PD Strategies Blog

DO YOU RUN YOUR BUSINESS OR DOES IT RUN YOU?

Manager-with-Dashboard

Ask a business owner how it is going. You might get the answer, “very busy.” Is that a good thing? It depends. If it means lots of customers and revenue that is a good thing. Many times, it means that they are so busy just keeping the business running. In this case the business is running them.

Just having a product or service that people want will produce income and can pay bills, but will it truly produce success? But this has not spelled success for many businesses and the lack of the true understanding of what it takes has caused businesses to fail. Some businesses may survive due to external dynamics and timing, but they will become stagnant and the owner will feel like a hamster on a wheel. There is a lack of entrepreneurial leadership.

For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they should open a restaurant. The restaurant might open and have sales, but the owner might be so consumed with the food details that he might neglect other parts of the business. In most cases the business stops when the owner stops.

Likewise, if you want to build a real estate agency you will need to provide leadership and development to your team. You cannot expect new agents to hang their shingles with you and say you have an organization.

I have found that the enterprises that I have coached and consulted have had success when they have followed the following points.

1.        You need a vision for your business. How do you look when you are successful? What is the future of your business five to ten years from now rather than what you are doing today?

2.        You need to know your customers now and in the future. What is your unique value proposition; what sets you apart from your competition? How do you get customers?

3.        You need to know how the business works rather than work done in the business. What processes and procedures are in place to facilitate the smooth operation of the business when the owner is not present?

4.        You need to know how to generate sustainable profits rather than how to make sales.

5.        You need to know how to structure the business to meet customer needs.   You must understand how to build loyal customers.

6.        You must know how to hire, motivate, and retain the best people.

7.        Know how to create a business that works when you are not there.

Entrepreneur

The real secret behind all of this is not simply having a business plan although you certainly do need a business plan. The real secret is learning how to become an entrepreneurial leader with vision and achievable goals. Leadership is paramount to you personally and to your team. As an entrepreneurial leader you will look at the forest instead of the trees, you will work ON your business rather than IN your business, and you will become the inspiration for your business. Resolve to do this now.

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Saturday, 04 December 2021

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