Oftentimes, business success boils down to having the right tools, knowing how to use the resources you have at your disposal, and treading along when all you want is to give up and let go. Let us look at the reasons why.
Having the Right Tools
Can you imagine what Michelangelo would have done if he had no paint nor brushes? What about Michael Jordan without a basketball and shoes or Steven Spielberg without a video camera? Would they have changed the course of history the way they did? Would they have become an inspiration for millions of people across the world?
Naturally, there is no way to answer these questions correctly. Still, it probably wouldn’t take the brain of an astrophysicist to come up with the right guess.
If you want your business to succeed, one of the most important things you can do is have the right tools to run it. For instance, if you are a woodworker making cabinets, desks, musical instruments, tables, personalized items, or anything else, it would be in your best interests to contact a reputable vendor and look into a laser cutting machine for wood. This would help you diversify into new, high-profit markets and aid you in serving your customers’ specific needs.
Along with skill, experience, and know-how, having the right tools is arguably the most valuable item you can have in your business arsenal.
Maximizing Resources
In simple terms, the word maximize is defined as either making the best use of something or turning it into something larger or more important. For example, if you have a smartphone with a 126-gigabyte storage memory but only use less than half of it, it would have served you better to have taken the time to think well about your requirements and then bought something with less memory and cheaper. On the other hand, if you are making use of more than 80 percent of what’s available, you are maximizing your phone, and therefore, it was a good investment.
As straightforward as this may sound, many starting entrepreneurs and company managers fail to recognize the importance of using what they have in the best possible way. In the search for revenue and the ability to promote to a wider range of possible clients, they overspend on unnecessary computer hardware and other equipment and pay hundreds of thousands of dollars in print media, billboard, and television advertising campaigns that many times yield much less than the expected results.
Instead of doing that, they could have leveraged their resources by utilizing virtual compute engines, cloud options, and other online solutions for many of their processes. In addition, the right social media and online marketing strategy would have been much cheaper, farther-reaching, and more productive.
Embracing the Grind
The expression “embracing the grind” is oftentimes associated with the sport of wrestling. But we are not talking about the WWF, WWE, AEW, or any other organization that has made names like The Rock, Hulk Hogan, The Undertaker, and Mr. Macho Man famous. We are referring to the collegiate and Olympic sport requiring uncountable hours of training, hard work, sweat, uncomfortable positions, and injury. More than perhaps any other physical discipline, when a man or woman stands on a podium with a gold medal wrapped around their necks, it is because they truly deserve it.
Business success is far from guaranteed. No matter who you are, what you do, or how innovative and revolutionary your idea may be, many other factors can make or break an organization, regardless of how big, powerful, or stable it might seem. There could be a sudden, unexpected economic downturn, a natural disaster, personal circumstances, or a public health crisis like the current covid-19 global pandemic.
But while these and other factors you cannot control, you have power over your effort and dedication. You have control over how hard you work, how diligent you are with your tasks, the amount of leadership with which you guide others, and your attitude when facing the many difficulties that running a business will undoubtedly bring. Remember that you can embrace failure by turning it into a learning experience and gaining strength by knowing you have the resilience to push forward.
As we have seen, three of the most important tips for business profitability are having the right tools to run your organization the best way possible, making the proper decisions when it comes to the resources available to you, and accepting that there will be tough times ahead but tackling these challenges with intelligence and optimism. No matter what your future as a business owner will bring, you will be ready to excel regardless of the circumstances you encounter along the way by incorporating these pointers.
