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Create Magic through Business Success, Not Profit

Monte Wyatt & Brad Sugars, Apr 24, 2019

Abundance thinking leads to success in business. Scarcity thinking leads to worry. The five disciplines for business success that we have identified are the result of abundance thinking and of considering business not just in terms of profits.

The greatest danger of scarcity thinking in business is that it values profit above all else, because gain is the absolute proof that you won and someone else lost.

Profits are important, of course. But although you may think that profit is the bottom line of a for-profit business, you're only partially right.

A business’s profit has overshadowed a more important consideration: business success.

In a healthy for-profit business, the role of profit should be as a consistent marker of a company’s success and progress. A company should continuously monitor profit as a symptom of its health. Tracking profit this way reminds everybody of the shared goal they’re striving for every day.

These days, the term profit has taken on darker connotations as society accuses businesses of paying so much attention to profit that they ignore or even endanger workers, customers, and the environment. But in a healthy for-profit business, profit’s proper role should be a consistent marker of a company’s success and progress. A company should continuously monitor profit as a symptom of its health. Tracking profit this way reminds everybody of the shared goal they’re striving for every day.

This use of profit is critical for fixing a common and dangerous problem in business: the if it ain’t broke, don’t fix it mentality. If it was good enough for yesterday, why shouldn’t it be good for today and tomorrow? This thinking leads to department heads who mechanically repeat the same tasks day in and day out, and don’t review, question, or think about how they expect different results. According to some, this is the definition of insanity.

So, where does this mentality come from?

From scarcity thinking.

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

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

This way of thinking is incorporated into the five disciplines we have identified that every company should instill in order to operate at a higher level and become more successful.

The five disciplines of strategy – business development, people, execution and mission – work together so that all employees know their role, and follow the processes that will lead to achieving the company’s goals.

The bottom line of business is having an emotional connection while being sustainable, predictable, stable, and consistent. These are the results of instilling the five disciplines. These five disciplines lead to constant improvement and continuing success. It all stems from abundance thinking and, of course, a plan of action.

In the meantime, we'd love to hear from you. Does your business think in terms of success or just profits? How does this play out in the way you work? Thank you for sharing!