Knowing and understanding the secret ingredient to business success may very well be that one thing that you need in order to continue on in your journey and attain that success you desire. Find out why P.A.S.S.I.O.N is the key to business success in this snippet of an interview between Dale Beaumont and Wayne Burgan.
Wayne Burgan is the creator of the book-keeping software Cashflow Manager who has served on the Public Practice Committee, the South Australian Small Business Committee, and the Small Business Centre of Excellence for CPA Australia.
What is the most important thing you have learnt about succeeding in business?
I am often asked to speak at business meetings and my presentation is usually called ‘The Secret Ingredient of Every Successful Business’. It is based on an idea I once heard in a message by the National Director of Youth for Christ, Tim Brown, when he was talking about a successful life. And what is that secret ingredient? Passion.
Passion is the most important thing for succeeding in business – but there’s more to it than just passion.
- P is for ‘Purpose‘ – your purpose gives you direction and stops you from throwing in the towel when everything becomes overwhelming. To use business jargon, your purpose includes your vision and mission, which is another way of defining your reason for being. Having passion and purpose allows you to plan knowing that you have the direction and the zeal to make it happen.
- A is for ‘Attitude’ – Jim Rohn says, ‘It is your philosophy, not the economy that determines your level of success’. When I had the privilege of hearing Michael Gerber (the author of The E-Myth) speak he used a saying that I have never forgotten: ‘The fish stinks from the head down’. As the leader of your business, your attitude toward obstacles, opportunities, risk, customers, staff, suppliers, honesty, integrity and hard work will reflect throughout the culture of your business.
- S is for ‘Service’ – the Bible says to be great you must be a servant (Matthew 20:26), and it is the same for business. After consulting with businesses about what makes them different from their competitors they often say that it is their service. However, the truth is that the general standard of service in Australia is not very good, so businesses that can provide exceptional service will always stand out from the pack. I believe this is where a passionate small business has a huge opportunity over larger companies.
- S is for ‘Sow’ – I think it is very important to continue learning and to then implement what you have learnt. You reap what you sow, and what you sow today determines your results for tomorrow. It is very easy to get caught up in the day-to-day grind of doing the business but it is essential to set time aside for when you work on developing your business. The Pareto Principle (otherwise known as the 80/20 rule) applies here too. Only about 20 per cent of people are interested in learning how to improve themselves and their businesses, and I estimate that only about 5 per cent actually implement what they learn. But if you are in that 5 per cent this gives you a huge advantage over your competitors.
- I is for ‘Incentive’ – the financial rewards of a successful business are an obvious incentive, but so is the value you add to others when you have passion and purpose.
- O is for ‘Ownership’ – everyone is looking for someone else to blame. Accept responsibility so you make an impact. If you don’t have a go, you’ll never know. And if things don’t go right all the time, accept responsibility, learn from it and move on. I think it was President Truman who had a notice on his desk saying, ‘The Buck Stops Here’. Good advice!
- N is for ‘Never give up’ – succeeding in business requires an overdose of persistence. A small business owner undergoes pressures that others would not even imagine. Develop an immunity to criticism and an unshakable belief that you will succeed.
For more info on Secret Ingredient to Business Success and this interview check out Secrets of Small Business Owners Exposed!
