life is important to us, including our careers. As people can "grow" their businesses, we also can grow ourselves and what we're capable of in business and in life.
Narrowing down to a "top ten" set of topics to share insights on is hard as, after all this time, there are so many things I'd like to say. But I've chosen the ones that follow as a start.
· Desire - First off, you've gotta want it... or you won't do the hard work that it takes to get and to keep it. Not that it's all hard. In fact the goal is for it to be fun! But more often than not there's lots of hard work involved if you own and operate your own business. I had the strong desire to help and support others, always have; and I saw that I could do so in the ways I most wanted by having my own business.
· Action - You can have all the desire in the world, but if you're not also a person of action, you're not likely to reach your end goals. There are many decisions to make, many opportunities to capture. A procrastinator or timid decision-maker can easily get run over in the world of business. The good news is that the skills of action can be learned and made stronger with practice and experience.
· Vision - A clear picture of where you want to "go and be" is another crucial ingredient. Having a good sense of what you want the future to look like can help you greatly in mapping out the path by which to get there. Imagine the future of your business in as much detail as you can - what does it look like, what work are you doing, what results are happening, how does it make you feel and so on. Let that vision and focus help make your desired outcomes a reality.
· Adaptability - The world is rapidly changing and businesses must do the same, both to keep pace and to get the cutting edge. In the first year of my business I saw the need to make some big changes to our focus in order to sustain the company and clear the many hurdles that new businesses face. Some years ago we were at another turning point where I wanted for us to become a leader and innovator in the up and coming world of new Internet technologies. I revamped the business and we achieved that goal in 2005. Adapting to what is and what likely will be is an invaluable skill for businesses at all levels.
· Resilience - The ups and downs of owning your own business are a given... part of the "field conditions", in sports terms. I played in an adult co-ed soccer league for many years and sometimes all went great, while other times (fortunately not too many) I took a fast and hard flying ball in the gut or, worse yet, the face. But I always got right back up and kept moving. The ability to bounce back, quickly and with vigor, is part of ensuring the sustainability of a business.
· Persistence -- Hand-in-hand with resilience is persistence. There are many motivational quotes about the importance of "not giving up" in the face of challenges and setbacks... and they are absolutely true. Walt Disney was turned down by hundreds of banks before one bought into his vision, and that one was all it took. A psychology of persistence, combined with persistent action, are a powerful combination... that can lead to victory in your pursuits. A solid sense of why your goals are important to you and the commitment to see them through creates the drive to get you there.
· Optimism - Another personal quality that can do wonders for your resilience, as well as attitude and happiness, is this one. It's about having an outlook on life that assumes things will be good or get better. By seeing the world through the filter of optimism we can create a barrier to disempowering emotions that otherwise can weigh a business owner down at various points in their entrepreneurial journey - emotions like overwhelm, worry, fear, frustration and even depression. And, Yes, we can even learn to be optimistic!
· Gratitude - Appreciating and focusing on what we have rather than dwelling on what we don't is another ticket to success in business. Taking the time to regularly look at and feel good about the good things can become a habit worth its weight in gold. Things like... the qualities and characteristics about you, your partners and your staff... the strategies and approaches you or your team have developed that are producing good results... the positive feedback you've gotten from customers and clients... and so on. Forming this habit will help you create even more great things to feel "grateful" for.
· Passion - Intense enthusiasm is a quality I've had all my life and it has served me well in my business. I get excited about possibilities, opportunities, helping others, serving clients, solving problems and learning new things. Clients have appreciated that as they can tell that it's genuine and it's a clear sign of wanting to do my, and our, very best for them. "Live with Passion" is the motto of one of my great mentors, Tony Robbins, whose seminars I was a Trainer with for 10 years (one of the all time best experiences of my life!). Like passion, our many emotions (whether empowering or not) determine our interpretations of every experience in life... and our interpretations govern our actions. I vote for passion and empowerment!
· Creativity - With a name like Creative Pursuits, creativity is a stand-out business ingredient from our standpoint. I actually don't remember how I came up with the company name. But I can say for sure that creativity has been a vital asset for us from the start... and that it's come into full bloom in recent years. Being creative often unleashes the best of ideas, approaches, strategies, solutions, work products and service delivery. And on top of improving performance, it feels good... which typically leads to even better results. To use another Tony Robbins motto, it also enables us to "Unleash the Power Within". Our company motto has been to use that power to do good for others through always being, doing and giving our best.
So on that note I say to the business people reading this, and those in the midst of decisions to be in business: tap into your personal power, your passion for what the business is and can be ... and surge forward to make your dreams and goals happen.
Marcia Elder is President of CPI Consulting (formerly Creative Pursuits, Inc.), a multidisciplinary consulting firm located in Florida. The firm specializes in strategic communications, creative Internet marketing, and new media tools and technologies, among other professional consulting services. Details on company services are elsewhere on this site.