During the past 30 years I have worked with more than 120 business owners, presidents, and CEOs. Each of them has found themselves in a bad situation that they were unable to fix on their own which is why I was there.
I have heard the following statements made by owners more times than I can count:
- “I don’t know what to do!”
- “The answer is beyond me!”
- “Nothing I do works or makes it better!”
- “I’m worn out and frustrated!”
Perhaps you have said these same things or something similar. Statements like these indicate the business owner has lost confidence in being able to solve the problem(s) they find themselves facing.
What is the business owner missing? Is the owner lacking some critical piece of business knowledge?
From all of my years of helping people make their business successful, I have discovered that you need special 5 words to run your business successfully. If you use these 5 special words you will be able to:
- Create and execute a realistic master plan for your business.
- Avoid many if not all of the problems that cause more than 50% of small business in the U.S. to fail within the first 4 years and more than 90% to fail within 10 years.
- Stay ahead of your competition.
- Maintain proper focus on the important things in your business.
- Work “ON” your business instead of just “IN” your business.
These 5 special words will help you no matter when you start using them. They will aid you in reducing the confusion that plagues many business owners. They will restore any confidence you are lacking in yourself as a business person and they will help you identify and gain any critical business knowledge you might be missing. There are two things you must do to make this come true. First you must be honest with yourself about yourself. Secondly you must learn to use the 5 special words in your business as suggested in this article.
What are these 5 special words? What makes them so special? And, when and how should you use them? You will be amazed by their simplicity and ease of application in your business.
The 1st Word is WHY.
The definition of “why” is: for what cause, reason or purpose; with what intention, justification, or motive.
“Why” is the first and most important of the five special business words. Use it first before any of the others. It is the first word that you should use when you start your business. The question you need to ask and answer for yourself is “Why am I starting this business?”
If you already have a business and you didn’t ask and answer this question. Stop what you are doing and ask and answer the “WHY” question NOW!
Your answer to the “Why” question gives you and the outside world the fundamental reason for your business to exist. The answer should not be complex to state or difficult to understand. The answer needs to be based on a true belief you possess and others of similar belief will be willing to support.
There are two components to the “Why” answer. First you must specify why you personally are starting this business (i.e. your belief) and second you must specify “Why” this business of yours is needed in the world (i.e. the value it will bring to the world).
Asking and answering “Why” provides you with the fundamental foundation for your business – its true purpose.
Many new business owners have difficulty creating the master plan for their business. Sometimes this master plan is referred to as the business plan or strategic plan. No matter what term you use, this plan should be based upon the question “why” and the associated answer. Use “why” as the starting point of your business master plan.