When it comes to business, and in fact even in life, I’ve learnt that there are two key components that lead to success.
They really are so straight-forward, so basic that you’ll probably hear them and go, “Oh yeah, I knew that,” or, “It’s impossible that those two things can make that much of a difference”.
Yes, it’s simple but before passing this off to the left side of the brain, in order for you to ascend to the highest level in business you’ll need to be across this.
The first one is driven by the second and the second by the first. They are symbiotic in their relationship with each other. They make each other better.
Relationships drive business
The relationships you have with your team will determine how loyal they are, how much hard work they put in and how far they’ll go for you. Their level of input, integrity, honesty and capacity, will be governed by the quality of your relationship with them. The same goes for your suppliers – will they give you special rates and discounts? Will they give you extended payment terms? Or are you just another person or number to them.
The quality of your relationships with your clients will determine if they buy from you and whether or not they come back or even refer others to you. Do they like you? Do they trust you? Do they actually respect you as a human being? These things matter when it comes to growing an accomplished enterprise or sustaining an already successful one.
If they do like and respect you, they will be compelled to spend more money with you and keep spending money with you because they trust you. Put it this way, when we are relative, when we are relating, when we are in a relationship with someone that we like, what do we like to do? We like to visit and be in regular contact with them – think restaurants, coffee shops, beauticians and hairdressers. Repeat business in the most successful of these types of businesses is governed by how people feel about the company, the product or the people and how we feel about something defines our relationships with it.
The quality of your relationships with your spouse, kids, family and friends will determine the level of support that they give you, which is required in order for you to grow your business. Business can sometimes be a very lonely journey, one filled often with misunderstanding from the people close to us who don’t see the world the way we do. After all, being an entrepreneur to some people is the equivalent of being broken, which is emphasised by statements such as “what is wrong with you, why would you leave your well paying job to start this silly business?”.
And it is worth mentioning, with strong caution that the relationship that you decide to have with your life partner will be the single most important decision of your entire life. It will play a massive role in whether or not you will succeed in business.
One thing I can say for sure, is that in business you will need an enormous level of support in your corner. Relationships, be it healthy or unhealthy, will affect everything.
So if you can get this number one key down, you’re primed to be very successful. Very primed.
But it helps to understand what drives strong connections and relationships.
The second key is what I call value.
Now value, is a misunderstood word. What does the term actually mean?
It’s something that’s important and has worth.
Let me break it down. You know what a personal value is right? It could be family, it could be health, freedom, security, faith, it could be fitness or even travel. It’s the things you fill your time and space with. The things you read about, think about, talk about, fantasise about and dream about. Those things are your values and values are motives, – people’s reasons to either do or not do something.
So then how do we determine the value of something?
It’s based on whatever is being offered and how it relates and connects to the things that are already important to us – our values. The more something meets our values the more ‘valuable’ it becomes in our own eyes and thus value is established. With more conversation it is even possible to connect a dollar value to the equation by asking things such as “how much is this worth to you?” or “how much would you pay to make this problem disappear?”
So, say your value is family – that’s your motive for doing what you do, and someone comes along and promises to show you a way that you can spend a lot more quality time with your family, by giving you all the help and support you need, in a way that’s assisted a bunch of other people before you. What are you going to say?
Chances are you will have high levels of motivation to transact with that person because the value they provide enhances something that is important to you.
So how do you create value that’s of high worth and importance to people?
You need to know your customers. Listen to the marketplace and find out everything there is to know about your target market – what are their cultural values, family values, societal values. If you can identify what’s important to them then you will be well on your way to creating value and connection with your clients.
Getting it right!
One thing I’ve seen time and time again from business people and even marketers, is that they’re in a constant state of building relationships because they burn relationships so many down like nobody’s business. They never get the opportunity to scale it because they haven’t nailed their ability to build and maintain quality relationships and create legitimate value for their customers and partners long term.
Their support network also has a very high turn over, because no one wants to actually be around them for long. They’re constantly having to recruit new support, new team and new clients. And it costs a freakin’ fortune!
It’s the leaky bucket scenario. If you don’t have strong healthy relationships and the ability to deliver on values, you’ve got a hole in your bucket.
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