If we live in the information age, why is there a lack of knowledge? We literally have access to more data today than any other time in history, yet there is still a deficiency of wisdom and insight. Furthermore, many of us have believed the more we study, take classes, read books, seek knowledge, and get degrees or certifications, the more power we will have. If knowledge was power, then libraries would be the most power institutions in the world. Knowledge alone is not power – action is.
What is the best way to lose weight and get in shape? Move more and consume less. Everyone has this knowledge. Is this knowledge powerful? By knowing that if I move more and eat less, will I automatically get into shape? Until I put this knowledge into practice and act on my understanding, there is no power.
How does this relate to our businesses? There are over 300,000 results when you search business books on amazon. You could read your whole life on how to start a business, improve a business, hire and fire employees, and then become a millionaire. but at the end of the day it is up to you, as the entrepreneur to put these strategies to work. Maya Angelou said it best, “Nothing will work unless you do.”
What are some of the most powerful things as entrepreneurs we should be acting on in our businesses?
UNDERSTAND THAT ACTION IS POWER
Put a reminder on your dashboard, mirror, computer, phone, and so on. Action is power. Your to-do lists and tasks are your power.
VISION AND MISSION
We’ve all heard we need to have a vision or mission statement but how do we take action on this? Write it down, communicate it with your staff, put in your e-mail signature, or share it on social media. Your vision and mission communicate your direction and how you add value to your clients and employees. It says, “This is who we are, and this is what we do.” Unless this is written down and shared your vision has no power.
Know and act on your strengths and weaknesses. Know what you are good and bad at. You cannot be good at everything. Furthermore, no one likes to do everything. When it comes to skill deficiency either: develop or delegate.
Early on, you will be doing most, if not, all the work. Eventually, you will need to hire and train staff. This is where policies and procedures become your friend. Policies and procedures are the action items that must get done in your business to deliver value to clients. Where to act – write down what you are good at. Write down what you are bad at or do not like doing. For your bad list either develop the skill or delegate to an outside source or employee.
The difference of easy and hard is knowing and not knowing. Once you improve and gain experience in a skill it becomes easier and, in the future, you can train someone else to do that same skill.
Staying customer focused means putting the customer at the center of all business decisions. Simply ask, “How will this benefit my customers?” If it does not – then don’t do it. The action item becomes, “How am I communicating this benefit to my customers?” Maintaining a customer centric culture is up to the primary leader within each business. Ultimately, this is a part of the vision and mission of the business and the action items. The more we focus on helping clients the more the business will grow.
KNOW YOUR NUMBERS
Figures don’t lie, but liars do figure. I am very passionate about business owners understanding how they make and spend money. Having power over your numbers is knowing and setting up your business to be financially sustainable. Understanding your numbers ranges from pricing, per treatment costs, working with a professional-only manufacturer, sales per appointment, rent, utilities, and so on. Where to act – perform a break-even analysis, calculate sales per hour need to be sustainable, and a monthly review of your profit and loss statement to see where revenue and expenses go.
Profit is the lifeblood of a business and just as humans cannot sustain life without blood, our businesses cannot sustain without profit. Knowing and acting on our numbers helps us keep tabs on our businesses pulse – the more we understand the numbers the more we understand the health of our business and can act on it.
If you lack the ability to hold yourself and others accountable, then act. Find a mentor or someone who has successfully run a business for 10 plus years to help. Tips on selecting a business coach.
If they were really successful running their businesses – why did they stop? Ask them to show you their financials when they ran their company. As the saying goes, ‘One cannot teach what they do not know…” There are several great resources available but remember they are selling their knowledge and what do we know about knowledge?
It is 2020 and there is more data available now than ever in the history of humankind. Our power as business owners does not increase with more access to the information or even the knowledge that can be gleaned from this data. The action items listed above give us insight into ways we can improve our businesses for our clients. But simply knowing these things means little because knowledge is not power but acting is.
Drew Coleman - VP, Education & Sales
Drew Coleman is the vice president of Education and Sales for DMK International. His professional passion is to help business owners maximize their potential by benchmarking and identifying growth opportunities. Coleman’s 17-year career has been dedicated to helping businesses grow. He loves the aesthetics industry because of the passionate business owners he works with every day.