It’s a sobering fact that many business owners don’t fully realize before opening their doors 20% of businesses will fail within the first year, and by the fifth year, approximately 50% will be in danger (U.S. Bureau of Labor Statistics, August 7, 2020).
After all, you’ve put your heart and soul into your business. It’s your baby. You’d do just about anything to make sure that your business has longevity instead of becoming part of that statistic. This doesn’t include a pandemic in the mix either.
Luckily, to ensure that your business is in it for the long haul, the best thing you can do is look to the world of music. The music industry is notorious for chewing up musicians and spitting them out, yet some bands have managed to stand the test of time. Handled properly, you can become the U2 of your industry, rather than the Chumbawamba. (Did you just say, “Chumba who? Exactly.)
Rockstars who stick around for generations behave differently than one-hit wonders. Take a note from these titans of music.
Four Strategies to Make Your Business Last
Have a Clear Purpose and Vision
KISS went into the music industry with the intention to be the greatest rock band of all time. Everything they did, from the long days of practicing to the long nights of trying to get their makeup off, was in service of that vision. It served as their guiding star, helping them make decisions, and making sure that every bandmate was on the same page. The same was for the Beatles. They wanted to be bigger than Elvis.
Why did you go into business and what do you hope to get out of it? Understanding your purpose and your vision, and then clearly communicating it to your employees will help you stay on the path to a long, healthy business. Be very clear and be very specific. Clarity is power.
Maintain a Narrow Focus
Bands don’t set out to make music in every genre there is. U2 never sat backstage after a concert and thought, “We should incorporate opera into our songs… and add in some Country. Hey – does anyone know how to play the banjo?” Or if they did, at least the conversation never moved forward. Do what you do best first. Once you are on top of one mountain others can easily see you from the other ones.
This isn’t to say that rockstars (and you) can’t shift your focus throughout the life of your business. This will actually help you stay fresh and relevant. Just don’t try to do everything at once… in one song… unless you’re Queen and then you go ahead and do whatever you want, because it will be amazing.
Always Be Practicing and Always Be Practicing
Rockstars with staying power know that the hours spent practicing in the studio (or the garage) are what enable them to get on stage and do what they love to do. The same goes for your business. The most important moment in your day isn’t the time spent sitting across from a potential customer delivering your sales pitch.
The most important time is learning your craft, perfecting your product, and preparing for that pitch. The more effort you put into that time, the more often you’ll get to do what you love and went into business to do.
Don Henley of the Eagles said they never started a tour until they rehearsed their playlist one hundred times in a row, perfectly. Do you and your band have that level of commitment? Were you honing your skills during the pandemic?
Your Band is Your Best Asset
Frontmen (and women) who don’t appreciate their bandmates are destined to be solo artists. Or unemployed. When you start out in business, you may do so as a solo-preneur. You may wear every hat in your organization from the CEO to the janitor. However, as your organization grows, you’re going to need a strong team or band that you trust and appreciate, to help you succeed.
Understand that your team is your best asset. They will help you make the Billboard charts or sink into obscurity. Choose wisely and then shower them with gratitude. Never (ever) make them feel unappreciated or easily replaceable.
When you do, they’ll either hightail it for the door or make a slow exit, eroding your business as they go. Three key points about your band from my book Opportunity Rocks are, do what’s best for the band, honor everyone’s unique abilities, including your bass players, and check your ego at the door. Everyday.
Could your team be working together better? I can help. Whether virtual, in-person or a hybrid meeting our team-building trainings will have your employees making beautiful music together and being heard above the noise.
It turns out there’s a lot we can learn from the rockstars of the music industry… and not just which makeup remover works best. Certain musicians have stayed relevant for all these years because they know their vision and their purpose, maintain a narrow focus, stay on top of their game, and appreciate their bandmates.
Now, it’s your turn to be a rockstar in your business! Let’s unleash your inner rock star on the world.