All healthy businesses are profitable, but all profitable businesses are not healthy. Health is the #1 thing to strive for when running and operating a business, especially when you’re building it from scratch as a “solopreneur.”
The particular reason for it being this way is because as soon as you are, you will have a better cash flow, more satisfied clients and customers, better relationships with co-workers, a more performance-based culture and most importantly, you are happier.
The business landscape and the fast-paced environments we work in gives you and your business only one guarantee- continuous change. Therefore, it is vital that you measure the performance of your business on a regular basis, knowing your KPI, and continually readapting to the new set of rules produced by technology and other variables. To not only survive, but thrive in your business, it is first and foremost essential for it to be healthy.
Here are the 4 things that all healthy business have in common:
1. A hot product/service
Is there a demand or a need for what you have to sell? By the way, this is a question you should have asked yourself before you even started your venture! Gary Halbert talks about going into a market that has demonstrated to be starving (or at least hungry) for your product or service. That said, it is essential to understand that a healthy business, no matter the economic situation, will still make sales.
People will spend money on your product or service if there is a substantial need for it. As long as you solve peoples’ or businesses’ problems and reduce their pain points, you have created a solid foundation of a healthy business through your core offer.
“I think we’re having fun. I think our customers really like our products. And we’re always trying to do better.” – Steve Jobs
2. Having a pipeline in place
What does it mean having a pipeline in place? It’s asking the question: Can you consistently bring in new business, whenever you need and want it? Do you have a reliable system in place that can be automated to generate new clients and customers for your product/service that can be turned on and off with a push of a button?
Healthy things typically attract attention, however, before you can tell someone how good your product or service is, you need your prospects’ attention.
There are several ways to do that; Conner Burt outlines a few good tricks. For a business to be flourishing, you are not allowed under any circumstances to base your decisions upon fear, scarcity, or emotional desperation like many entrepreneurs do. Instead, what you’d rather want is to make your decisions out of abundance and a position of power.
A growing business that scales at large has a pipeline and unless you want to get stuck, start putting a system in place. Using gained forward momentum is the single most powerful strategy for growth.
A common misconception amongst entrepreneurs is not to grow too fast, but there is no such thing if you’re well prepared and have a system in place.
3. Cash reserves
Every healthy business has cash reserves. Looking at all the successful companies that are unicorns in their respected market like Southwest, Uber, and Tesla. They all have cash (admittedly- a ton of it).
However, the point being, it just makes sense to be able to rely on liquid assets when the market crashes, shifts or a recession period comes along. Building up your war chest for the bad times will be a reason for not going bankrupt.
In fact, Southwest was the only airline during 9/11 who didn’t suffer a significant loss money wise and didn’t lay off employees. Why? Because they had 3.6 Billion Dollars in cash sitting around.
Cash reserves are directly correlated to your pipeline since it won’t make any difference to have money on hand if you don’t have the required skill set to grow your previously mentioned pipeline.
“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.” – M.K. Soni
4. A vision for other people
Business is about other people, never about yourself. The ability to grow relies on your vision you deploy for other people. What do you provide for other people? It has to be more than money, right? Every healthy business has resistance and challenges. Being healthy doesn’t mean you never struggle with anything.
Being healthy means that you are equipped to deal with the struggle and grow through it, and this requires a vision for other people that is way bigger than yourself.
Having a vision that goes beyond yourself and being authentic, doing what’s right for the prospect or client over doing what is best for you and your business will ultimately determine your business’s health.
Building a healthy business as an entrepreneur is tough when being unprepared. Knowing what will keep you on track, primarily through growth and scaling periods helps you build up sustainably, without the fear of a free fall to rock bottom.
Share with us a little about your business and if there’s anything we can do to help you grow. Comment below!
6 Reasons Why More Women Are Turning To Entrepreneurship
There are a lot of challenges that women are facing in the modern world. And it gets doubled when they try to break through the glass ceiling of male-centric stereotypes in the workplace. But you should know that you can’t achieve greatness with a small mind, and getting into an entrepreneurship journey is extremely rewarding. (more…)
5 Major Challenges Female Entrepreneurs Face in Business Today
The business world is mostly dominated by men. But over the years, we’ve seen countless women entrepreneurs rise above expectations and defy norms. The number of women-owned businesses in the U.S. increased by 114% within the last twenty years, of which 70% were started by women of color. The reality is that women are playing an important role in driving global economic growth. However, despite women’s massive success, they still face challenges today that most of their male counterparts don’t. (more…)
To All Entrepreneurs, Stop Being One-Sided
When starting out, it is an uphill battle for many entrepreneurs to find their voice in their industry and get their business out there. Just like you may have experienced when job hunting back in the day, employers wanted you to have a certain number of years experience in the industry, but no-one actually wanted to give you that experience. A catch-22 that can feel totally unfair if you know your own capabilities and just want the chance to prove yourself. (more…)
The Mindset That Keeps Successful Entrepreneurs Sane on Social Media
Social media may have been around for the better part of two decades, but society is still learning the effects such technology has on our mental health. For emerging entrepreneurs, social media is a double-edged sword. Now more than ever before, we can start conversations and share our wins and successes, but we can also waste time chasing meaningless attention. At worst, we can suffer feelings of inadequacy and anxiety. (more…)
How to Turn Inward and Detox Your Mind
4 Important Success Lessons You Can Learn From Avengers: Endgame
Here’s How You Can Succeed at Any Stage in Life
3 Ways Elite Leaders Optimize Their Mindset and Develop Sustainable Success
10 Traits an Inspired Leader Must Have
55 Inspirational Quotes That Will Change Your Life
(Images) 52 Motivational Picture Quotes For An Epic Year Of Success
30 Famous Quotes That Will Inspire Success In You
40 Rare Motivational and Inspirational Picture Quotes
72 Positive Thinking Quotes For More Inner Strength & Growth
3 Prince EA Videos To Change Humanities Path To Greatness
(Video) What Is Success? An Entrepreneurial Story To Inspire You
(Inspirational Video) What If Today You Knew You Were Going To Take Your Last Breath?
How To Make Enough Money From A Blog To Quit Your Job – Kate McKibbin
How Finding Your Passion And Becoming An Entrepreneur Can Lead To Happiness – Chiquita Searle
- Success Advice2 weeks ago
3 Things You Should Tell Yourself Everyday If You’re Serious About Success
- Life4 weeks ago
How to Get Out of a Funk and Live a Purpose Driven Life
- Success Advice3 weeks ago
3 Mindset Tactics You Can Borrow From Extreme Sports Athletes
- Life4 weeks ago
The New Realities of Living Your Best Life
- Life4 weeks ago
The Art of Saying No
- Success Advice3 weeks ago
Overcoming the Fixed Mindset Mentality
- Life2 weeks ago
5 New Habits to Help You Cultivate a Growth Mindset
- Life2 weeks ago
A Cleansing: The Mind Wash You Didn’t Know You Needed