Main Principles – Stability in the Future
We must consider the principles of good regulation when carrying our work. And, regulated firms must adhere to the principles for businesses, which are their fundamental obligations as set out in our Handbook.
1. Find a Need in the Market Place The first component in building a business is finding out what the world needs, what services, what problems, what needs the world has. If you don’t fill a need, there’s no business.
So the first principle of business success is identifying the needs of the society and then directly or indirectly filling those needs. In other words – either you with your services, your skills or your product filling a need, or your broker, or somebody else who is producing the product and service to fill the need. But whatever it is, it is necessary to find a need.
2. Find what You Love To do Ideally you want to find what inspires you and do what you love to do most, in addition to filling people’s needs. So if you can identify what the needs are and then find the ones you are inspired to fill, you have two components: a need from society and a desire inside you to fill it. Those two components are very empowering. When you can’t wait to get up in the morning and bring a service to people, people can’t wait to get that service.
3. Identify the Highest Priority Actions that will Help You Fulfill those Needs Prioritize the actions that it takes to fulfill those needs and identify what the highest priority actions are that will help you fulfill those needs. Make sure that you are working on top priority actions and delegating the low priority actions. If you are doing things that are most important and you are doing them with inspiration, you are going to increase your business.
4. Delegate Low Priority Things Make sure that you are enrolling and hiring people to do the things that you are not designed or inspired to do, but need to be done. By delegating those, you are basically enrolling other people to assist you, and you are extracting surplus value out of their services while freeing yourself to do what you do best, that which is most inspiring to do, your priorities.
5. Structure Your Business in Such a Way that it Maximizes its Profits You want to reduce redundancies, make sure you are not doing things that are superfluous, make sure you are doing things most effectively and efficiently.
6. Save a Portion of Your Profits and Build a Cushion of Liquidity When you have a cushion of liquidity, you automatically have more stability in the business, you have higher quality clients, you’ll end up attracting more opportunities and you won’t be desperate. You’ll be inspired to select the quality of clients that you choose.
7. Communicate the Product in the Values >and Needs of Your Employees and Clients When you are inspiring teams, make sure you are communicating in their values – their individual values are what they are inspired to do. Nobody goes to work for the sake of work; they go to work to fulfill their values. If you communicate the vision of the company and job duties in terms of people’s values, they are inspired by what they do and they produce more.
Also, make sure you are communicating effectively in sales, advertising and marketing within your clients’ values and needs. Not only do you need to discover what those are, but you constantly need to keep at the forefront of what they are, as they change, and keep getting feedback from your customers to assist you in filling their needs. Make sure that you are honoring their needs and get feedback regularly for those needs – don’t live on assumptions.
8. Make Sure You Expand the Vision You’ll only grow to the level of the vision and if you are not expanding the vision, you’ll plateau the business and you’ll plateau the wealth.
9. Put Energy into Innovation and Research Keep your eyes open for new opportunities and new ways of presenting products or services for those opportunities. You need to put energy into innovation and research. When you are constantly at the cutting edge, in the frontiers of research and innovation, you tend to draw more opportunities to you and lead the way.