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“Passion” is an Acronym for Your Business Success

Wayne Burgan has made the word “Passion” an acronym for your business success. Wayne’s break down of the word “Passion” is below.

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Acronyms help us remember key information, and in business, they’re used a lot in every industry. Take Wayne Burgan, for example. He used the word “Passion” as an acronym to remember what it takes to get more sales and business success. Wayne is the creator of the book-keeping software, Cashflow Manager, and has served on the Public Practice Committee, the South Australian Small Business Committee, and the Small Business Centre of Excellence for CPA Australia.

Wayne’s break down of the word “Passion” is below and make of it what you will. We believe while you may not agree with every word Wayne has used, for example, you may wish to swap out ‘incentive’ with ‘inspire’, all the words used are relevant and will keep you on the right path in your business.

In this article, we have used Wayne’s word and added our insight on what it means to us as small business owners.

P is for “Purpose”

Your whole reason for being in business can be thought of as your purpose. Are you in business for fame, fortune or helping people? Whatever it is, your purpose what keeps you getting up each morning even when all your effort seems to produce no results currently.

A is for “Attitude”

Michael Gerber (the author of The E-Myth) has a saying: The fish stinks from the head down. What it means is good or bad company culture or actions starts at the top – i.e. the leadership in a company. Therefore your attitude to your business reflects on everything including staff management through to how you treat your customers and suppliers. Remember: Positive attitude equals positive results.

S is for “Service”

Provide outstanding service, and your customers will ‘sing your praises’, i.e. talk about you. Nothing is more powerful in marketing than third party endorsement. Social Media has empowered consumers to share their experiences, ensuring they shared positive feedback about your business.

S is for “Sow”

Have you ever heard the term: you reap what you sow? As the business owner, keep learning and sharing knowledge and experiences with your team. Never think for a second that you can rest on your current successes as failure always appears to the person who thinks that their business needs no more improvement.

I is for “Incentive”

Keep the incentives flowing within your business to help fuel your inspiration. Your incentives could be financial. However, there are other ways to show your appreciation, including giving a star employee the afternoon off or a non-monetary award like a badge or trophy.

Customers also need to know you value them, especially in times of change. Offer a discount on their next purchase, or add a gift to their purchase. We all need incentives to stay connected and focused with a brand.

O is for “Ownership”

The success or failure of your business is most often with you – the owner. Mistakes happen. We all accept that. However, it’s how you and your business responds to errors that determines what happens next. Own-up to all mistakes, implement a resolution and be transparent about how your business will respond next time and then move forward. Staff and customers always have great respect for business owners who take responsibility for their actions.

N is for ‘”Never Give Up”

Never give up – it is harder than you think. Plus, sometimes it makes sense to choose a different path, resulting in closing the business. However, there are positives in all constructive action, and failure is part of success. Every successful person in business, sport, academia, and life experiences failure on the path to success.

Blog post inspired from the book “Secrets of Small Business Owners Exposed”.

For further reading see our articles on mindset including: 4 lessons from self-made Entrepreneurs

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