Why Some Businesses are Successful and Others are Not Successful
There are 3 major things that differentiates those businesses that are successful to those that are not:
ITS THE HOW AND NOT THE WHAT
It's not WHAT they do that makes them successful but HOW they do it.
Many business people change WHAT they do (the industry) because it seems "greener on the other side" or because it was "too hard" but do not change HOW they do it and within a few years they find themselves in the same mess that they were in, in the first industry and they look to change again.
Changing the WHAT without changing the HOW is ineffective and unless you change the HOW it's like treating the symptoms and not the problem.
SPECIALIZE
A lot of businesses try to be all things to all people. Doing a hundred things once versus doing one thing a hundred times.
However when you do the one thing a hundred times you become a specialist.
It's the specialists that makes more money then the generalists.
Always try to specialize in something or in an industry.
Medical specialists earn much more then General Practitioners.
Accountants who specialize are the same.
Builders who specialize are the same.
Lawyers who specialize are the same.
Spend your time developing Intellectual Property around an industry or skill but don't try and be everything to everyone.
WITHDRAW AND GROW YOUR TEAMS
Those that are able to withdraw from various tasks as their businesses grows are the most successful. When you first start out, you have to do everything in your business and as you grow you hire people for the different tasks.
The order of withdrawal:
- From the admin. As soon as you can find someone to take over the admin tasks.
- From the Grinding
- From the Minding
- From the Finding
- From the CEO
- From the Chairman
- From the Non Executive Chairman
- Simply a Shareholder who receives a passive income such as a dividend.
It's much better to invest your money back into your own business because you have control over most things.
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Ed Chan,
Co-Founder & Non-Executive Chairman Chan & Naylor Accountants – Australia’s Fastest Growing & Top 100 Accounting Firm (BRW 2007,2008, 2013) with offices conveniently located across NSW, QLD, VIC, SA and WA.
Ed Chan offers a program to Accounting firms called "Leadership to Improved Results for Accountants" . Assisting firms achieve better profits and work life balance using the same systems and processes that have taken Chan & Naylor nationally. Chan & Naylor now works without him and he spends his time helping Accounting firms run better businesses. If interested in this program please click on here and write “interested in the Leadership program”.
If you are interested in Chan & Naylor’s "Shared Services Model" or looking to sell out altogether please click on here to request more information or to contact us. www.chan-naylor.com.au.
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