6 Tips for Entrepreneurial Success

It’s been about eighteen months now since I officially left the “business”, although it’s truly only been in the last six months that I’ve truly cut my ties from all things IPC. In speaking with our CEO Chris Reynolds the other day, he asked me if I would give him my take on running a successful practice.

1)    Find a Great Business Coach

In retrospect, one thing I wish I’d done much sooner was find a great business coach to work with. Specifically, I wish I’d started working with The Strategic Coach earlier than I did. Over twenty years, I became a disciple of Dan Sullivan, never missing one of his quarterly meetings. During that time, I learned how to create a great life and business while also uncovering lessons that will carry me forward in the next phase of life’s journey.

2)    Business versus Financial Advisory Practice

If I had to choose again, I wouldn’t become a financial advisor. Instead, I would run a business that specializes in offering clients financial advice. Why might you ask? There’s a subtle yet important difference between the two. When you offer financial advice to your clients, you’re not simply selling them products - you’re providing advice on their lives.

As Dan Sullivan once said, “most advisors have jobs that they can’t be fired from”. When you see yourself as an entrepreneur, as someone who owns and runs their own business, your attitude is and should be quite different. As an entrepreneur, you assume greater responsibility for the outcomes in your business (either positive or negative).

3)    Business Structure - The Foundation for Success

How you structure your business will determine your success, and ultimately your rewards and satisfaction. A proper business structure is essential in so many ways. Do you want to be a Sole Practitioner, have a Partnership or run a Corporation?

There is merit in each entity so it’s important to select the one that best fits your needs and objectives. Remember, the structure should be designed with a long-term perspective in mind. While it’s impossible to fully predict the future, you should plan for any eventualities that may arise over time.

4)    Operating Structure -Built for Greatness

It is my belief that every successful business has three key elements in place: Great Teams, Great Clients and Great Business Relationships. Sir Richard Branson has often said that the client comes second at Virgin Air. If all your team members are treated well and given the proper tools to work with, they will become proud of their role in your business and treat clients accordingly.

It’s also very important to promote team and individual growth, which would include having a structured salary and benefit system. Meet regularly with your team and let them know you always have an open-door policy. Ultimately, you are responsible for their well-being. Remember, great businesses attract great clients.

While your prospective client is interviewing you, you should also be doing the same with them. If there isn’t a fit, don’t be afraid to tell them so. If the relationship changes over time, don’t be afraid to “terminate” the client if the fit is no longer there.

5)     Build Strong Business Relationships

Your business relationships will ultimately determine how smoothly everything runs. While my relationship with IPC was always good, there were many times when we disagreed vehemently on certain issues. In retrospect, more often than not things worked out just fine for everyone involved.

In viewing your business relationships, look closely at your suppliers and other professional relationships (i. e. lawyers accountants, etc.). If you feel any of these aren’t working, don’t complain about it, simply move on by finding new businesses to partner with.

6)    Build Superior Business Processes

Can you imagine what your business would have been like had you started documenting and improving your business practices from day one? It’s all about building optimal business processes and documenting these to ensure you can create repeatable business systems that will deliver outstanding client satisfaction.

I’ll close by giving you one last piece of advice. Add integrity into your life and business. Treat everyone with respect. Make this your life and business mantra. If you make a mistake, own up to it and rectify it. Don’t point out the mistakes of others while burying your own. Don’t be manipulative with your family, friends, clients or business relationships. If you have the choice of being right or happy, choose the one that truly matters.