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by Diane G. Sanford, Ph.D.
As one of the panelists at the Women’s Economic Development Outreach (WEDO) conference on April 29 for women business owners, I’ll be speaking on my business successes and failures. For the past 18 years, I’ve had a successful psychology practice, and 12 years ago I started a consulting business. I’ve been fortunate to love my work and have gained much from my business experiences. Here are some of my life lessons learned from business:
1. Build your customer base one relationship at a time. Whatever your business, you want people to have a positive experience so they will stay with you and refer others. You never know where a relationship may lead. Treat each customer with care. Always deliver quality and satisfaction.
2. Engage your heart and head. Approach your business with passion and practicality. Be creative and innovative but don’t forget the bottom line. Great ideas must also be profitable and sustainable. Likewise, if you ignore your heart, you won’t be happy.
3. Be a perpetual student. Learn everything that relates to your business. When I chose my specialty — women’s health psychology — I studied women’s health and then general health and wellness. While initially intimidating, the more I learned, the more mastery I acquired. In addition to your specific field, study business ownership, management and leadership. Keep your mental saw sharp.
4. Learn from your mistakes. Be prepared to change. Change and flexibility allow people and businesses to grow. If something’s not working, try something else. Use your mistakes to figure out what to do to have a successful outcome. Edison said that he did not “fail” in his first hundreds of attempts to make a light bulb … but learned what he needed to know to succeed.
5. Just because you have a great idea doesn’t mean it will succeed. There are many factors that influence success or failure — timing, geography, markets, trends. So, research the feasibility of new ideas to make certain your business can afford it. Give it time and be prepared to let it go if needed. Don’t let your desire for it to work override sound choices. Remember, engage your heart and your head.
6. Keep your core business strong. Once you catch the business “fever,” you may have the desire to keep expanding. Do so cautiously. Don’t ignore the core aspects of your business. Don’t neglect current customers to prospect for new ones. Make certain you’re maintaining excellence in what you’re currently doing and in what you’re known for, before adding new products or services.
7. Market yourself and your strengths. Whatever your business, your presence is your most visible and valuable marketing tool. Business consultant Scott Ginsberg says, “People buy people first.” Again, it is relationships that drive and sustain business. Let people know who you are, what you have to offer, and why you’re the best person for it.
8. Face your fears, discomfort and vulnerability. Challenge yourself to grow. Twenty years ago, I feared public speaking, but one of the area hospitals asked me to give a talk. I knew if I wanted to be an expert, I had to do it. Since then, I’ve given more than a hundred talks and I have found my love for teaching, whether I’m in an auditorium or classroom or on television. Discover untapped strengths by stretching yourself.
9. Maintain balance. Have a rich personal life that nourishes and supports your business life. Pursue things that bring you joy — lunch with a friend, walking with your spouse, playing golf, time with your children. Have fun — laugh, tell jokes, let go. Make time for meditation, relaxation, daydreaming. Feed your soul.
10. Have a positive attitude about yourself, your business and your life. Since all we have is this moment, what we put our attention and intention toward is what expands. Notice what you’re grateful for. Build on these positive thoughts with gratitude for what you’ve gained from your business, materially and personally, including the life lessons you’ve learned.
For me, my business has brought me many opportunities to grow and expand personally as well as professionally. It’s become a defining part of who I am and my presence in the world. It has given me a chance to meet many wonderful people — including Marian Rein — which, in turn, led to this column. I am grateful for what it has brought me and for all I have yet to learn.
Dr. Diane Sanford is a licensed psychologist who provides business coaching and relationship management training for individuals and companies. You can contact her at (314) 991-5666, ext. 1 or through her website, www.drdianesanford.com.
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