Become One Of The 10% Most Successful Businesses & A Member Of The ‘10% Club’
Just 1% of all businesses and entrepreneurs are mega successful and only 10% of all business make a good profit and provide a good living and good retirement prospects for their owners.
That is the sad reality.
90% of businesses either fail or just drift along, languishing in mediocrity in terms of profits and performance & many never really achieve real business success.
Often the owners of those 90% of businesses cannot see how they can elevate themselves and their businesses to do better. Sadly, many of these entrepreneurs do not realize that the switch to become a member of the ‘10% CLUB’ of the 10% most successful businesses is much easier than they think.
What Is A Successful Business?
For me, a successful business is one that is growing in sales with a good profit base and a strong balance sheet. The following sums up an ideal successful business:-
- sales and net profits should be growing by at least 20% per annum, year on year
- sales should exceed £100,000 per annum in year 2 after startup
- sales should exceed £0.5 million – £1 million per annum after 10 years
- net profit should exceed 20% of sales
- business should have a strong 6 digit cash-rich balance sheet after 5 years of trading
- business owners should have full control over the business
- business should run efficiently with low wastage
- business should have a strong team of happy & effective employees
- business owners should be happy and not be stressed
- business should provide a good living and a good pension for the owners
- business should retain a good profit after owners’ drawings
- business owner should run the business & the business should not run the owners
This is a very rough appraisal.
For me, a SUCCESSFUL BUSINESS is one that is growing and making money, but is also one where the owners are in full control and are happy and are enjoying running their business with a good life balance. A successful business entrepreneur should be able to draw a good income, leaving a good residue profit for re-investment and for building the balance sheet.
A successful business entrepreneur is one that could sell after, say 10 or 12 years, for a good reward that would allow them to retire or for a sum that would allow them to go a big way to providing for their long term.
Too Many Business Owners Do Not Enjoy This Scenario
Sadly, too many business owners do not find themselves in the scenario of the ideal successful business that I describe above. Many of the 90% of businesses have poor mediocre sales and profits with low or no growth. These owners find themselves stressed as a result and importantly they are not happy and are not enjoying the experience of running their businesses.
Many business owners would say that money is not important and I think that can be right, but I know from experience that a business is much easier to run and provides a much happier experience for the business owners if sales and profits are growing at a good rate of the order of 20% or more.
If you are a business owner, where growth in sales is flat and profits are poor, you should think that it is much easier to transform your business nearer to the scenario that I describe above than you possibly think.
You Must Think Of Your Business As Being Two Parts
If YOU want to make the change and to become a great BUSINESS SUCCESS, the place to start is to think that your business is about TWO FUNDAMENTAL PARTS:-
- PART 1 IS YOU & YOUR ATTITUDE
- PART 2 IS YOUR BUSINESS STRATEGY
Harvard Business School has consistently said that business success is consistently down to ATTITUDE rather than STRATEGY. You can have the best business strategy and the best business plan but if your attitude is weak and negative, then your strategy is not going to work and YOU will never achieve real BUSINESS SUCCESS.
As the business owner, your business success is determined by YOU. So if YOU want to become one of the most successful business entrepreneurs and achieve huge business success, YOU have to change ‘YOU’.
You Have To Change ‘You’ As Part 1
YOU have to become like the most successful in business.
PART 1 is YOU and includes:-
- YOUR MINDSET
- YOUR ATTITUDE
- YOUR THINKING
- YOUR ACTIONS
Part 1 includes your mind, your mindset, your attitude and your thinking and how YOU carry out your actions within your business.
The most successful business entrepreneurs all have the same mind characteristics and consistently have similar attitudes and mindsets. Consistently most successful entrepreneurs have the same qualities, such as:-
- GREAT PASSION
- BURNING DESIRE FOR BUSINESS SUCCESS
- HUGE BELIEF IN THEIR BUSINESS SUCCESS
- GREAT EXPECTATION OF THEIR BUSINESS SUCCESS
- BIG BELIEF IN THEIR BUSINESS ABILITY
- STRONG POSITIVE ATTITUDE
- GREAT DETERMINATION, DRIVE & PERSISTENCE
- MASSIVE OPTIMISM
- SETTING OF GOALS
- MASSIVE FOCUS
- POSITIVE THINKING
- SMART BUSINESS THINKING
- GOOD DECISION MAKING
- NEVER PROCRASTINATING
- SMART BUSINESS ACTIONS
- ABILITY TO STEP OUTSIDE THEIR COMFORT ZONE
- NO FEAR OF FAILURE
- ABILITY TO LEARN FROM THEIR MISTAKES
- ABILITY TO REBOUND QUICKLY FROM SET-BACKS
If YOU wish to replicate their business success, YOU need to develop the same MINDSET.
From my experience, the right business mindset starts with a STRONG, POSITIVE ATTITUDE, a HUGE PASSION for what they do, a BURNING DESIRE to be successful, a MASSIVE BELIEF in SUCCESS and a MASSIVE BELIEF in the ABILITY to achieve everything within the business.
GOAL SETTING is incredibly important for maintaining the right mindset. The most successful entrepreneurs in business all use goal setting and they always work hard to achieve their goals, with each goal achieved propelling them forward. By continually setting and achieving goals means the most successful are continually making progress.
The process of GOAL SETTING creates intense FOCUS which, in turn, creates DETERMINATION, PERSISTENCE, DRIVE, OPTIMISM and PASSION making it possible to do whatever is necessary in the business including STEPPING OUTSIDE THE COMFORT ZONE.
SUCCESSFUL ENTREPRENEURS don’t FEAR FAILURE; importantly, many have experienced FAILURE and SET-BACKS. They view SETBACKS as part of the learning process and part of the process to achieving business success. Importantly, they learn from each experience and they never repeat the mistakes. Each one is very resilient and they don’t linger on the setbacks. They shrug off the setback and get moving forward again, quickly.
The big consequence of all this is that SUCCESSFUL PEOPLE make QUICK and SMART DECISIONS, eliminating PROCRASTINATION.
SMART BUSINESS ACTIONS are then the result creating good outcomes which drive their businesses forward, ultimately generate great profits.
The TOP 10% most successful business entrepreneurs have many of the above and if YOU can replicate these qualities, then YOU should be SUCCESSFUL, too.
And, that will help YOU achieve PART 2.
Part 2 Is Your Business
PART 2 is YOUR BUSINESS and your BUSINESS STRATEGY.
Having the right BUSINESS MIND allows the most successful in business to set and execute the BEST BUSINESS STRATEGY and the BEST BUSINESS PLAN for their businesses. In my view, LASER FOCUS derived from having the RIGHT BUSINESS MIND becomes highly effective in the key areas of the business:-
- UNDERSTANDING THE TARGET CUSTOMERS & THE TRADING MARKET
- BUILDING AN ARMY OF LOYAL CUSTOMERS
- CREATING THE RIGHT PRODUCTS FOR THE TARGET CUSTOMERS
- CREATING A STRONG BRAND
- DELIVERING AN EXCELLENT CUSTOMER SERVICE
- CREATING AN EXCELLENT CUSTOMER EXPERIENCE
- HAVING HIGHLY EFFECTIVE MARKETING
- DRIVING HIGH SALES & HIGH PROFITS
- EMPLOYING & TRAINING THE RIGHT STAFF
- CREATING EFFICIENT BUSINESS SYSTEMS
- RUNNING THE BUSINESS EFFECTIVELY & EFFICIENTLY
- CREATING A MONEY RICH BUSINESS
- HAVING FULL CONTROL OF THE BUSINESS
The most successful ENTREPRENEURS in business UNDERSTAND FULLY their TARGET CUSTOMERS, their COMPETITORS and their TRADING MARKET. This allows them to provide the RIGHT PRODUCTS and the RIGHT CUSTOMER SERVICE and to deliver the right benefits for a HUGE ARMY OF LOYAL CUSTOMERS and to ultimately create EXCELLENT CUSTOMER EXPERIENCES.
The most successful are also continually creating MARKETING that builds a STRONG BRAND and delivers more CUSTOMERS and more SALES. They also FOCUS heavily on employing the RIGHT STAFF and training and treating them RIGHT and on creating STRONG SYSTEMS to run their businesses effectively and efficiently.
Importantly, they also FOCUS heavily on the the MONEY within their businesses and FOCUS on generating PROFIT and keeping their businesses CASH RICH.
All of this is possible because of a STRONG BUSINESS MIND, i.e. PART 1.
PART 2 is possible because of PART 1.
You Can Become Very Successful
So for YOU to become one of the MOST SUCCESSFUL in business, YOU need first a STRONG BUSINESS MIND and that will allow YOU to RUN your business much better.
The most successful in business do this and YOU can do the same – YOU just need to decide that YOU will do it.
It could be much easier than YOU THINK to become a member of the ‘10% Club’.
This website is full of useful business articles and features to show YOU how to BECOME A MEMBER OF THE ‘10% CLUB’, so if you are serious about your future, then please take the time to explore it.
To start, YOU should read the following articles that link into this article:
If you wish to talk to me more about this, then please contact me: Robert@prestigebusinesscoaching.co.uk or leave a comment below:-