Business success can be achieved by mastering the four cornerstones: Destination Mastery, Self-Mastery, Money Mastery, and Delivery Mastery.
Hi, I’m Doug Barra. And in this video, I’m going to talk to you about Small Business Success. You know, when you’re an entrepreneur and small business owner, things can seem a little overwhelming at times. And there are just so many thoughts that go through your mind. What do I need to be doing? How can I achieve small business success? Especially in today’s economy, with all the changes that are taking place, it seems much more difficult than ever before.
Well, fortunately for small businesses that are looking to succeed, there is something out there called The Four Pillars Of Business Success or Four Cornerstones of Business Success, depending on how you want to look at it. I can remember when I first got started in business, and I was trying to figure out ways for our company to grow. We had an idea. We wanted to help small businesses succeed by providing them with web pages, and we had a platform for doing it.
Unfortunately, I didn’t have any idea how to really make that happen. It was kind of like the guy in “Field of Dreams” build it, and they will come. Well, that didn’t actually work for me. So I had to figure out what it was going to take for our small business to succeed. And so, I began studying small business success and how small businesses actually succeeded in today’s marketplace.
And let me tell you something right now, there is a common denominator that you’re going to find for every small business that has been successful and continues to be successful today. There are always four cornerstone elements of small business success involved: Destination Mastery, which means you know exactly where your business is going; Self-Mastery, where you know how to manage yourself and your team to be the most efficient you can; Money Mastery, which means you have the understanding of how all the numbers in your business come together to create bottom-line profit and ultimately cash for your business and Delivery Mastery, which means how you can effectively deliver your product or service to your customers.
These four pillars create the foundation for you to grow your business on. So we’re going to dig into each one of these today and really give you an insight as to what it means, how they work together, why they are important to small business success, and some ways that you can begin using them in your small business.
Destination Mastery, small business owners need a destination. Whether it’s defined visually or verbally, a small business owner must know where his or her business is going. This helps small businesses stay focused on their future. Your destination can be broken down into several components, your vision, which is the ultimate legacy of your business. What it will cause in the world because it exists. Your mission, which is the roadmap for how your vehicle, your business, will fulfill on your vision. And your goals, which are the specific, measurable outcomes that you will fulfill on in the short term. All of these are critical in defining and maintaining your focus on your destination.
Self-Mastery, small business owners must be able to manage their small business and themselves. Self-Mastery is achieved by setting a plan for what you are committed to accomplish. Then holding yourself accountable to that plan, simply because you set it up. The best plans are formed over time with small achievable milestones every step of the way so small businesses can reach their destination.
Money Mastery. A small business’s ultimate goal should be cash, not just profits or savings. While these things may help improve your lifestyle. They don’t bring in consistent income or guaranteed cash flow. Cash brings in better advisors and even higher prices for your products and services. Small business success hinges on building the engine that generates the sustainable value needed to create cash accumulation. This means understanding how all the numbers or variables in your business work together.
On a very basic level, your cash flow depends on your profits. Your profits depend on your revenues, and your revenues depend on the number and value of your customers, and the number and value of your customers depends on your marketing and sales. Truly understanding this small business equation and your small business metrics will help you improve every step of the process of how you market, how you sell, and ultimately what you deliver to your customers. Delivering a higher value product or service that solves unique problems for your customers, giving them a higher level of satisfaction when they use small businesses products or services, and creating long-term economic relationships with customers will all add up to sustainable small business success.
Delivery Mastery. Once your small business has made a sale, the success of your small business will depend on how well you deliver value to your customers. This small business delivery mastery is all about understanding how you communicate with and support your customers from the way you market, sell and deliver your small business products or services to every interaction with your customers during the term of their relationship with your small business. Ensuring small business customers satisfaction will also lead to free word-of-mouth marketing and referrals.
In order for small businesses to succeed, they need a firm foundation built on these four cornerstones. As small business owners, it’s important that you master these four pillars of small business success, Destination Mastery, Self-Mastery, Money Mastery, and Delivery Mastery. Your ability as a leader in your small business is absolutely critical if you want to create sustainable success, and these four elements will help support each other.
In fact, this is why I created The Insider’s Guide To Success In Business. In this book, I have outlined what you need to do to have a solid foundation for your business’s growth. Inside this book, you will discover the specific steps that you can do to build that foundation, as well as know exactly where you are along that journey.
I’m offering this book to you absolutely FREE of charge. Click on the link below this video, or go to www.insidersguidetosuccessinbusiness.com to download your FREE copy and start your growth today. Once you’ve downloaded your copy, you’ll have the opportunity to sample what it’s like to have me as your mentor.
I recommend that you take me up on that offer. Your business will never be the same. I’d love to know what value you got from today’s video or what questions you have. Leave me a comment. I look forward to reading what you have to say. Please Take a moment and like this video and subscribe to our YouTube channel. Be sure to click the bell, to get all notifications so that you don’t miss a single one of our videos.