As we already covered in Part I of this article, growing a business that makes a positive impact in our world can be especially challenging.
In this Part II, we are going to cover the next areas that are critical in order to build a lasting business.
Start and grow a business it's a challenging task, but start a social business is even more challenging.
5. IMPACT RELATIONS & PARTNERSHIPS
Why spend all your time, effort, expense, and credibility-building activity to attract new clients from the outside market when there is a more accessible and less expensive way to do it? You can partner with other people, companies, publications, and organizations and win new clients by entering their network.
This way is faster, more efficient, and is only a fraction of the cost you would spend doing it yourself. And not to forget: You meet tons of inspiring people and create a powerful network of changemakers for yourself.
The best way to build a sustainable economy is through the power of collaboration. To get started, you need to identify what you can offer and what you need in return.
6. SUSTAINABLE OPTIMIZATION
The 80/20 rule says that 20% of your time, energy, and effort are responsible for 80% of your results. This means a massive opportunity for your business. By making tiny changes, you can achieve tremendous results.
Sometimes, when things aren't going the way you want, you might think you are millions of kilometers away from where you want to be. But the truth is, you are only 2mm away. You already have a lot of activities going on. Perhaps you have salespeople. Or you have ads running, people calling, word of mouth, phone calls, customer service. You have all these contact and impact points that can be measured, optimized, and maximized.
The key to this process to measure your efforts, to quantify, and finally improve them.
7. CREATE CONSTANTLY RAVING FAN CUSTOMERS
Fall in love with your CLIENTS, not your product or services. Your goal is to give them the best short and long-term outcomes.
You should aim to build a relationship where you know more about your client's needs, goals, and desires than they know themselves. You can anticipate and meet their needs in a way that no one else does.
It is all about adding more value than everyone else in the market. Being a Changemaker is a huge differentiator, but it is not enough if you are not meeting your client's needs. Satisfied customers will leave in a heartbeat when they get a better offer, but raving fan customers are with you all the time. You cannot create raving fan customers with a simple marketing campaign. You create raving fan customers by creating experiences and understanding them in a way that nobody else will do.
The reality is that people do not care why you are in business. The only reason they deal with you (or they let you deal with them) is that to some extent they see an advantage in it for themselves. The more precise and more powerful you can serve them, the more you raving fan customers you will get.
8. THE MINDSET OF THE LEADER
The difference between making it or not is psychology and your set of skills. You need both. But honestly, skill is the smaller one of the two. Our model covers the strategies in all key areas of business. But without the right mindset is worthless.
When a business is struggling, most business owners tend to believe that it is because they do not have the necessary abilities to run a business or the right strategy to help it grow. But 80% of the time, the chokehold on a business is the psychology of the leader.
Very often, we learn something valuable from a mentor, a seminar or university, and are super excited. But in the end, we do not follow through and do not apply it.
Knowledge is NOT power. Knowledge is POTENTIAL power. Execution triumphs knowledge every day of every year. The goal is to be able to execute on the strategies you know and apply them to achieve the impact and success you deserve.
Written by Fernando