Your Path to Business Success #15: Three Fundamentals of Business

When I was a little boy, my mother would take me and my sister to church every Sunday. Church within my home was an all-day event. We would wake up early on a Sunday morning; one of my parents would make a big hot breakfast, and I would put on my dress shirt, tie, slacks, and fancy shoes. I would come downstairs, eat breakfast, and listen to gospel music during our 30-minute drive to church. As a child, I had mixed emotions about going to church. It was long; I had to sit quietly and still for longer than any child should be asked to sit, and I frequently found the sermons boring. Church did have its benefits. I loved the rhythmic gospel music, awe-inspiring stories, and, most of all, being the Sunday School Treasurer.

Even at a young age, I loved numbers. Numbers made sense to me. You could add, subtract, multiply, or divide them, and they always came out the same. They never lied. Because I loved numbers, my mother encouraged the Sunday School Superintendent to let me be responsible for taking the offering plate around to collect money, count it, and report to everyone how much was given.

My time as the treasurer taught me three fundamental lessons about business that I carry forward today. When I was young, I did not truly have the words to describe my learning, but as I have matured as a business owner, those lessons ring true within every business, non-profit, or church I have ever helped financially.

3 Fundamentals of Business

The more people you serve, the more potential you have to earn.

All people do not contribute the same.

Prior experience influences future behavior.

Lesson 1: The more people you serve, the more potential you have to earn.

If you have ever been a regular churchgoer, you know that all Sundays are not created equal. Special Sundays like Easter, Mother's Day, and Christmas tend to have more attendees. On these Sundays, there was always more money to count. If you think about it, it makes sense. If you have more people in church, there is great giving potential. The same is true in business. If you want to earn more money, focus first on serving more people.

Lesson 2: All people do not contribute the same.

Every church has a few people who give more than others. You might assume that wealthy families give the most, but this is not always true. Individual decisions to give are based on many variables beyond than wealth. The people who appear to be the most wealthy often have the least liquid cash. Also, part of the reason they appear wealthy is that they spend money.

In contrast, the people who give the most have the most liquid cash (potential) and faith that giving will positively impact their lives (incentive). Knowing people's spending potential and incentives are essential variables business owners should consider when picking customer segments to pursue. Just because someone has money doesn't mean they will see value in giving it to you. To hit your revenue goals, you need to find people who believe they will benefit from your product or service and have the disposable income to pay for it.

Lesson 3: Prior experience influences future behavior.

When we first started attending our church, it was a small country church. Over the years, it grew. The Pastor modernized many things about the church. We began to have guitarists and drummers, TVs were added to the sanctuary, and young, dynamic ministers were brought in to provide new ministries. Our membership grew as the church evolved, and more people began attending Sunday School. As our membership grew, many people saw more value in the church, and offerings increased.

When people enjoy their experience with your business, two things happen: One, they come back and spend more money, and two, they tell others about your business. Providing exceptional customer service has to be a business's #1 priority. Your company makes revenue by fulfilling people's needs and desires. The more value you provide your customers, the more value they will provide to you.

Find what your passion is.

Throughout your life, you have been the same person at your core. For me, I have always been someone who loves numbers. As I got older, I went to school for business, earned my MBA, got a job as a business consultant, worked my way up the corporate ladder, became an executive, and then launched a mental health and coaching business with my wife. The advanced degrees and experience gave me fancy words, frameworks, and better ways of communicating, but I am the same person at my core. I love serving others. I love dealing with numbers. I love helping organizations grow.

If you want business success, you need to rediscover your passion. Looking back over your career:

• What made you want to get out of bed?

• What has pushed you to keep going when others stopped?

• What have you incurred pain pursuing because you knew accomplishing your goal would be the effort?

Running a business is one of the most challenging things you will ever do. It will have peaks that bring you some of the highest highs and valleys that make you feel insecure and unworthy. For you to persevere, you need to be willing to go through pain today so that you can have joy tomorrow. In pursuit of this passion, you will experience trials and tribulations that will give you the clarity and strength that you need to grow your business.

I hope you have enjoyed this 15-part series. Next week, I will take a break from writing something new, but I plan to summarize the material I have shared over the last 15 weeks. I hope you have seen value in these writings. Each is a step towards improving the profitability of your business. I know these steps work because I have helped over 1000 Franchisees throughout my professional career and the hundreds of independent small business owners I coach, mentor, and consult. Running a business is complex, but having frameworks and support can make it easier. What I have provided you over the 15 weeks is a do-it-yourself manual for growing your business.

If you have started using this knowledge and feel stuck, schedule a call with me. Within 30 minutes, I will help you determine if my coaching and consulting can help you accelerate your business's growth.

Let's talk business

I wish you the best. I am cheering for you and here if you need me.