Success in Business: Like It or Not, it’s all about Money!

Business Growth

As a business growth strategist which has advised thousands of businesses over the last 20 years, I am fascinated at what drives people to success in business. I was so fascinated that I began to make a list. A few years ago, I read a book by Brendan Nichols which stated a similar list as mine, but his list was more refined so I now use his. I call the list ‘Things That Make Us Believe We Are Successful’ and I use this often in Strategy Planning Days to work out what makes my clients tick.

What makes us believe we are successful?

Well, I think there are about 12 main ones and I have listed 11 of the 12 below:

1. Building an Empire - if you do this you think you are successful

2. Contribute to Society or Other People – i.e help them and assist in bettering other people’s lives

3. Creating new products or services

4. Becoming famous – e.g being in the newspaper or on television

5. Achieving something

6. Knowing that you have done a good job

7. Being very busy – if you are, then you think you are successful

8. Receiving Praise – from other people

9. Pursuit of excellence – always trying to improve

10. Being recognised – similar to Praise

11. Beating the competition

At this point, I ask my clients to list their top 3 from the above or to add any other item they can think of which is not on the list.

So what would your top 3 list look like? Write it down now.

About 80% of my clients who are successful entrepreneurs will choose from the above list. Of the remainder 5% will have their own very specific success driver and the remaining 15% will add the words ‘Make Money.’

"Make Money"

The reality is that if your top 3 does not include ‘Make Money’ then the chances are you will not make any money because you do not believe you are successful if you make money.

I know that sounds insane but that is what may happen. But the whole point about being in business is to make money. Once you start making money, then it shows that you are enjoying success in business.

It happened to me a number of years ago. I went through a phase where I started concentrating on other things and money become less important. Guess what? My business was seen as being successful but my income went down. Now it is back in my top three and I am making money again. I know this works from experience.

The good news is that you can change your list at any time. So start concentrating on the money and watch it roll in!

 


Hitesh Mohanlal

Director at WOW! Advisors & Business Accountants

14 years ago I lost a family member aged 38. I realised then there were important things in life than business and money. This tragic event drives everything I do. I am the founder of WOW! Advisors & Business Accountants, MediSuccess and CrystalClear Bookkeeping. I authored Double Your Profits and Halve Your Working Hours for Medical Practitioners.' I am Australia's leading Strategist & Business Adviser with a passion to bring smiles to the faces of medical professionals. As a result of the work I have done & based on my approach I has been recognised on Fox, NBC, CBS and ABC. Most business owners work long hours & recent surveys show that work life balance, income and wealth creation is the major area of concern. My ethos is to work with business owners improving their accounting and taxes but particularly to improve profits/ personal income and wealth whilst cutting working hours in half so that they can enjoy an awesome lifestyle with plenty of time for family, fun and philanthropy. I specialise in the medical sector. I have worked with over 3,500 businesses in Australia, America, UK, Japan and Europe. I soon realised that over 78% of business owners: - Found understanding figures too hard. - Were never taught how to run a business. - Spent money on areas they did not need to. - Paid more tax than they needed to. So we design strategies to specifically deal with the above but also: - Move business owners from being a business operator to a business owner so the business can run on its own. - Create investments, assets and wealth which generate income so that if you are unable to work or retire income is still generated. I am so passionate about saving tax and improving profit that since March 2019 for every $100 we save/ make for clients I am committed to make 20 impact across the world. Currently over 1,000,000 impacts have been made.


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