Five Strategies for Ensuring Business Success

Editor's note: In part one of his five-part series on “Five Strategies for Ensuring Business Success,” Anthony Parnell discussed Strategy #1 "Understand the Cyclical Nature of Business." This is part 2.

Briefly reviewing some of the key points discussed in last week’s issue, there are three general cycles of business development: Formation, Maintenance and Growth. And, each of these cycles encompasses inherent challenges that Business Owners and Executive Managers can anticipate and proactively plan and develop strategies to overcome. More importantly, during each of the three cycles of business development, solid management principles, planning and a focus on building and maintaining effective teams are needed for a business to not only achieve and maintain business success - but to reach its fullest potential and highest level of performance.

Strategy #2 is "Maintain a Commitment to Cultivating an Entrepreneurial Spirit." Whether you are a Business Owner or Executive Manager, possessing an entrepreneurial spirit is a necessary attribute that must be embodied for a business to not only achieve and maintain business success – but to reach its fullest potential and highest level of performance. An entrepreneurial mindset is one in which an individual has a willingness to take risks, constantly strives for perfection, actively seeks new opportunities and avenues for expansion, and understands the importance of aligning oneself with individuals who can help fulfill his or her vision. Unfortunately, because of the emotional drain of being bombarded by the daily demands for time and energy in one’s personal and professional life, it can be extremely difficult for Business Owners and Executive Managers to continue to exude the passion and clarity of vision they once exhibited when they first embarked on their entrepreneurial endeavor. There, however, are several important steps that you can take as a Business Owner or Executive Manager to counteract mental and physical fatigue as well as to ensure that you “Maintain a Commitment to Cultivating an Entrepreneurial Spirit.”

1. Surround yourself with like-minded and like-spirited individuals by whom you are energized, inspired, and with whom you share the same personal and professional values. In doing so, you must understand and accept that in all personal and professional interactions, people either give you energy or take energy from you. You, therefore, must become more aware and honest with yourself about the impact of your personal and professional interactions as well as become more disciplined in the boundaries you set with other individuals personally and professionally.

2. Focus on your own Professional Development. When one is experiencing mental or physical fatigue, or possibly even burnout, it’s easy to focus on the shortcomings of others. But, in the long run, highly effective business leaders are able to get the most out of others because they have learned how to get the most out of themselves.  Cultivating your own Professional Development can be accomplished through a variety of avenues such as consistently reading materials and attending events that will further expand your business knowledge and team-building skills. It’s also important to identify mentors, within and outside of your industry, whom you can emulate as well as receive encouragement and support.

3. Maintain a mindset of “We” vs. “I.” Focus on building solid teams among your executive management team, in particular, and within your organization as a whole. This includes making a conscious, long-term commitment to cultivating the talents of others and to surrounding yourself with team members who possess other areas of expertise to help fulfill your vision in the most efficient and cost-effective manner possible