The secret to success in business comes from formulating a comprehensive business plan, creating a team to carry out business strategies and monitoring the company’s progress.
Christopher worked in Special Forces and held a degree in fine arts. His education and credentials were an unusual mix in the business world. Fortunately, Chris was motivated by the simple principles he had applied throughout his career which made him become successful in business as well. Applying the same principles for your business will not only help you focus on crucial things in running a company but have far more understanding of its strategies and functioning as well. So what are these principles that we are talking about? According to Chris, the first thing that every business needs is common sense, which he says is not in practice in most cases. Other principles that Chris follows are listed below.
Principle 1: Defining Role
It is important that a business should be able to define various roles for various personnel. Often times, people confuse between management issues and ownership issues while running a business. Management issues are matters like administration, accounting and sales whereas ownership issues deal with banking partners, long-term strategy of the company and so on. Every issue needs to be dealt appropriately by assigning the issue to a particular department within a company. That department should have a clear understanding of what issues should be given higher priorities than the rest. Chris suggests entrepreneurs to have a clear picture between management and ownership in a business. The owner of the business should only do things that he or she is able to handle and leave the rest to other qualified leaders, this way everyone in the business will know their talents and limits.
Principle 2: Creating A Compelling Vision
Another reason why a business fails is not having a real goal to run the business in the first place. Having a clear-cut vision is one of the best ways to harness the power of people and resources in a company. It is a crucial component that every employee in a business or company should work ,and it is one that should be inspiring and challenging as well. Chris doesn’t believe in a vision if it is not interesting enough. According to him, vision is something that is realistic to achieve and one that is based on quality rather than standards.
Principle 3: Hiring The Best Personnel
Hiring great people is the real reason behind success of most companies and Chris acknowledges long-term benefits of such a move. He says many leaders shouldn’t feel that hiring smart people will undermine their credibility.
Principle 4: Developing Trust
Trust among employees can go a long way in a business. Best employees know their market value and will keep working if they can trust the company they are working for. So, instead of micromanaging the best people, leaders should focus on letting the employees work independently. In essence, trust is a crucial component of a company’s strength.
Principle 5: Having Fun
Employees like to relieve their work pressure and tension with lighthearted moments. A business should make way for celebrations and entertainment if it wants to retain the best workers.