FOUR-LETTER POWER WORDS OF THE INDEPENDENT BUSINESS OWNER

Words have impact. Words mean something. Often when we think of four letter words, we think of the ones that cannot be printed here. It is true those words may have a shock value; however, there are four-letter words that directly impact the success or failure of any business.

FEAR is a four-letter word that often prevents great business ideas, services and products to never happen. Fear paralyzes action, causes undue panic; it sets the stage for bad decisions. However, fear is actually a natural reaction to the unknown. We fear what we don’t understand, we fear what we cannot see, and we fear what we cannot change. Taking the time to actually define what we fear often gives us a broader view of reality. Once you can see the true picture of something, it is easier to develop a plan of action.

FAIL is one of the biggest words in the English Language. Unlike FEAR, FAIL is not an innate instinct. Babies learning to walk do not understand the concept of fail. Nothing deters them from learning to take those first steps. They may fall often, but they get right back up. As adults we have learned the dreaded word FAIL and everything that goes with it. The fear of failure causes us to stop trying, give up too early, lose our focus, stop thinking creatively, stop learning and stop finding solutions. It is these actions or lack thereof, that actually create the environment to FAIL.

The above four-letter words can destroy business success. The following four-letter words can spell victory for a business.

TELL-You have a great idea for a product or service. You want to make a business. A great service or product without a market has no value. Defining that target market is only one step in a complicated process. Key questions have to be asked is “How are you going to TELL your target market about your particular product or service?” “What are the best information channels to TELL your target market about your product or service?” “Do you have a defined a concise a clear message to effectively TELL your market the benefits of your product or service.” What is the story of your product or service?

SELL-You may have a great product or service but how good are you at selling. Many people thing SELL is a bad word. It conjures pictures of “used car salesman with the checkered jacket, green pants and white shoes. SELL is the second part of TELL. TELL creates the interest, SELL creates the Business. Making sales invokes a lot of anxiety for many business owners. There is the fear of failure, the fear of rejection, fear of loss. To SELL actually means to SHOW benefits. Showing the value of your product and/or service is the key element of a good sales plan. Do you have a referral plan for your loyal customers?

PLAN – Taking the time to PLAN the Who, What, Where, When and How of your business is critical to initial and continued success of any business. Who are going to be the key players in the business? What exactly is your service or product and how is it unique. Where are you going to sell this product or service? When will you begin to sell this product or service? How are you going to fund your business start-up, increasing technology needs, etc? Finding the answers to these questions and countless other ones is a requirement for success.

HEAR – Listening to the experts in the various fields that pertain to running your business successfully is a key to business success. Life-long learning is not an option, it is a reality. The business environment changes daily. The window to implement positive change in business is getting smaller and smaller. “Doing things over and over again, expecting different results” is the definition of insanity. Running a viable business is a very complex endeavor, learning as much as you can before you make a mistake is much less painful and costly than learning from your mistake.

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RISK – Starting a business is a gamble under the best of circumstances. One only has to look at the statistics for business survival to realize that. However, RISK is an essential factor in running a business. RISK cannot be avoided, but it can be managed. However, RISK can only be controlled when you have true and correct information at your disposal. Do your financial records tell you what you need to know? Has your target market changed? Do you know what your competition is doing?

LAWS – Understanding all of the tax laws, zoning laws, licensing laws, employment laws add to this burden. However, the consequence of not understanding how various laws affect your business is a death knell for your business. Knowing not only what laws and regulations are important, but how they affect your business is also essential.

CASH- It is true-CASH is KING. Do you have the cash either in the bank or access through resources to not only start your business, but sustain it through its early years? Do you have a comprehensive financial system in place that not only tracks revenue and expenses, but provides the critical information necessary to make the right decisions for your business and its future?

WORK-Most new and current businesses do not become successful just through another four-letter word LUCK. Another four-letter word BUSY does not necessarily translate in profit. If you are starting a business or trying to grow the one you own, are you prepared for the WORK involved? Do you have a concrete business plan? Have you identified your financial resources? Have you identified the personnel support you will need? Does your family support the time commitment that will be necessary in your endeavor? An old adage still remains true “WORK Smarter, NOT Harder.”

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