Many businesses, large and small, operate ineffectively. This state leads to a high percentage of businesses that fail within their first 2 – 5 years. Even businesses that have outlasted the failure statistics are not immune to a lack of productivity, inefficiencies and business struggles.
Can You See the Light?
A critical factor which leads to business failure is a failure to establish a sound business strategy. In larger businesses, we often see the corporate strategy, set by the C-Suite executives. This strategy is supposed to be the guiding light for the organization. Look a little deeper and each business unit within the company creates its own strategy — but is this strategy connected to the corporate strategy? Frequently not!
In a smaller organizations, strategies may not exist outside of the owner’s head. Goals, values and business culture are unspoken components in the business — usually buried under the day to day operations. How can you be successful as a business leader if you hold everything in your head?
3 Steps to Help Extinguish the Fire
If you are fighting fires every day and your strategic plans are lost in the rubble, it’s time for change… Your business success depends on it.
1. Clarify your Values — What are the values of your business / business unit? Values are the foundation on how you do business. Your values underpin every interaction, every operation and how you relate to your team.
2. Set Strategic Goals. Goal setting seems so basic to many but the reality is many people fail to establish and commit to specific goals. As a business leader, it is important to set medium term goals for your business / department. Then you must write them down! Writing your goals down is a major step toward your success. Others can then work with you to establish short term goals and action plans to keep your business focused.
3. Communicate — Storing your values, goals and ideas to yourself, as a business leader, doesn’t capitalize on your most valuable resource — your team! Use your leadership team, with input from all staff/contractors, as a mastermind team to boost the power of many minds for greater results. In a small business or a solo-preneur, join an external mastermind. Be in business for yourself, not by yourself.
These three steps are critical first steps in getting an upper hand on day-to-day flare-ups!
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