Q1 2019

www.wealthandfinance-news.com 6 Wealth & Finance International - Q1 2019 3 Tips to revolutionise the way you do business From one way to my way What we expect from running a business has evolved dramatically. Now more than ever we cannot expect to follow a one-size-fits-all template and expect that it will lead us to sustained success and fulfillment. It is tempting to emulate prominent business peo- ple and hope that, by following their strategies, we are guaranteed to replicate their success. When we look at successful business people, it does not take us long to notice that they appear to be taking entirely different approaches. Sometimes even contradictory. For example, Richard Branson, founder of the Virgin Group, succeeded by running 300+ com- panies whilst Bill Gates focused on one company, Microsoft. Steve Jobs led Apple to be a pioneer in innovative hi-tech products whilst Warren Buffett never created anything innovative instead invested in low-tech businesses like Wrigley or Gillette, built and managed by someone else. Jack Welsh made GE the biggest company of its time by developing leadership talent whilst Henry Ford first mass-produced an affordable car available only in one colour. What is apparent from these examples is that there is not one single formula that leads to success nor a distinct way that one ‘should’ do business. Your opportunity lies in discovering and following the business path that best reflects and aligns with your own unique perspective. We know that any thriving business provides valu- able solutions to needs and problems of its market, and does that profitably. Whom it focuses on to serve, what value it chooses to provide, and how it does that, leaves for a lot of space to manoeuvre. How can you begin to design or customise your business so that it is better aligned with your mission? 1. Focus on your natural strengths In the game of business, just like in sports, we benefit much more when we focus on amplifying our strengths rather than trying to be the best in everything. What are you naturally best at? What business ac- tivities came with most ease for you? What are you drawn to do when opportunity or problem arises? What are you passionate about or fascinated by? Your natural strengths are often hidden from you in plain sight, and hence you may fail to see how valuable they are in business, but you need to put them at the forefront and build around them. Your talents will give your business a unique edge and your passions will infuse it with energy that attracts the right customers and team to work with you. They are the ultimate competitive advantage. Working from your personal strengths gives your business foundations on which you can build everything else. Moreover, once you discover your uniqueness and bring it to the table, work becomes joyful and fulfilling as well as productive. 2. Identify the right models Your natural strengths come alive and find effective expression when supported by the right models. Also, by implementing the right model, a sustainable pathway for growth is generated and collaborating with others becomes much easier. Personally, it means finding the right role models, 3 - 5 at best, whose path you can follow and whose accomplishments and failures you can learn from. That will guide you on what advice to focus on, and what to respectfully ignore. Who inspires you? And whose path can you imagine following naturally? For your business to deliver the greatest value most effectively and to be able to scale and serve as you grow, examine models of businesses that do it well in your own and other sectors. There are many different pathways that a successful business could follow but there will be one, or few, that best suit your distinct mission. Be inspired by others as you put together a model that works spe- cifically for you, your business and your market. 3. Examine your motivation Why are you in business in the first place? What do you expect to accomplish, express and contrib- ute by working in you particular field or market? Make sure you don’t strive to just make money. Money is an important resource and indicator of value. However, making this your main goal is limiting and dangerous. What gives meaning to business, and provides a lasting motivation in the face of inevitable challenges - whether you are a small entrepreneur or a large corporation - is not focusing on just max- imising profit, but maximising your potential, impact and contribution to others. Establish your business as the perfect vehicle to help you solve a problem that troubles you in the world or make a difference to someone you care about. Then you will find meaning and inspiration in what you do and the resourcefulness needed to make it happen. Conscious revolution The way you approach your business is a con- scious choice. The opportunity is there for you to make it exciting, meaningful and rewarding. About the Author Jan Polak is a pioneer of the new business paradigm and purpose-driven enterprise and has been passionate about empowering business people worldwide for the past 20 years. He is the co-author of Transformation Lessons as part of ATL Europe. www.janpolak.com