BACK TO BASICS

There is a famous quote credited to Albert Einstein, “Imagination is more important than knowledge.” This quote embodies the premise that innovation and imagination are the keys to business success. If you think you have a great idea or a better way to do something, do it. With a little imagination and innovative thinking, you may find your competition trying to keep up with you.

Most entrepreneurs are both hard-working business owners and visionaries. They are the ones taking risks and creating new products and services that benefit our world. As much as it seems glamorous to work on the best new thing, most of the success in one’s business comes from a dedication to incremental improvements and consistency in repeatable tasks. 

These daily concepts aren’t the sexiest topics for someone at the top, but they are essential. This means knowledge of everything from individual customer service calls to participating in regular meet-ups with department heads. The more you are aware of how your business is doing every single day, the more successful you will be (and the happier your customers). Interacting with your customers and the staff who work at the coalface of your business is key as these interactions often give rise to the types of innovations and ideas that make life easier for the customer.

One thing to keep in mind is that you have to create repeatable processes. You may not come up with a new way of doing something or a new product every day (or maybe even every year), but you will be serving your customers on a daily basis. What matters most is that you take your daily activities and interactions with your customers seriously. 

Hard work outweighs talent and intelligence, and is vital if you want to succeed. You have to work hard when things are going well, and even harder when they are not. It means taking calculated risks and sticking to them, no matter how challenging they are.

Entrepreneurs are known for their strokes of genius that may hit day or night. Whether it is coming up with an idea for a new marketing initiative, a hot concept for a sales contest (that must start tomorrow), or an innovative way to retain customers, starting programmes can be really exciting, but none of it will matter if you don’t track your progress.

Everything in your business comes down to the numbers. What you don’t track will not improve, period. Try to track the daily, weekly and monthly performance of each of your departments and it will make all the difference. 

The quality of your team has a direct impact on the satisfaction of your customers. The best way to develop a top-notch team is to focus on hiring. The more time you spend searching for and vetting the most motivated and driven individuals to join your ‘family’, the better. This dedication will directly feed into your company’s culture. A company that understands that people are its most valuable asset and the key to their success will have a better chance at succeeding. Don’t forget, technology and processes do not run companies, people do. Appreciation for your employees will positively impact your culture.

It is hugely important to create an environment that allows employees to thrive and do their best on behalf of your customers. Nurturing this philosophy in practice could take the form of perks such as complementary meals and fun events that make the company feel more like a family. Perks like these won’t be the reason employees stay, but if they are engaged in what they do, are offered the opportunity for further development, and a solid career path, they are likely to be happier in your business than anywhere else.

It can be tempting to focus on your competition with a nearly obsessive eye — What are they doing? How are they being more innovative? How did they acquire that customer?

Pay attention to your competitors, but never to the detriment of meaningful internal projects. Keep the competition in the back of your mind, but always put more energy into your own company, focusing on how you can make it the best it can be while raising the expectations for your customers so they will have no better place to go.

While this may seem counterintuitive, failure (in the right context) can be helpful. Creating an ethos that allows hard-working, innovative employees to fail from time to time, will create a culture of innovation which is incredibly important for a company’s success. When someone knows that they will not be reprimanded for attempting to improve a process or introducing a new idea, they are more likely to try. 

No matter where you go in the world, you will find that all people share one similar trait — they all want to be loved. Respect every person you meet, no matter who they are or the status they hold. As for your friends and family, love them unconditionally, and never forget about them no matter how busy you are.

Never sacrifice your health for anything, not even success. Nothing is as important as your health and nothing ever will be.

No matter where your professional goals or personal journeys take you, these are lessons you can always apply to your own path. Check in on these nine pointers from time to time and success will surely follow.