Written by: Oksana Irwin, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
I recently asked a question: What do you think is the most important part of running a successful business? And the answers I got were very interesting…
People mentioned a lot of different things, like customer service, community, culture, consistency, integrity, having a big “why”, healing trauma, nervous system regulation, working on mindset, getting clarity on goals and vision, staying on top of a self-care routine, having fun, offering great services and products, having good people skills, developing genuine connections, loving what you do... and the list goes on and on.
Someone even said “faith” and “smile” are the best business strategies.
And while all of these things are very important, they will not make you successful or your business profitable.
When business owners tell me that their businesses exist to ‘fulfill customers' needs’, ‘provide great service’, and ‘fulfill their passion’ (or anything else but create profit), I know with 100 percent certainty that they are struggling financially.
Simply put, if there is no profit, there is no business.
And because so many good business owners were sold this bill of goods, the success rate for small business survival, let alone thriving, is very low. Over 85% of them go out of business within the first 5 years!
Unfortunately, passion and great customer service don’t pay the bills and business expenses. They don’t pay for marketing and customer acquisition. Business and financial literacy skills are required to be successful in running a business.
To be successful in business—any business—you must master ONE skill: understanding your numbers, financial statements, and business economics.
Business economics, profit margins, cash flow, and, most importantly, PROFIT are crucial to a successful business and will determine its longevity and sustainability.
Without having to go very deep, one thing I know for sure is that those business owners who don't pay attention to their business economics, don’t look at their financials regularly, and don't use business success strategies ARE struggling and, more than likely, barely making ends meet.
To help solve this problem, I’ve created a Business Mastery Accelerator workshop where I teach business owners the Business Success Formula that ALL successful businesses use.
This workshop is a fast track to becoming ‘financially savvy’ without having to go to business school for 4 years!
Most importantly, I teach business owners fundamental accounting skills that have a HUGE impact on profitability, as well as how to influence their business's economics by focusing on a few key factors that make the most difference to the bottom line.
I'm demystifying the daunting parts of financials and accounting by making them easy to understand so that business owners can build profitable businesses that thrive.
Join me at the Business Mastery Accelerator workshop to discover how to scale your business into a million-dollar company WITHOUT having to compete on price, work long hours, or sacrifice your health and personal life. Register for the workshop here.
Oksana Irwin, Executive Contributor Brainz Magazine
Oksana Irwin is a certified Mars Venus Business and Executive Coach, a Gender Intelligence expert, a best-selling author and a speaker. She is a multi-faceted, passionate entrepreneur who has been in the business world for over two decades and is well known in the online space for her transformational seminars and workshops.
She has helped many leaders, business owners and entrepreneurs create breakthroughs in their businesses, reach their goals and achieve success without compromising the quality of their lives.
She coaches business leaders worldwide in the Mars Venus business framework, systems and methodology that help them earn more money in less time and create extraordinary results in their careers, professional and personal lives.
