It’s officially March, which means it’s time to talk about “luck” — specifically when it comes to building your business. There is a common misconception that a large portion of success can be attributed to luck. True, a fair amount of someone’s success can be attributed to how lucky they think they are. But it turns out that there’s no substitute for positivity and good old-fashioned hard work.
That’s why, during the lucky month of March, we encourage you to set your business up for success. How? Well, here are 3 easy tips for making your own luck in business all year long.
Never Stop Training.
No matter what your profession, it’s never too late to start learning new things or honing preexisting skills. That’s why implementing continuous training within your business is so important. In fact, 70% of employees report not having full mastery of the skills they need to perform their roles. That can certainly spell disaster for your business and your employees if that skills gap isn’t addressed.
But it’s not enough to merely offer occasional training — you need to offer continuous, high-quality training. Why? Well, it’s simple. We forget about 75% of any new information we learn if it isn’t applied within 6 days. However, this disheartening reality can be greatly improved through a strategy called “spaced repetition.” This method involves spreading out information over time and reviewing it periodically. This helps with retention, which results in remembering about 80% of learned information after 60 days.
So, this year, make sure you’re offering frequent training sessions for your staff to help close those knowledge gaps. This will help increase productivity across your organization and allow your employees to branch out and learn new skills! You never know what kind of “luck” this will bring!
Look For Leaks.
If you believe the axiom, “If it’s not broken, don’t fix it,” then you might be missing out on great opportunities to improve your business. That’s why you should take some time this March to “look for leaks” within your business. Does the antiquated hard-copy filing system not work now that you have so many clients? Get around to digitizing them and organizing them in an online filing system. Do you need to open up a new department because your other teams are overwhelmed? Promote one of your project managers to be the new department head and hire a few team members. See what kind of luck this new team creates!
Whatever issues you have in your business, they will cost you more in the long run if you don’t address them. Even if fixing the problems feels like an unmanageable or daunting task, now is the time to do it. After all, the longer a problem goes on, the harder it becomes to solve it. You can even ask your team for feedback on what they think needs to be fixed. Ask them how they would go about making alterations to the company. You might be surprised at how simple solutions can be when you have the support of your staff.
Evaluate Your Brand And Make Adjustments.
If you’ve been thinking of changing something minor — or even major — about your business, it’s time to do some research. This can be especially important if you’re trying to build a certain kind of “brand” or public perception. This one requires more than just luck to get right. In fact, brand-building can make a world of difference when it comes to marketing your business and attracting talent. One study found that 13% of consumers were willing to pay up to 50% more to buy from brands they felt were making a positive impact on the world. Building an internal brand through company culture is also not just about luck, either. The same study found that 86% of job seekers avoid applying to companies with bad reputations.
That can make a huge difference if you’re trying to attract people to your company. Make sure that your business is living up to the hype and building a consistent, positive image. There is no substitute for following the golden rule within a business and making sure everyone is treated with dignity and respect. But you can do a few things to boost morale and your company’s image. Consider sponsoring a charity event within your local community. Or maybe take your team out for lunch every other Thursday, just to show your appreciation. No matter how you do it, building relationship capital will pay dividends down the line. It even has the potential to instill lifelong loyalty in your customers and staff. Again, luck alone will have little to do with that. It takes concerted effort to make these things happen.
So, no matter what kind of business you run, there are ways to set yourself up for a lucky year. All you have to do is invest in your staff, your business, and your relationships — you can only get back what you give. So, make sure what you give is meaningful.