A key to business success
An article by Jim Connolly
One of the most accurate sayings in business (and life) is;

'Success leaves clues!'

The most successful businesses all share a number of common factors; things they do, which less successful businesses neglect.  If you copy what these super-achieving businesses do, you too MUST achieve similar success - the law of cause & effect assures us of this.

What I am about to share with you in this article has been referred to as 'the key to business success!'  It's all about something known as, "the 'common knowledge' approach to success!"

Answer this question honestly;
'How highly do YOU value good, professional advice?'
Do you value professional advice or do you find yourself making decisions and trying to develop your business using a mixture of hard work and 'common knowledge?' The common knowledge I am referring to here is that information we use whenever WE decide to make a decision in a specialist area without first getting specialist advice from, for example; an IFA, Accountant, Recruitment Consultant, Lawyer, Marketing Consultant, IT Consultant etc.

Most small to medium sized businesses grow to a certain size and then stop - they reach a plateau and stay there no matter how hard they work.  This happens because they make key decisions based on 'common knowledge;' things they wrongly assume to be true.  Like the chap rowing his boat in the wrong direction with all his might, these businesses work really hard - doing the wrong things!

Here are some examples of 'common knowledge' used by businesses
Common knowledge tells us that the average response rate for a mail shot is between 2 and 4 percent. Common knowledge also tells us that all publicity is good publicity and that people are mainly motivated by money.

NONE of this 'common knowledge' is correct
Even so, numerous businesspeople use it to base their decisions on.  If you make decisions based on bad information, you obviously get bad results.

Let me clarify just how false those 'facts' I mentioned earlier are!

Average response rates for mail shots can be higher than 50% or lower than 1%!
Response rates vary - depending on the cost of the service or product being offered, the target group, the kind of guarantees you offer and whether or not you follow up the letter with a phone call etc. So, a Credit Card company's mail shot can expect an average response rate of below 1%, and a targeted letter offering a free place at a talk given by a famous speaker can get a 70% response or better.   Both are quite ‘average’ and neither fit into the common knowledge 2% to 4% bracket.

All publicity is NOT good publicity!
Remember Ratners? They were a successful high street jewellers, that went under - just after Gerald Ratner was plastered all over the TV, radio and newspapers for publicly stating that their stock was "total crap" in 1991. He got millions of pounds worth of 'free publicity' - none of which he wanted, all of which hurt him and his business.  He has since rebuilt his career, but the impact of the bad publicity almost finished him.

NO ONE is motivated by money!
Try motivating your staff with money and you will fail.  It's a bad business model and will kill your profits!  Although people are attracted to the feelings that come from having a certain amount of money, (stability, freedom etc) the money itself does not motivate them. Napoleon Bonaparte once said; "I could conquer the world, if only I had enough ribbon!" He discovered that soldiers would fight for money - but they would DIE for a medal (or ribbon). Recognition (for example) is a vastly more powerful way to motivate someone than using money!

The answer
If you want your business to grow, to increase its profits and turnover massively, you need to look at the areas where you currently make decisions without expert, professional guidance.

I recently spoke with a company who proudly announced how their company website was designed by the 14 year old daughter of one of their staff!  Guess what?  The site looked awful and was losing them sales and  credibility.  However, all the business owner could think of was how he 'saved' money getting it done for a few hundred pounds!

An alternative way to look at your business
Imagine you were to spend the next 60 days putting together a 'dream-team' for your business, consisting of; a superb Accountant (as opposed to a ‘cheap’ one), a successful, proven Marketing Consultant, a good corporate Lawyer, a skilled IT Consultant and a superb Recruitment Company. These people would ensure your business is generating lots of high-calibre business and keeping as much of the profits as possible. They would help you attract the best staff and ensure you have a rock-solid IT infrastructure - saving you even more time and money. They would provide you with everything a successful business needs.

Now ask yourself this question
“How could a business with access to these resources fail to become massively successful - very quickly?”

What quality of advice do YOU rely on in order to achieve business success?
Is your marketing handled by someone with an unmatched reputation for getting results or do you do it yourself?

Are your accounts and finances handled by the best Accountant you can afford or are you 'saving money' by using a cheaper one?

Are you receiving workable legal advice from a proven, successful corporate Solicitor or do you use a free telephone helpline and keep your fingers crossed - knowing that at any moment you could lose everything with one avoidable error?

Obviously, I do not know your circumstances but if you are not already surrounded by the best advisors you can afford, you are placing a very low ceiling on the success of your business.

In summary: Success leaves clues
The most successful small and medium sized businesses invest in expert support.  That's why they out-sell and out-perform their competitors.  That's why they enjoy predictable growth and generate wealth.

Businesses that reach a plateau before eventually going broke do not.  These businesses 'spin their wheels'  - no matter how hard they try they make little if any progress.  This is an obvious warning that the business needs new, more effective ideas.

If you are not getting the results you want in any area of your business, get better support in that area and blow the lid of your turnover and profits!

To your success,

Jim Connolly
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