Photo by Huseyn Naghiyev
What is the one percent rule for business success? It’s a principle many successful business people have used.
Such entrepreneurs focus on incremental improvement. They know the value of small but consistent one percent improvements will compound for amazing results. The process is often called the “aggregation of marginal gains.”
It’s reminescent of the movie, “To Have and Have Not,” when Hoagy Carmichael coined the phrase, “Slow motion gets you there faster.”
What does it mean for you as an entrepreneur?
Make small, manageable improvements each day in your processes and strategies. As a result, you’re likely to achieve outstanding growth and success.
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Statiscally, it’s remarkable how focusing on just a one percent daily improvement will yield you 37 times in financial benefit as a result of compounding. That’s because it’s easier to launch small changes. Your goals will seem less challenging.
All you’d have to do is consistentely focus on business processes.
Apply this approach in three ways:
- In your marketing and sales approaches, focus just one percent to make better sales calls, creating marketing content and targeting.
- In your daily operations, simply streamline just one task, or check on one client each week.
- If you have employees, focus on simple ways to improve communication and team performance.
This principle works for every aspect of your business. So forget about the pipe dream of focusing on achieving overnight success.
Another thought: Follow the six-month rule of business. Don’t quit business too soon. Persevere. It’s common for entrepreneurs to take six months to enjoy enough success to create momentum for lasting power.
Make customer retention a top priority.
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Always preserve cash by pre-selling your products or services. Create demand. Don’t spend cash on inventory or location deposits before selling your ideas to customers. It’s an easier way to become profitable.
Be sure to niche down before you scale upwards. Keep it simple. Don’t succumb to making excessive offerings right away. Keep your focus on a single product or service. Target your audience and build a following before you expand.
Consider boring, simple opportunities. You’d be amazed to learn there are profitable opportunities in overlooked sectors such as converting food waste to animal feed, landscaping and even junk removal.
Look for a qualified mentor. Seek the advice of experienced business owners.
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Take advantage of free marketing opportunities. You don’t necessarily need to pay for advertising. Get organic local customers. Create a Google business profile and use social media such as Instagram and TikTok.com.
Take advantage of free tools. Start with Google tools or honest accounting software like Zoho.
Good luck!
From the Coach’s Corner, see additional tips for successful entrepreneurship:
6 Best Mental Attributes of Successful Entrepreneurs – A famous song by Frank Sinatra offers sound advice for mental discipline. It’s applicable for dealing with the trials and tribulations of entrepreneurship.
Entrepreneurship — 10 Lessons for Small Business Success – Entrepreneurs dream of success in business. But it’s not an easy undertaking. See 10 tips.
Entrepreneurship: How to Succeed in Business-Life Stages – In the life cycle of a business, each stage presents unique challenges and opportunities that require different strategic planning and operational adjustments.
Leadership in Entrepreneurship: 10 Emotions, 10 Processes – Successful business owners are different because they take positive approaches that help them emotionally, physically and financially.
“Always look for the fool in the deal. If you don’t find one, it’s you.”
-Mark Cuban
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