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Principles for Healthy Business Finances – Persistency wins the prize

As we near the end of the Principles for Healthy Business Finances series, this month I’m discussing the importance of perseverance.

We all know the saying; if at first you don’t succeed, try again. If needed, try another time! It would be naïve to think that life will always go our way without having to put in a little extra work sometimes. Have a think – are there any experiences you’ve had where your persistence was met with a great outcome? Whether at work or outside of the office, determination can often pay off.

Defying adversity

Steve Jobs is frequently cited as one of the most inspirational entrepreneurs of all time. However, even he had to overcome his fair share of obstacles. After 10 years of growing his computer company Apple into the billion-dollar business it became, Jobs ultimately lost his influence and was ousted by the Board of Directors[1].

Being the tenacious personality that he was, instead of resting on his laurels and living off the shares he still owned in Apple, Jobs went on to create new businesses in the form of NeXT, a software firm, and The Graphics Group (later known as Pixar Animation). NeXT was eventually acquired by Apple; Jobs became the computer giant’s CEO and was responsible for the brand’s astronomical resurgence in popularity during the 2000s. His story demonstrates strength and determination, with the ability to persevere and achieve success, even after losing his position in the company he helped to create.

A positive turnaround

I have in my previous articles discussed my own experience with persistency and how I try not to be dissuaded from an idea if I believe in it. I’d like to add another example to this.

Many years ago, after tendering for the business of a large national company, and being included in the shortlist, my partners and I were disappointed to find out that we’d not been successful. I decided to call the Financial Director of the company for which we’d tendered to gain insight into why they’d gone another way. To my surprise, he revealed that as they couldn’t make up their minds, they had decided to start the tender process again.

I took the opportunity to reiterate a point we’d made in our presentation (that I suspected had been missed), regarding the fact that their CEO was underinsured by a substantial amount, and suggested that this needed to be rectified immediately. As I had gone to the trouble of talking through this point with him again, even when we hadn’t won their business, I was delighted to be asked to correct this problem. In initiating this relationship, we ended up securing their business and enjoyed a long partnership for many years.

I believe showing that I was willing to advise them even in the face of ‘defeat’ as it were, demonstrated a level of enthusiasm and competence that I would not have had the opportunity to display had I not been so completely determined to find out what had set us back.

And in doing so the prize, their business and the long working relationship we enjoyed together, was won.

If these examples have piqued your interest, you can read further examples of persistency in business, as well as my six top tips that may help you achieve your goals in business and in your personal life by downloading the whole ‘Healthy Business Finances’ chapter from my book ‘Your Bigger Future’ free of charge here.

I look forward to sharing my 13th Principle for Healthy Business Finances, ‘Market your products and services well’, next month.

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