It’s tough being in business. According to the Bureau of Labor Statistics, around half of all businesses no longer exist after five years, and only one-third make it past their 10 year mark. It can be extremely stressful to grow a sustainable business with the alarming high percentage of failures. In a fast-paced environment, it can be easy to overlook significant details that could contribute to the betterment of your business. Luckily, there are experienced leaders to offer insight and guidance based on their personal business success and experience. There are no magical secrets to thriving businesses, but there are tips to guide you in the right direction.
Dr. James Nitit Mah is the Founder and CEO of IntelLegend Corp, a head conglomerate of healthcare, software development, knowledge, and e-commerce organizations. Dr. James has vast experience in creating, developing and maintaining successful businesses. Dr. James advises to implement these four foundational pillars to generate, encourage and maintain successful businesses:
Flexible Planning
Like many entrepreneurs, Dr. James knows the importance of careful planning with flexibility in mind. Just as you would plan out the itinerary for any major vacation or trip, it is necessary to create focused plans to help define your success. Take the time to map out significant milestones in your business journey, set detailed goals and establish an action plan. You wouldn’t go into an unknown venture in a foreign landscape without preparation, research, organized plans and compelling goals envisioned. Determine the direction your company would like to head toward, then research the multiple options available to arrive at that point and organize the blueprints.
Once your plan is set, remember that it isn’t set in stone and can be susceptible to constant changes as time progresses. Plans don’t ever truly go as expected, because there may be complications on the road and unforeseen obstacles that may prevent you from achieving certain goals. Shift your focus away from the timeline and center your attention on how you can adapt your plan to further business growth.
The purpose of the plan is to establish a course of action and then follow it through to best of your ability while making edits along the way. Few businesses are successful on their first course of action. In an everchanging economic and technological landscape, it is imperative to stay flexible and change course as necessary.
Small Actions, Big Impact
Dr. James accentuates the significant importance of all actions, regardless of their size. It is often said that “great things are done by a series of small things brought together,” which holds true to the development of successful businesses. There are no battles or gains too small that won’t contribute to the growth and development of your business. All victories are victories nonetheless.
At times it may seem as though small actions are going unnoticed, but these “miniature” contributions add up and generate great success. One penny by itself is quickly disregarded but an enormous quantity of pennies is better received. Those small actions that can appear invisible, may just be your “lucky penny.”
Also consider that small actions done repeatedly and consistently can eventually become an automatic habit. One study found that it only took on average 66 days to form a new habit. Small actions that become automatic habits lead to formalized processes and company cultural norms that instill success in all employees.
More Leaders, Less Bosses
To successfully compete with other businesses, Dr. James advises on the importance of a strong team unified by an inspiring leader. A boss is defined as a person that manages employees while a leader inspires others to innovate, think creatively and strive for perfection. Leaders develop people, delegate, think long term and earn respect. Leadership is the most effective method of motivation and power. According to a 2014 study, employees who feel respected by their leaders reported 89% greater enjoyment and satisfaction with their jobs and 92% greater focus and prioritization. By being a leader, you are inspiring those around you to follow your footsteps and take initiative.
Seek to lead others and you’ll be a source of motivation and inspiration for employees, customers and potential collaborators alike. Remember your innovative ideas, the endgame you envision for your company and then implement daily actions that contribute to your overall success. The people around you are important contributing factors to the success of your business.
Remember Your Vision
As humans we’re all prone to mistakes. When bad things happen, it can be difficult to accept that we’re flawed. Remember to take note of what went wrong to prevent future errors. View every mistake as a learning lessons to help further propel you toward success. You may have to continue altering your plan but remember your original vision, and let that motivation light your way toward your ultimate goal. Consistently share your vision with employees, customers and stakeholders. The power of an inspirational vision should not be underestimated.
These four pillars of successful businesses can help any company emerge through challenges stronger and more resilient.
