Today, we'll cover 3 toxic myths about business that business owners MUST break away from in order to achieve their best success.

 

Getting your mindset right is the #1 thing you have to conquer if you want to succeed in business. As the popular saying goes, "You are your worst enemy and best asset."

 

But it's more than mindset.

 

From working with thousands of business owners from all walks of life over the last 30 years, I can tell you that the best and most successful customers are those with the right mindset and attitude, who have the right beliefs about building their business and about success.

 

It's myth-busters time. Time to re-align your perspectives and make things right. 

 

Myth #1: "Sales Is the Most Important Number" 

 

"Nonsense! In measuring financial performance, sales are vanity, cash flow is sanity. It makes no sense to grow the sales of a company if they keep losing money over a period of time. Is there less money at the end of the month than at the beginning? Fail! Successful small business owners focus on cash flow and know how to read their cash flow statement." (www.americanexpress.com)

 

Myth #2: "Team Work Is About Building Consensus"

 

"While the success of the company does depend on building a great team, let’s not get confused. Steve Jobs always said that consensus is not the same thing as collaboration.  The leader sets the direction and the team needs to be able to effectively work together to accomplish that objective." (www.americanexpress.com)

 

Myth #3: "Customers Only Care About Low Prices"

 

"Some of the best companies in the country deliver low price and great customer service—like Wal-Mart, Southwest Airlines and Costco. Since most things are a commodity, small business owners will not be successful competing on price. They need to focus on the value their solution brings to solving the pain of the customer." (www.americanexpress.com)

 

Why is believing in these 3 myths problematic?

 

Because believing in these 3 myths can potentially stymie your business growth. You need to question the generally accepted wisdom and ask yourself if and how common myths apply to you.

 

As you see, just because you hear people repeat things over and over doesn't make it valid.

 

That's it for today.