I always get amazed at how many business owners are unwilling to pay the price for success.
In this blog, I outline a key strategy of successful people. They figure out the price of success and pay for it.
There are two types of people in business.
Closed – Static, Cynical & Tight
These business owners are in a ‘closed state’ in considering new resources and opportunities to improve.
A static state is their status quo. They do not evolve or want to change. In fact, their business hasn’t changed in 10 years. Change is the enemy.
They are cynical. Suggestions by customers are met with contempt. Suppliers are always wrong. Employees aren’t team members, they’re ‘bloody staff’. Ideas from employees are casually dismissed. Any ideas presented by external parties are treated as self-motivated and uninformed. A culture of toxic cynicism pervades.
And finally, they are tight. Product and service development is dormant. Staff are paid below market. Training and development are not funded. Suppliers are refused price increases, despite the validity of reasons offered. Customer refunds are non-existent. External parties are never engaged as they are too expensive. Every dollar is a prisoner.
Curious - Search, Find & Fund
These business owners are in an ‘open state’ in considering new resources and opportunities to improve.
This open state means always searching. These owners are prepared to search for what they need to be successful, find it and pay the price. They are constantly reviewing, analyzing and researching their edge. They invest in themselves, their products/services, their people, their customers and market. A mantra to be better.
They find resources that improve their business. Better material inputs, manufacture, design or delivery of products. How can we enhance our service offering and delivery? Who can help us get better customers and clients? Who can help us attract, retain and reward the best people? What resources do we need to be better?
And finally, they fund. They pay $100,000 to upgrade their product. They engage a leading marketing consultant to enter a new market. A professional development program is funded for the team to stay best in class. An extra $120,000 salary is paid to recruit the key ‘missing person’ they’ve needed in the team for the last 3 years. The best accountant, lawyer and investment advisor are engaged. Anyone, internally or externally, can present a cost-versus-benefit business case for consideration to senior management.
I don’t have to tell you how contrasting the outcomes are for these two types of owner.
The closed owner is in a jail without bars, immersed in constant mediocrity with little business satisfaction.
The curious owner is continuously moving towards more success through a curious mind to opportunity. Goal congruence is high with customers, employees, suppliers and shareholders all within a win-win relationship.
The curious owner earns more, works less hours and enjoys a satisfying business life.
Are you Curious or Closed?
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