Success is all about BREATHING. I don't mean what your lungs do but the nine magic ingredients represented by the mnemonic BREATHING.

Are you a business owner? Do you want to be successful in your business? If so, then this episode is for you.

In this episode I'm going to talk about the nine magic ingredients represented by the mnemonic BREATHING.  As a business owner, if blended correctly leads to Business Success. This podcast will help you understand what BREATHING means and how it can lead to success in your business.

You'll learn that there are nine elements of Business Success which when blended create a powerful force that can propel your company forward towards its goals and objectives. These nine elements are represented by the mnemonic BREATHING

You'll learn how these ingredients work together and why they are important for your success as a business owner. And if you're not already doing them, then I'll show you exactly how easy it is to start using them right away so that you can have more success with your own business.  Let's get started!

When these ingredients are combined, they make up an amazing recipe for success!  So Listen to find out more as we discuss each one of these components in detail on today's show!

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Conclusion

In this episode, I'm going to talk about the nine ingredients that lead to success. These are things that every entrepreneur needs and wants.

You can listen on your commute home from work or while doing dishes after dinner. It's short enough so it won't take up too much time of your day but long enough so there's plenty of value packed into each episode. And finally - action!

The last ingredient is taking action because without taking action none of the other eight ingredients matter very much at all...so let's get started with BREATHING!

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Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.

You can make more profits, save tax and time, improve your well-being and your money mindset.

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The Numbers Crew- Here to help you!

As a business owner, you will want success in your business. In this podcast episode, I'm gonna talk to you about what the nine magic ingredients are to achieve success in your business. Those nine ingredients blended together constitute the wonderful mnemonic breathing.

You're listening to the I Hate Numbers Podcast with Mahmood Reza. The I Hate Numbers podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Hi folks. Welcome to another weekly episode of I Hate Numbers, the podcast that's there to help you improve your financial awareness, improve your money mindset, help you make more profits in your business, save tax, and save time. That's a fantastic combination if I say so myself. Let's crack on with the podcast.

Now before we dive into the magic nine ingredients represented by the mnemonic breathing, let's first of all lay the landscape. Success is based on your idea of what your end goal is, what success looks like to you, not what somebody else but yourself. So how we define what success looks to you, whether that's in financial terms, whether that's in terms of lifestyle choices, whether in terms of the impact your business makes,

make sure you've got an idea of what success looks like to you in your business. If you have no measurable outcome, no measurable Northern Star, then forever you're gonna be chasing your tail. The first thing you need is the idea of belief, and that's self-belief. Now, belief in your own ability to execute ideas, your own belief to deliver that value to the customer, your belief that you can actually make things happen.

Now, belief is not baseless, it’s got to be based on a foundation of some degree of realism. You imagine that scenario where somebody's standing on the edge of a pool who can't swim, purely diving in there with that self-confidence that they can swim is gonna be a very dangerous thing to do as well. So make sure it's underpinned by experience,

make sure it's underpinned by ability, and if not, make sure you can access that. So, a personal belief in your own ability to do things is absolutely essential. R is risk and we can't get away from the fact that business is risky. You can certainly manage that risk, but if you think you can achieve your success without taking any degree of risk, then you are sadly

mistaken. All business take, it requires risk. There's extreme risk, there's manage risk. There's no such thing as no risk whatsoever. Doing nothing at all is risky in its own right, and you run the likelihood of your business going backwards. Now, risk can be managed by things like budgeting, by planning, by doing risk registers, but you've got to blend into your mindset that you need to take risks.

Again, they can be well managed in order to achieve those end goals, those end objectives. Now, you could be a risk seeker, someone who's quite gung-ho. You could be a risk-averse individual or somewhere in the middle, but whatever it is, recognise that rewards are very much driven by the level of risk that you take.

Having done the first two, let's now go for E which stands for education, and by education we're not talking a formal accounting or professional qualification. I'm mentioning accounting cause that's the background I come from. I'm qualified in lots of different things. However, academic qualifications in their own right do not guarantee anything.

You need to blend of the practical as well as the academic framework. Now, it's quite possible to achieve success about having any exams and accreditations. For me, education is not about the certification. It's about the willingness and the ability to carry on learning throughout your business career.

If you ever get to the situation where you think you can learn no more, then you are probably going to be on the slide going backwards. There may be things that you can accumulate, which is informal or formal, but always be on the watch out to learn from your own behaviors, from your own mistakes, and actually educational input is important for your business to survive based on knowledge that you actually gain.

You could tap into your peer group, you could tap into your own networks that you can, but education is a continual lifelong activity. The A aspect of breathing relates to attitude. Now, this is not necessarily about a negative attitude. It's not necessarily about perverse attitude, but your attitude influences everything that happens in your business life as well as your personal life.

You can't necessarily change what goes on around you in the world, but you can certainly change your reaction to that. So having the right attitude, you know, is an essential. Now, if we expand that theme, attitude can either be a fixed, set attitude. So you always do things because you've done 'em in a particular way.

You're not receptive to change, you're not receptive to trying new things. You need there very much growth mindset. Someone who's willing to step outside of their comfort zone to try new things, and for me it's the blend of the two. You need a fixed mindset, a conventional way of doing things when it comes to compliance work, due diligence, accounts work, making sure you’ve got good records.

But when it comes to trying new things, new ventures, new markets, new customers, then you need to have the right attitude. The T which follows from that is about tenacity. You can call it resilience if you wish, but we're talking about being tenacious and success is very much several years in the making.

If you have the idea that achieving success in your business is a quick overnight thing, then that unfortunately is going to be a very disappointing outcome for you cause it's not going to happen. Be tenacious, linked with all the other things that we've talked about so far, and you need to have that real still about you to when the things look bleak, when things don't look so positive, you are the one who's driving things forward.

I remember from my own personal experience when I started my business over 27 years ago, starting from a back bedroom, having a very, very modest income. When I say modest, we can measure that in hundreds of pounds for the first year, working all the hours that I could do, but I was very tenacious and very determined

to power myself forward. Luckily, I've moved out that back bedroom and the income is a little bit better than a few hundred. H stands for health, and that's not just your physical health, but your mental well-being. Now, more and more people are discussing and appreciating the importance of mental health and what goes on between your ears is as important about your physical health.

So whether you reconnect with nature, take walks, take exercise, watching your diet, your sleep. All these things are really essential to keep a good balance. As a heads up, folks, by the way, breathing effectively what they call diaphragmatic breathing is a great way to center yourself. It's the foundation of yoga and it's the foundation of meditation techniques as well.

If you are thinking what is that diaphragmatic breathing, a little exercise I'm just gonna interject with. If you stand and literally through your nose inhale, your lungs will expand. You can feel like a balloon. Hold it there for a few seconds and then exhale slowly through the mouth. You can alternate that by doing it through one nostril and the second nostril, but in terms of

the correct breathing as opposed to shallow breathing is a great way to do that. Now, whatever your thing is, this is not actually having to do several hours at the gym, but you need to make sure that you invest and you look after the most important asset in your business, that’s you, and make sure you look after your well-being as well as your physical health.

We're coming down to the last three aspects of breathing. We've talked about belief, we've talked about risk, we've talked about education, we've talked about attitude, tenacity, and we've talked about health. In the final run-in now, we are gonna be talking about information. If we break information down, the first part of that word is inform.

It's for me a very reckless thing to do, to direct your business, to run your business, to make decisions, unless you have information that either reinforces your thought process or actually perhaps contradicts that. So you need to have a good system of collating information. And information, by the way, is not data.

So if you were a cook and you had an assembler of raw ingredients sitting on the kitchen table, that is not a meal. Likewise, information is the combination of data that you collect, whether that's data from your accounting system, so you can gather that information to know what things cost, how much profit you're making, which customers generate the better value, which customers are a drain of the resources, where you are likely to be financially in the next few months.

So you need financial information. You need information about your customers, their behavior, what they do. And I don't mean whether they, you know, they go for midnight naps, or we're talking about their buying behavior, and all that data floats around you from the different social media platforms you interact from your website, and you need a system of converting all that raw data into something that helps you inform the decisions that you make, whether that's in marketing, whether that's in HR, whether that's in operations, whether that's in finance.

And one of my favorites is numbers. If you feel disconnected and dissociated from your numbers in your business, again, you're not alone. Thousands of business owners are in that same situation, but that's not a good thing. You need to reconnect your numbers. Your numbers are your best friend in your business.

They won't lie to you. They'll be there in the good times, as well as the bad times. They will tell you what's going on and they reinforce and put into numerical terms and economic terms, the impact of the decisions that you're making and the decisions you're likely to make. So get closer to your numbers.

Make sure you've got a good platform for recording transactions so you can literally at the toucher button, less than the price of a cup of coffee, find out what's going under the bonnet in your business. Get closer to your numbers and increase your financial awareness. Check out all the previous podcasts, and there's a bunch of information there to help you.

The last thing, having said all this, we've got eight ingredients that we've gathered so far from belief, risk, education, attitude, tenacity, health, information, and numbers. We are not saying about how much of each of these you need. It's a blend. It's a composite of all those. And you need to actually go for it.

Standing on the sidelines, not actually venturing forward, is not gonna advance you anyway. It's a very scary thing, or it can certainly be running your own business and success is not gonna be achieved by sitting on your backside. So just as much as we use the swimming analogy earlier on, hold that nose.

Take that good diaphragmatic breath and just dive in and go for it. Folks, I hope you found this podcast useful. I hope you got some value out of it. If you found it useful, I'd love to hear any feedback or comments. Share it with those who you feel will get some benefit from that and all I would say,

carry on your breathing. We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.