My Personal Recipe for Running A Successful Business

recipe

There are four elements I believe are crucial to any successful endeavor. But for the sake of this conversation I’ll keep things in the context of running a successful business. The four elements are information, infrastructure income and impact.

So let me unpack this idea little bit for you.

4 Elements of Running a Successful Business

Information

The very first thing you want to look for when starting a business is information. Do you have the knowledge? Do you have the “know how” the information that is going to support you in getting what it is that you want.

Information (a.k.a. knowledge) is potential. You can’t pay bills with potential, you have to do something with it. The difference between knowledge and skill or mastery is application.

So, applied knowledge is power.

If you want to grow and become successful, you’ll need to acquire the information you need then take massive action.
I always like to think of information as awareness. Are you aware of what you should be doing to be successful? Are you aware of what you shouldn’t be doing in order to stay there?

Infrastructure

The second core element is infrastructure.

Infrastructure is huge when running a business.

Let me tell you why…

Infrastructure supports outcomes.

You cannot achieve anything without the proper systems, processes or resources in place. 

I’ll give you a great example. Henry Ford was made famous and successful because of infrastructure. He created the assembly line which drastically change the way people approached industrial production. It’s s the reason why he was able to be a dominant force in the car manufacturing industry.

Infrastructure creates outcomes, it’s that simple.

Income

The third element is income. 

Money isn’t everything but you can’t do anything with it. Gary Vaynerchuk said money is like oxygen for a business and he wasn’t lying. Cash flow is just as important as the air that you breathe into your lungs. 

Listen, money gives you options. No money, no flexibility, no wiggle room.
 
Money fuels all your activities.

Impact

The fourth and final element of this equation is impact.

Why?

It’s the only thing that matters. 

People trust people who get results. If you can’t execute it doesn’t matter how much money you have, how great your workflow or how much information you have.

Impact is the key to transforming lives. That’s all your audience really cares about.

But in order to create the impact your audience is looking for, you’ll need the other elements I’ve mentioned. All of these elements are connected. 

For example, income drives impact and impact provides additional information. 

It really creates this cycle where you get results (impact) and you use that data (information) to inform how you’ll build better systems (infrastructure) so you can maximize profits (income).

Then that make money which will afford you options that will allow you to build better systems that allow you to get greater impact. And the cycle keeps going on going.

See how this works?

Usually, the people who are the most credible or trustworthy are those who make it happen. They’re able to prove that they get their clients or customers results.

People aren’t paying for your product or service, they’re paying for solutions to their problems.

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