B is the second letter of the alphabet in the A-Z of Building a Successful Business. B stands for both Budget and Behavior. For any Business to be successful for the long term it must have and stick to a Budget. In addition the Behavior of both an owner and a team of a Business will determine how successful they all are.
The Budget is a crucial tool for the owner to understand one’s numbers, expenses, cash flow and how every line item in the business relates to the overall revenues. With a proper Budget you can track marketing expenses and how it impacts your revenues on a month to month basis. With a Budget you can track your payroll expense percentages as it relates to revenues last year, last month. The Budget is the life blood and pulse of the business. For a Business to be successful and long lasting the owner must always have his finger on that pulse.
The Behavior of the Business is also very important and this is shaped by both owner and the team. Your Behavior dictates your decisions which dictate your actions which dictate your results and the Bottom line in Business is all about Results.
The Behavior is what everyone sees on the surface however it is what’s below the surface that shapes this Behavior. What we find first below the surface is our skills. We can increase our skills in any part of our Business and this goes for both for the owner and the team. We can read books, take course, attend workshops and mentor other professionals to increase our skills. As we increase our skills we will possess the ability to make better decisions which will lead to more actions which should increase our results.
What we find next below the surface is our Beliefs. If we want to be the Best in an industry, have the Best team, provide the Best service, we first have to Believe that we are the Best and can deliver in those areas. You can possess all of the skills in the world, however if you don’t Believe in yourself and your team all those skills are worthless.
What’s next below the surface is the values. Our values are what shapes us.
What’s next below the surface is our identity. Our identity is very important as it’s actually our skills, beliefs and values that shape our identity. What many of us don’t realize is our language is a crucial element to our identity and to our overall success. With Identity you have to pay close attention to your I am’s. Why your I am’s are so important is because whatever words come after I am shapes your destiny either for the good or bad. So, think about some of your I am statements and see where they are taking you.
What’s last below the surface is the environment. Be very conscious of the environment of your work place, your staff, your culture, and most importantly the people you associate with. Look at the cleanliness of the car you drive and your office you keep. These are all every day elements of the surroundings that will shape your environment and travel you towards your success.
In conclusion, Be conscious of your Behavior and all its invisible ingredients while keeping a good eye on your Budget and this will be one of those winning combinations that will help you and your Business thrive.
If you or anyone wants to learn more about how they can thrive in their business contact your coach.