In fact, before you answer, think about this first:
How did you get into business, in the first place?
Perhaps you were: Laid off from a job; grew up in and then stepped into the family business; married someone who had their own business; grew a hobby into a business; retired from one business only to start another. Or maybe you are just living your dream of owning a business.
Most people get into business by default. And they think the profits will automatically follow simply because they are in business. But if you are a CEO, company president or business owner of an established, successful business, you know profits are not always what you anticipate or plan for. Profits just don't happen. They require a great deal of work, strategy and doing the right things at the right time.
Now back to the first question, why are you in business?
You need to determine your motivation for being in business; and, in turn, have the business set up with realistic, attainable expectations. Of course, profit is a key factor but you also need to understand the dynamics of business.
Your business has only one big boss. And it's not you. It's your customer.
Business is about strategy, thought and understanding the needs of the customer and what the customer wants. Those are the things that create profit.
Most business people don't understand why they are in business or what they are truly there for. Your business is about service. How you service the needs of customers. Service includes education.
Employees are a big part of the service equation. The challenge is to get your employees to understand where their paychecks come from. You may sign your name to the paycheck but the money, as you know, actually comes from your customer who is doing business with your company. Without the customer, there's no business, no profit and no jobs for employees.
It comes down to educating and motivating your employees to provide the best customer service.
It also comes down to educating and motivating the customer to buy. And return to purchase again and again.
If you are to educate and motivate both your employees and your customers, then how do you educate and motivate yourself as the CEO, president or owner of the company?
You can't know it all. Information is increasing at an astounding pace today. Seek out sources and people with more experience and knowledge than you. Seek to gain more of an understanding of what you don't know or need to be aware of for your business.
Bottom line: In general, become a student of business. Then become a student of your business. If you do, this will be a winning combination.
