Albert Einstein is reported to have said that compound interest is the 8th wonder of the world.
The power of compounding interest is significant, and the exponential growth is exciting – but we often don’t want to wait to see the results. The problem is that the power of compound growth is in the patience. If you were to take “just a bit” of the interest out early on, or even repeatedly throughout the period, you’ll experience nothing like the final result you might have expected.
But what does that have to do with business?
It’s all about consistently improving things – minor improvements are responsible for major results over time. But ignoring a bad process “just for a while” has the same negative impact as taking the interest out of your savings. It just won’t grow.
If you want to achieve remarkable results, you’ve got to be willing to put the work in over time. Don’t keep doing what you’ve always done, look for improvements. And if you’re unable to see the forest for the trees, ask someone from outside your business to come and help you.
This is what I offer – small improvements in a broad range of areas. You may not think it’s much when it’s only one person wasting an hour each week on a bad process – but what happens when you have 20 or 30 staff in a similar role? You’d be losing 20 to 30 hours a week then. Would you want to give up all that productivity?
This is why one of my favourite “The 7 Habits of Highly Effective People” is “Sharpen the Saw”. It may not seem like much, but consistently improving in small ways can provide the same power of compounding interest in all areas of your life.
Build your habits slowly – one step at a time.
Don’t go on a crash diet thinking you’ll keep the weight off, and don’t think that getting rid of one or two poor performing staff will fix your problems. Spend the time to make small adjustments and let them become cultural – your poor performers are most often a reflection of poor management.
If you’d like to discuss how I can help you identify some of these small gains in your business, give me a call today (0419 120 294) and I’ll book in a free session with you to explore what kind of benefit I can provide. No hard sell – I want to partner with businesses that can actually benefit from my services, and who are willing to take on the advice provided.
Keep at it though – the small changes will be the ones that will make all the difference in the end.