3 Business Success Laws That Small Businesses Should Never Break
3 Business Success Laws That Small Businesses Should Never Break
One incident from the past persuaded me to find the three laws that can result in the downfall of business when ignored.
In 2013, when one of my favorite bakeries got shut down in Manhattan, I was shocked to my very core.
How come it was even possible!!! They made the best cakes that I have ever eaten. I wanted to get food from there every day.
It kept me awake at night and was also responsible for nightmares and night sweats. Such was the effect of this business closure!
While I was working for a client, a cookie from their website landed on my head. It was one of those moments that made me question all the decisions that we make to keep a business existing and growing.
It made me ponder over the following:
- Firstly, why is it that some businesses won’t be able to see their 3rd year?
- Secondly, why do people underestimate marketing?
- Thirdly, why is everyone a fitness model on Instagram?
- Moreover, why can’t we all dance like Snoop Dogg?
Why, God, why?
Once the tornado of all such questions was over, I felt a calmness filling my room.
It was at that moment that I knew I wanted to find the answers to these questions.
Finally, after many months of contemplating these questions, I was able to write these three very important business success laws that, when followed, can make sure that a business becomes successful.
When I started to analyze the failure of my favorite bakery according to these three business success laws, it all started to make sense.
There isn’t any quantum science required in establishing a business.
If you read about some successful entrepreneurs, you will realize that everything they touched became gold. It was the alchemy of success.
On the other hand, there are some people who have failed at running a business, and they continue to fail over and over again. Please note, I am not talking about the 1 percent of very unlucky people whose ice icecream falls off just after buying.
No, you are not among them.
Once a great being taught me, if your ice cream falls on the floor, start licking the floor.
Well, it wasn’t any being. It was my neighbor’s dog, Edgar.
But this realization had some deep philosophical truth that made me spend countless sleepless nights. Maybe we will talk about these ice cream laws of success some other day.
Anyway, after every law, there is a question that you can ask yourself. If you still find that confusing, feel free to get in touch.
Law 1# No marketing = Life in Obscurity
A business remains obscure or is never discovered by anyone unless acted upon by a force of marketing.”
You may have the greatest business idea in this world. You may be producing better clothes than several luxury brands out there. But if there is no marketing, you will fall into the dark obscurity pit.
Gandhi once said, “where there is no marketing, there is obscurity.”
“No, I am pretty sure he didn’t say that. In fact, the more I think about it, the more senseless it sounds?
“Maybe, Sun Tzu?
“What about Obama?”
The Journey of Marketing
Marketing is a long journey of building a brand that people can trust and rely upon. Moreover, marketing is the only answer to many hidden questions that your audience has about you but they never openly ask. It works as an insulin spike.
Marketing can do sales without selling, and advertise without advertising.
It can be underrated, but it is heavily used by brands that understand its value.
Marketing is a wave of change in society. It’s what keeps you unique and makes you stand out from your competitors.
Here is something that you should answer:
Q1- How powerful is your marketing?
Law 2# No Sales = Life in Poverty
A business remains at rest or continues to decline at lower velocity unless acted upon by a smart decision of investing resources and energy into those things that earn money.”
Please always remember that if there are no sales, or if your sales plan is flawed, you’ll eventually cannibalize yourself.
The law 2# of no sales = poverty is very BIG!
So, you have made a beautiful website. You have got the T-shirts printed. Your office is all furnished, and you even got the famous painting that you always wanted to have in your office room, your cappuccino machine works like a charm, and your corridor smells of fresh lavender.
Your salespeople are all ready, and you have even hired one bouncer because back in 1987, you were kicked out of a club because you were too drunk, and now you want to show the world that you have made it. Hell, yeah!
However, your accountant tells you that your funds are burning faster than your thighs fat. So, now you are sitting there questioning your diet and your business decisions.
For example, if you’re a startup and have no experience in running a business successfully, you might get carried away with those tasks that aren’t even important at the moment.
This is a mistake that we see many businesses make so often. They fail to prioritize what is important for their businesses and what is not. This problem can be solved by proper allocation of your and your team’s time to productive tasks.
Let’s take another example.
If you are a company that sells logic boards for Apple computers, and you are planning on investing your 40% resources (time, money, and efforts) on your Twitter handling team, then sorry for being the bearer of bad news, but there are chances that your business will not see as many sunrises as you have imagined.
Another mistake that is very commonly made is the mistake of not using goal-specific marketing strategies.
A marketing strategy is defined based on various factors: target group, product, marketing channel, time, place, and business goal.
Many business owners fail to realize that when you change the channel from email to social, a strategy will change; or when you will change the targeting audience from baby boomers to Gen Z, the strategy will change.
Every company is unique and all your different services/products require completely different marketing strategies.
If your goal is to have a successful business, you should focus more on business and marketing strategies than any other thing.
Working in the field of marketing for so many years, we have seen people who were too obsessed with colors, symmetry, fonts, and even images that they completely forgot about the second business success law.
Invest your resources in those things that will lead to good cash flow.
The simple reason the majority of businesses fail is that they can’t make money.
They can’t make money because they are having no sales. And that’s happening because they are investing their time in things that aren’t useful.
Sales are temporary, marketing is forever.
Invest your time, energy, and money in creating marketing strategies. As these marketing strategies are going to be your investment in your sales.
Do not get carried away by running on treadmills. Invest in those lifestyle changes that will help you in getting better and more powerful.
Time to answer a few questions:
Q1. Are the decisions you’re taking bringing a significant change in your business?
Q2. Are those decisions moving you closer to sales?
Law 3# No Advertising = Life of Frog in a Pond
A business either remains at rest or will be never found by anyone unless acted upon by the force of advertising.”
jǐng dǐ zhī wā (Chinese) / Kupa Mundaka (Sanskrit)= Frog at the bottom of the well.
There is a saying particularly famous in the east that talks about the concept of “a frog at the bottom of the well.”
It means when you think that your well is your entire universe and you are unable to imagine the world outside it.
Advertising exists to show you the world outside that well.
Once I read a really powerful quote on advertising by Henry Ford that said, “A man who stops advertising to save money, is like a man who stops a clock to save time…”
Advertising is a powerful tool as it can show powerful results.
Always remember, advertise, or let your business die.
There shouldn’t be a time in your business when you shouldn’t be running ads.
Amount spent on advertising is one of the best returns of investment you’ll ever get.
If you don’t advertise, there are chances that your customers are only going to be your friends and family. How many of your friends do you know that started a business and then disappeared?
You might make the best sweaters in Utah. But there always will be someone earning way more than you with the help of advertising.
In fact, with advertising, you can even sell things that don’t work.
Yes, you read it right!
Haven’t you seen the late-night TV commercials like the abs machine, slimming belt, and hair loss cream? Those companies are making sales. But we are not recommending any of those products to you.
Get ready to answer another question:
Q1. Are your ads running?
Although there could be millions of reasons behind a business shutting down, these three business success laws can solve most of your business problems.
How was your experience with these laws?
Have you seen any businesses die a painful death because they didn’t follow the three business success laws?