In this series, we are looking at the key words that define a successful sustainable business. The fifth word is Convergence. This is defined as: When a number of seemly random event come together to open up a window of opportunity. Now you may have picked up that this if word 5 in a series called 4 Key Words. I have added this word here because it is the collective word that binds all the 4 together. We can operate in business for years and focus on any of the 4 key words and never see any sort of growth or sustainability. It requires Convergence. This is also not something that you can make happen. Sure you can leverage opportunity and market events but true convergence is when things come together to create that golden window that we need to be ready for.

Being ready for convergence is like brushing your teach constantly all day just in case a pretty girl wants to kiss you, it can drive you insane. Or it can be just having that inner confidence in what you have done that will get you through the day. I have always been an advocate of planning for the un-planable. Being ready to seize the moment; then going out to look for those moments.

Be prepared with all that you may need to jump at an opportunity. Have the template of a proposal done, have marketing material, do the costings, have business cards on you at all times. Practice your unprepared speech, learn how to greet people in different cultures, keep a tie and jacket in your car, always fill up your car when it is ¾ empty, be prepared, success could be just around the corner.

In this series, we are looking at the key words that define a successful sustainable business. The forth word is Leverage. This is defined as: The power or ability to act or to influence people, events or decisions to gain higher return.

Having and using the tools to leverage has been for too long seen as a negative aspect. We see leverage done in politics to the point of blackmail. We see relationships leveraged to the point of duty and even kids on the playground using an invitation to their birthday as leverage to gain friends or a bite from other kid’s lunch.

Leverage is and should be a positive aspect of doing business. Get to know your tools, network and strengths of a relationship and then use them to build your business. But remember to always seek the win-win result or no-deal. Whenever you just use someone, it is never a positive outcome.

Leverage in a business needs to be applied to the following

•  Products
• People
• Places
• Processes
• Personal

Leverage is also instrumental when understanding the benefits of your product or service. Wedging those benefits into the market and leveraging small cracks open to gain access. This is the key to business development, especially when starting out with a new product.

Take a look at your business today and look for the strengths and benefits you offer, then go out and use these in a positive way to gain ground in the market, this is leverage.

The leverage formula from the business board game looks like this

Leads X Conversion Rate = Customers X Transactions X Average Price = Turnover x Margin = Profits

In this series, we are looking at the key words that define a successful sustainable business. The third word is Convenience. This is defined as: Anything that saves or simplifies work or adds to one’s ease or comfort.

It is a given that if you offer a product or service that reduces someone’s pain or frustration, it will be a hit. But yet so many people have businesses running that have customers fuming and having to tolerate poor service, crappy products and zero customer attention. Just adding a smile to the hospitality industry will put you in the top 10% of business.

Take a good look at what you do and how it is done and find ways to add convenience to your services. Remove the pain from those who pay your salary, your customers, and they will keep coming back.

If you are unsure of how to do this, ask them. A simple two question survey will give you huge insight into what you can improve:

1. Please rate our product/service out of 10
2. Now what would make it a 10?

The answer to the second question is where your effort needs to be focused. Implement the requests into your business that the customer will rate you as a 10 for. This is convenience and just great customer service.

In this series, we are looking at the key words that define a successful sustainable business. The second word is Collaboration. This is defined as: To work with one with another in a cooperative manner. We have been created to work with each other, never alone. We each have unique strengths and abilities that when united with others create compounded exponential results.

Too many small business owners think that they need to do all the work themselves. This results in long hours of frustration and often poor quality. Why do we insist on doing things that we are not equipped to do. All that results from this is us doing a poor job that makes us look bad.

A strategy I insist on is writing out lists for both our staff and clients. Two lists are critical: first define what you are good at and second, what you are bad at. Once you have these two lists, we all need to focus on doing the stuff on the good list and avoid doing anything on the bad list. When you find yourself doing something that you do poorly and get frustrated: STOP. Work out why. If there is someone you know who can do a better job, pick up the phone and call them. Collaborate is different from delegate. To delegate, the person often has very little choice in the matter. Collaborate requires cooperation, a joining together for common good and exponential results.

In your teams, partners and business structures, learn to work with each other as you complement the areas of weakness in others with your strengths. Never judge others based on their weakness, if they share this, it is an opportunity to add value to their lives, not exploit it for your own good. As we learn to work together and complement each other, our world becomes a better place, and we find value in our contribution.

In this series, we are looking at the key words that define a successful sustainable business. The first word is Innovation. This is defined as: Something new or different product or method introduced. Innovation does not always require you to be a techno-boff and discover a new formula or algorithm. It could be you doing an everyday thing in a new way.

But how do we identify where to be innovative? Simple: Look at the pain and anger in the world, then create a solution for the people who live in that cycle of ever increasing pain. Solving everyday problems requires that you look at the solutions before you look at the problem. This is innovation, dare to be different, start your day with a clean page and begin to design and map out your next product. Do not be hemmed in by the restriction of current beliefs or technology, stretch your mind, body and soul until you have found innovation. Then share it with the rest of the world. Once again, it does not need to be a space station or solve world hunger; even the smallest things can be innovative. Paper clips, buttonhole repair kits, chewing gum disposer, coin sorter. All these are small yet great to have on hand each day to remove the pain in our lives.