15 Basic Business Principles You Should Know In 2022January 5, 2022 2023-02-10 2:10
15 Basic Business Principles You Should Know In 2022
Business is a constantly evolving space, however, here are some business principles and etiquettes that will stand the test of time.
I use to have this etiquette in my 2021 journal but I’ve decided to share it with the 9jacashflow community. Same with the 9jacashflow High-performance Nugget for 2022 that I wrote in my previous article.
So let’s go over the simple business principles and etiquette that can help you in business.
- Service to many leads to greatness. Business is all about solving problems, and not just your problems but other people’s problem and getting paid for them. Where I think most people get business wrong is that they focus solely on their own needs or problems while neglecting that of the customers. This is pretty wrong. You need to solve a customer’s problem or provide a solution to his/her need before they can give you their hard earned money. Moreover, you must do it exceptionally well if you want them to keep coming. Zig Ziglar said it best when he said “if you help a lot of people to solve their problem, you will be successful because they will pay you well for it.” So change the focus from you to actually serving your customers.
- Stay updated and never lose momentum. This is a very vital business principle. I believe once you get started and you start seeing positive results, you must ensure that you keep going. That is do something daily to improve yourself or contribute to your business growth. Don’t be the kind of person that takes a long break and their business comes down crumbling. 2 -5 hours/day of learning in your field can keep you on track, and even ahead of most people.
- You need practical knowledge and mastery of skills to succeed. Knowledge is important as you need to know in other to succeed in any business. However, knowledge is not enough, you now need to master a skill to the extent that you can provide an exceptional result within the shortest period of time. This is called mastery and it can only be achieved via a lot of repetition and practice. Another thing that is also more important than knowledge is imagination(Albert Einstein). You need to be able to put your thinking and creativity to work to determine new, improved, cheaper, faster, and better ways of doing things than what’s currently available in the market. This would make you more money than you can ever imagine.
- You need to do things faster better and cheaper. I have covered this concept above but I believe it’s important I reiterate it because these factors are what distinguishes you in the market. You must be able to do things cheaper, faster, and better for you to collect someone else’s customers and continue to service them over a long period of time.
- Don’t reinvent the wheel. Instead, just piggy bank those who spent their time to become successful at it. Shadow them, copy them, replicate their success then improve on it.
- Get good at planning, organizing, staffing, delegating, supervising, measuring, and reporting. If you can perform these core business activities exceptionally well, success is definitely within your reach.
- Increase sales and revenue then reduce costs. Reducing costs is important but you must also be able to increase your sales and revenue continuously.
- 10% is what happens to you and 90% is how you react to what happened to you. Be positive, whatever happened to you is not final. You will overcome it if you have a good and positive mindset. Never let setbacks be the reason why you gave up on your most important goals. Instead, let it be the reason why you become more devoted to achieve whatever you set out to achieve. You may lose love ones, business partners, customers, large sums of money etc, never let such situations hold you back because it’s only 10% of the equation. The remaining 90% is your mindset, action and the ability to keep going after experiencing such predicament.
- Always think on paper; don’t trust your memory. If an idea is important enough, make sure you write it down on paper otherwise you forget it and it soon gone forever.
- Say no to things that do not align with your goals or aspirations. Tell people they should let you think over things and get back to them in 24 or 48 hours, then get back to them. You can also say “I have to respectfully say no because I don’t have much time at the moment.”
- Be more focused and avoid distractions. I will suggest you focus on the few things that you’re incredibly good at, especially if you have limited resources. To avoid distraction, you can say “well I’ve got to get back to work.”
- Set your priorities and get the job done. At each day or point in time, you must know the most important thing to accomplish and work towards getting it done. This is called majors and minors. Always focus on the majors. Make sure you get them done first.
- Help more of people that deserve it than those that need it. Don’t just help people because they need it, this only gives them an entitlement mentality. Instead help those that truly deserve it. Help those that have shown through their actions that they’re prepared. Let people know what they need to do to deserve your time, attention, money and other resources. Tell them if they do this, you will do this for them.
- Share your knowledge, skills, opportunities with friends, family members, clients, etc gradually one at a time. It’s good to share, however, you don’t share all the resources you have in your arsenal all at once. You don’t just bombard people with it. Instead, you give them one at a time. That way they get to value it. Another way to put this is that as people show that they deserve more of your resources, give it to them. Don’t just dump it all on them.
- Learn how to communicate, sell and promote yourself. Sales, promotion and communication are incredible skills you must improve for your business to succeed in 2022.
My final business principle is to care more:
- Care more for your customers(solve their problems exceptionally well),
- Care more for your staffs(train and teach them to improve themselves), and;
- Care more for your country(ask not what your country can do for you; ask what you can do for your country?)
As Zig Ziglar said, “If you help a lot of people solve their problems, they would pay you well and your own problem would disappear.”
As 2022 proceeds, find something you’re good at that people are willing to pay for, then go out there solving peoples problems and improvising at the skill.
Bye for now!