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Mindset as a Business Strategy

3 things you need to know to build a conscious practice of working ON your business.

The Formula for Success

BE x DO = HAVE

WHY THE FORMULA FOR SUCCESS WORKS

  • The word BE stands for your thoughts as a business owner, and how you think about business in general. The first variable in this formula requires an owner to have a vision, then channeling their thoughts towards achieving what they are targeting.
  • The word DO represents the actions you take as a business owner. While you may work in the business every day, it's the actions you take working ON your business that leads to greater control and better results. The second variable in this formula requires an owner to discern and decide what to do as the owner.
  • The word HAVE stands for the results produced as a result of an owners' thoughts and actions.  It is the product of the formula. The higher the value you place on Being and Doing, the greater results you will Have.
  • When you think about business do you have big dreams and ideas but actions toward achieving those dreams don't measure up, then your results will suffer.
  • When you engage in taking lots of action with no clear plan on the strategies needed to succeed, then your results will suffer.

BEING THE OWNER VS. DOING THE WORK

BEING = MIND

BEING a business owner is recognizing the importance of separating working IN the business, versus working ON the business. BEING a business owner is recognizing that time is a the limited resource. Intentionally making the time to analyze results, identify obstacles, and think strategically on how to continuously improve is an act of working ON your business.

DOING = BODY

DOING. These are the decisions and actions the owner takes, and the business implements, based on the owner's strategic thinking. Actions include, simplifying to determine what's most essential to the business now. Prioritizing to focus on only 2-3 strategies at a time. Executing consistently over time while measuring for results. Then as strategies gain traction and the business transforms, repeating this process over and over. With this practice your business will be on a trajectory of continuous improvement.

3 Tips for Building a Conscious Business Practice

YOU ARE NOT YOUR BUSINESS

Business owners must separate the BEING from the DOING. No matter how busy an owner is working in their business. Recognize that business friction is usually an issue an owner must lean into (rather than avoid). Devote time to thinking deeper about problems. Face the business. Orchestrate changes needed to keep it healthy and growing. As the leader of your business, it’s your role to be strategic, analytical, and forward thinking. BEING the business owner is not a task that can be delegated away.

SYSTEMS RUN YOUR BUSINESS

People execute the systems. Too often employees take the blame (when most often the reason for business friction is the systems). Often, it's because the systems have become the norm and changing them is hard. This is especially true when the owner works in the business daily. When people feel the strain of this friction, they must recognize it's on them to search where it's coming from. They must refrain from placing blame. The owner must make quality time to understand the issue and analyze the situation. Then, decide what changes (if any) need to be implemented. Then, hold others accountable to the new system. Always test and measure your results. It's here where emotions can interfere with the facts (if the owner doesn't act accordingly).

THE TIME CONUNDRUM

While all humans have 24 hours in a day, time can be especially cruel to the business owner who also works in their business. Tired from putting in a full day's work, owners must now handle the things they and only they can do. The more they hold onto the less time they have to work ON what's most important for their business. An owner of a growing business cannot do it all alone. Whether it's delegating to another person in the business (or finding outside help).


It's the best way for an owner to find the time to work ON the business, which only they can do. Another aspect of the time conundrum is that anything an owner discovers and chooses to implement takes time to implement. Then it takes even more time to see the results. A business owner seeking to continuously get better and grow knows it's going to take more time than they want. They must be committed to allowing that time, even when feeling the pressure to increase income.