4 minute read
SHOW ME THE MONEY Best Business Practices
Characteristics of Successful Businesses
BY LUANN NIGARA
Through my podcasts “A Well-Designed Business” and “Window Treatments For Profit,” as well as my involvement with Exciting Windows! over the past seven years, I’ve had the opportunity to interview more than 800 home décor business owners. I’ve listened to their stories, asked them about their business challenges and the solutions they implemented.
Reflecting on these conversations, I’ve come to realize certain similarities in their stories—from their struggles as business owners to the characteristics that have led to their success.
One such strategy that successful companies have implemented is the establishment of a mission statement for their business and a list of core values and the sharing of this information with their team members.
In my interview with Rick Baker, the second-generation owner of Galaxy Draperies, he explained how it was important for him to uphold his company’s mission and core values that were established by his mother at the founding of the business. She instilled in Baker the characteristics that define the Galaxy brand, and it’s through this clarity that the organization continues to attract their ideal clients, those who believe in similar values. And as the third generation enters the business, Baker continues to discuss the company’s mission and core values and how they set the company’s culture. I love that Baker does this, as this simple strategy benefits the company in immeasurable and rewarding ways.
I have also noticed that the business owners who have core business values are not only profitable but are also fulfilled in operating their own companies. It’s evident that there are core foundational elements that contribute to the success of a profitable business.
1
They believe in themselves.
Entrepreneurs face a myriad of hurdles, the never-ending to-do lists and having to lead their organizations. It’s critical that they believe in themselves, which means understanding and appreciating your superpowers. Having belief in yourself will be of tremendous benefit to you throughout your business career.
Frequently, it’s not about having the necessary information, but rather
it’s about having the courage of your convictions to make a decision. When you believe in yourself, you know you’ll make both right and wrong decisions. Your confidence in your abilities doesn’t waiver—and this is what is critical to have a successful mindset.
2They build a great team. Even if you’re a solo entrepreneur, you still have a team that includes your accountant, lawyer and bookkeeper. And if you have a larger company, you also have your administration team, designers, salespeople and installers. It’s important to surround yourself with a good team who you can go to for advice and to share ideas. There is a saying, “Garbage in, garbage out,” and this holds true with the members of your team.
3
They build strong relationships.
If I’ve said it once, I’ve said it a thousand times: “Your business is only as good as the relationships you have— the relationships you have with clients, vendors, tradesmen, mentors and social networks.”
Reflecting on my career, I know it was the value I placed on my relationships that contributed to my success. From the time I started Window Works and developed Exciting Windows!, I’ve worked to create strong, reliable, reciprocal and respectful relationships. The benefits of investing time, energy, expertise and even money in others always comes back in spades. Be the person who builds others up and watch as they assist in return to build your business.
They know what matters. I can’t overemphasize how important it is to establish your company’s mission and core values. As a business owner, you must have those guiding principles that dictate your actions on everything from how you will deal with an unhappy customer to a disgruntled employee. By identifying your values and core business principles, you’ll be able to turn even the worst days into good days. I saw how Jessica Matteson of Matteson Landscape Architecture worked to prioritize the incorporation of her values into her business and how this caused her to reprioritize all aspects of her organization. She asked herself how she could bring her personal values into her professional world in a way that would benefit both her clients and her business. Matteson didn’t want to solely focus on the look of the design, but she wanted to create a multisensory experience with her landscape designs that add tremendous value to the lives of her clients. So, she realigned every aspect of her business— from invoicing and design meetings to building the landscape—to ensure she is maximizing the client experience. And the realignment of her personal and professional values reinvigorated her love for the work she does and continues to set her apart from others in the industry.
4
5
They stick to their principles.
Running a business is not easy, but it’s essential to ensure that your work aligns with your values, as this will create energy and enthusiasm for your business that nothing else can. Knowing you are living your best life, showing up every day as your best self and inspiring those around you to do the same is priceless.
The tagline at Exciting Windows! is “Build a Better Business.” And when you clearly know your values, commit to incorporating your principles into your business and operate your business with authenticity and integrity, you, too, will be able to be build a better business. V
With four decades of industry experience, LuAnn Nigara is an award-winning author, keynote speaker and the host of two podcasts: “A Well-Designed Business” and “Window Treatment For Profit.” She is also part of the ownership team of the Livingston, New Jersey-based Exciting Windows! and Window Works. Through Exciting Windows!, LuAnn University and her one-on-one coaching services, Nigara teaches window treatment pros and interior designers how to operate profitable businesses.
LuAnnNigara.com, LuAnnUniversity.com, ExcitingWindows.biz