Everyone knows lucky entrepreneurs whose businesses always seem to fall right-side up. Even when situations seem dire, those founders come out unscathed—and often with surprisingly stronger companies.
But is it luck? Or just a wonderful twist of nature that can’t be predictable or explained? That’s hard to say. On the one hand, good fortune does have a way of just “happening.” However, it’s not always by accident. That’s because some people believe that luck can be produced, making it a repeatable experience rather than a fluke.
A recent book by entrepreneur Mark Lachance seeks to dispel the thought that luck is fleeting and indiscriminate. In The Lucky Formula, Lachance explains that after losing nearly everything in a sour real estate deal, he came face to face with anxiety and depression. In an effort to save his mental health, he stumbled upon what he feels is a luck “formula.” Lachance lays out his guide for mastering yourself inside and out to push yourself into a luckier life.
Of course, Lachance speaks directly to the reader. What happens, though, when you want luck to spread through an entire organization? As it turns out, many of Lachance’s ideas—mingled with those from other thought leaders—can help you turn your company into the luckiest outfit on the block.
For starters, try the following strategies to encourage luck to spring up throughout your workplace.
1. Make sure everyone’s working toward the same purpose.
Employee disengagement and presenteeism will do nothing but thwart luck. Unfortunately, Gallup figures from 2021 indicate that nearly two-thirds of workers are disengaged. If you want to boost the luck factor, you have to make sure everyone has a purpose and a passion.
This will probably mean conducting surveys and committing to upskilling or even reassigning some team members. Knowledgeable and empowered employees are more likely to feel engaged. They’ll bring every ounce of their abilities to work and own their success. When all your personnel is self-driven, they’ll create a bubble of motivation that will be hard to burst.
2. Practice transparency in the ways that make sense.
Hidden agendas have no place in a lucky business. Luck and deception just don’t travel well together. Therefore, ask yourself whether or not you could be more transparent with colleagues. Remember that transparency doesn’t necessarily mean sharing everyone’s salary, either. It can just mean speaking your mind clearly and being honest about the corporation’s directions and expectations.
How will a move toward transparency help your organization improve its luck? When your employees feel you have their back, they’ll transfer that confidence to customers. In fact, they’ll treat customers the same way. Remember that your workers often make the first impression on buyers. Workers who rave about their employer excite customers who may turn into lifelong fans. And that means you’ll have less shopper churn.
3. Pay attention to your business data.
It’s so tempting to make decisions based on gut instincts. Sometimes they even work out. More often than not, you’ll want to back up your hunches with numbers. As the old saying goes, “numbers never lie.” That’s true, especially when you can dive deeply into your data banks.
Understanding and using your data can help you make better choices for the direction of your company. For instance, you may analyze data to improve sales conversion rates or speed up the time it takes to solve a puzzled customer’s questions. By leveraging your data, you can create a more reliable revenue stream. When you do, you take some of the pressure off your team. You can also make changes (toward better “luck!”) based on what your information tells you.
4. Keep a pulse on your workers’ mental wellness.
You obviously can’t know everything about your employees’ health situations. Nevertheless, you might start to notice signs of fatigue or burnout. Deloitte’s research shows that around three-quarters of all professionals have experienced stress or burnout while at their current company. Accordingly, you can be fairly sure that some of your crew are struggling. Burned-out workers aren’t in a position to support each other, which will interfere with your journey toward a luckier environment.
What can you do to prevent a major mental health disaster? For one, you may be in a position to offer employees free counseling through an EAP. You can also encourage everyone to take their paid time off. More than half of professionals across the United States don’t take their allotted vacation days, says the Washington Post. Urge your teammates to use up the time they’re given. The more you let your workers recharge and relax, the more energy they’ll bring to the business when they return.
Every day can’t be lucky. Nonetheless, your business can be much luckier by making a few tweaks. From the outside, other entrepreneurs will wonder whether you lead a charmed life. Let them. You’ll know that you’ve just figured out how to make luck appear more often.