Business Success Comes from More than Profit

Monte Wyatt & Brad Sugars, Jan 28, 2020

Optimal business success sounds good, but what does it mean?

For us, optimal business success is having an emotional connection while being sustainable, predictable, stable, and consistent.

Without a mutually understood definition of business success, a lot of well-meaning people roll up their sleeves, get to work, and never get ahead. If they never define business success for themselves and the company, they’ll continue to work at cross-purposes without realizing it.

These well-meaning business leaders are often desperate for anything that will get them ahead, and so they grasp at the latest theories, tackle too many ideas, and schedule tasks without fully implementing them. Meanwhile, the shareholders and board of directors are breathing down their necks, watching every move, waiting for signs of what they call success. That’s an awful lot of wasted effort.

Imagine how quickly this problem could be solved if everyone involved in the enterprise agreed on a definition of success that makes sense for the business, and then developed a plan that had realistic timing and goals to make that happen.

Not everyone is willing to take the time and effort that exponential growth requires, which is why some people would prefer to think that it’s magic instead of hard work and discipline.

A magician may succeed in wowing an audience with their tricks do so, for example, by dexterously manipulating a coin to make it appear from thin air. The magician then seems to drop it into a bucket, but invisibly keeps it in his hand to make it look as if he's pulled another coin out of the ether. It looks seamless and natural and simple. The magician repeats this action dozens of times in the presentation, but only after having practiced it for hundreds, if not thousands, of hours to make what he does seem inevitable, and unnoticeable. And that’s just one of the disciplines he’s mastered to create awe in his audience.

Over the years, we’ve worked with thousands of successful companies that create magic for themselves and their customers. We have found they all have devoted thousands of hours to taking the following steps:

  • They do the things that will make them succeed;
  • They reach a common goal with a high level of excitement and commitment;
  • They add value to their clear niche in the marketplace;
  • They have a higher purpose than just profit.

Mastering anything requires constant attention to the activity and the skills that it develops or improves. That’s the meaning of discipline. When you implement the 5 Disciplines of Exponential Growth, you and your business will be able to perform what will seem like magic.

The 5 Disciplines for Exponential Growth are the following:

The Discipline of Strategy. This leads to sustainability. Your business strategy is your articulation of the way you do business.

The Discipline of Business Development. This leads to predictability. Predictability comes from understanding the causes of past growth to calculate future exponential growth, through testing and measuring marketing, sales and customer service.

The Discipline of People. This leads to stability. When leadership regularly and consistently develops the right people, it will have a great company with high employee engagement and retention.

The Discipline of Execution. This leads to consistency. Consistency provides familiarity and a level of assurance that you have your act together, you’re in control, and you’re dependable. It depends on developing consistent habits in processes, management and financial controls.

The Discipline of Mission. This leads to emotional connection. A company should spotlight its impact on the world and answer its employees question, "Why do I go to work every day?"

When you and your team have mastered them, they’ll be so effortless that the public will never notice them, even if they’re right in front of their noses. And just like a huge magic illusion on stage, every one of the five disciplines depends on and is seamlessly integrated with the others so the final result is greater than the sum of the parts.

To recap, optimal business success is having an emotional connection while being sustainable, predictable, stable, and consistent. It's important that business leaders define business success and their company, so that everyone understands what they should do to reach common goals. The 5 Disciplines provide the framework and methods to doing that.

We'd love to hear from you. How clearly does everyone in your organization understood your goals? Thank you for sharing.