When we start or launch a business, we have lots of ideas. We see all the possibilities, so we jump into action mode.
But when we neglect certain areas of our business, we wake up one day and realize that the business we have isn’t the business we wanted to have.
How does that happen?
It happens when we jump into action without taking the time to vet our ideas. Slowing down is hard for entrepreneurs.
So, we wing it while we focus on the stuff we know how to do well. We find ourselves working more and more in the business, doing things we don’t enjoy, and usually not that good at. We don’t have time to work on the business, dreaming up new products or ways to do more of what we love and are good at.
So our business begins to own us rather than us owning the business.
What does it take to make sure we build the business we want to own?
6 Steps to build the business you want to have
Develop a Vision, Mission, and Guiding Principles - If you and your team doesn't know where you are headed, you won't know when you get there. (sounds like a Yogi Berra saying...) Seriously, as the founder or owner, take time to think about your business. Dream and envision what the future could look like.
Clarify your message so customers will engage - Of course Step 1 is essential for you to do Step 2. Many of my clients want to start on Step 2. Well they want help with marketing and messaging. But...if you aren't clear on where you are going, then it will be impossible to communicate clearly to customers the problem your business solves.
Learn how to sell by inviting customers into a story - Understand story. Study it. Know the difference between a Hero and a Guide. Know which one you are and which one your customer is. I will give you a hint...most business owners or sales people think they are the hero in the story.
Know if your products are viable (solve a problem) and are profitable in the market - Don't guess on this one. Create short feedback loops to find out quickly if your products and services are wanted in the marketplace.
Manage and operate your business by making a business case for every decision - A common mistake small business owners make is not managing their team well. More than you think even neglect talking to their team. They take the mindset of, " I told you what your job was when I hired you, so I expect you to get the job done." If that describes the way you operate and manage, I guarantee you will end up with the business you don't want to have, if you have one at all.
Establish a clear view of business performance by managing cash flow well - This is probably the number one reason so many small businesses fail. One of my clients called this "back pocket accounting". I know you have good intuitive skills, but if you make business decisions by how much money is in your operating account, you don't have a clear understanding of how your business is performing.
While none of this is new, most small business owners don’t slow down long enough to make sure these fundamental business principles are working effectively in their business.
Curious how your business scores in each of these areas? Take this 15 minute assessment.
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