7 Keys to Business Success for Professional Service Providers

Sometimes I work with startups, but many of my clients are established business owners who run successful companies. They simply have goals they haven’t met yet. They want to hit a specific revenue mark, for example, or expand their team. Some want to finally have a life instead of feeling like they’re in work mode 24/7.

When we talk about what makes a business succeed, those same clients will all tell you it takes a lot of time and hard work. In fact, one of my earliest business coaches used to say, “They’ve been an overnight success. It’s only taken them 10 years to get where they are now.” And it’s true. When we look at someone who’s experienced business success, we don’t always know the road they took to get there.

Building a successful business has a lot to do with the business owners’ dedication. Let’s look at seven keys to business success, courtesy of my friend Samara Ramos-Brown, who’s been extremely dedicated and successful with YogaSix in Holly Springs, NC.

1. Get obsessed with customers not competition.

There’s a place for competitor analysis, of course. It helps you get the lay of the land and understand what you bring to the table that’s different from anyone else. But Ramos-Brown shared with me that her team focuses on customers above competitors. In fact, they’re crazy about their customers, and they let them know it.

Try showing your customers your crazy about them in the next quarter and see what happens!

2. Lead from the heart but use data to make data-driven decisions.

Your heart is quite possibly the reason you started your business. Whether you’re a CPA, estate planning attorney, financial advisor, or other professional service provider, you’re using your strengths to serve and help other people. No doubt that gives you significance and your life meaning.

But when you’re making decisions for your business, make them on the data you have. The numbers don’t lie. Pay attention to your cost of customer acquisition, client retention rate, gross profit margin, and more.

3. Build and empower an effective team so you can be a business owner not a business operator.

Did you know that if your team cannot function without you, you’re a business operator rather than a business owner?

You’ll experience greater life freedom when you have an effective team in place that can run the business while you’re functioning in an executive owner role.

4. Develop and implement processes and tools that empower your team to drive business success.

Again, you want your team to be able to run the business in your absence. And beyond running the business today… when you’ve implemented and documented the processes that keep your company going, you’re more likely to be building a business you can one day sell.

Documented processes are a key to business success today and marketability tomorrow.

5. You won’t be able to serve everybody, and that’s okay. This applies to customers and employees. 

Sometimes as professional service providers, you can easily fall into the trap of trying to be all things to all people. But that is a trap. The clients that know, like, and trust you are not only drawn to your skills in your area of expertise. They’re drawn to who you are, to how they feel when they interact with your team.

Maintaining who you are as you’re building your team and your client base is also a key to business success.

6. Avoid distractions.

Keep your eyes on the goal. The world today is full of distractions. Some of them are even good things. But if a good thing takes you away from your goals, it’s a distraction.

Some of you have heard me tell the story of my novels that are sitting unfinished in a drawer. In the early years of my coaching business, I told my coach I’d like to dust those manuscripts out and get them ready to publish. He said, “That sounds great, Joe. How will it help you grow your business?” Polishing up those novels wouldn’t be a bad thing, but at the time, it would’ve been a major distraction.

Know where you want to go, and don’t let distractions take you off course.

7. Know your “why.”

I started this post out talking about the challenges of building a successful business and the time and effort you have to be willing to put in. That’s why it’s crucial to know your “why.” When you’re in a good place, business is booming, and things are going your way, it’s easy to just get by. But when the economy slows, clients aren’t knocking on your door, and obstacles are greeting you at every turn, you’ve got to know “why” to keep doing what you’re doing.

Knowing your “why” will help you build a successful business that will outlast the hard days.

Building a successful business doesn’t just happen. It takes time, attention, and intention. Use these seven keys to business success to make adjustments and keep your company growing.

And if you need accountability, guidance, and encouragement along the way, reach out to the experts at Growth Academy Coaching. We’re here to help!