The following is the second of post on Is Your Business Helping You to Lead a Richer Life? It falls under the category of discovering and maximizing Who You Are.
How many business hats do you wear in any given day? List them—and then determine how many really fit your strengths and skill sets? For an entrepreneur, one of the hardest things is to “let someone else do it.” We all know this to be true, and have heard that we are to surround ourselves with team members we know are more skilled than we are, and then get out of their way. But do we do it?
Some areas where you must not be “hands off” or totally out of the way include leading your company! As an example, a CEO of a software company states that the owner cannot stray far from seven areas of a business:
Revenue – income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
Growth – refers to a positive change in size, over a period of time.
Profit – Earnings After Tax less the Equity Charge, a risk-weighted cost of capital.
Quality Control – a process by which entities review the quality of all factors involved in production.
Technology – a collection of tools (hardware and software), including machinery, modifications, arrangements and procedures used by humans.
Strategic Marketing – the goal of increasing sales and achieving a sustainable competitive advantage.
Culture – a code of behavior that delineates expectations and results in attitude, behaviors and actions.
The leader must understand and be fully aware of what is going on in these seven areas. Yet, does not have to be the person who actually executes each. One can look back on these important areas in the future, in order to discover what went wrong in the past.
The key trait of a serial entrepreneur, according to TTI Success Insights “The Skills Most Entrepreneurs Lack”:
Planning and organizing, and self-management are at the bottom of the entrepreneur’s traits shown above. Most of the seven areas of a business will fall by the wayside.
So what can you do?
Master these 6 strategies:
- Develop your core values and your vision (5 years in the future) for your company; then work backward and have a rolling one-year action plan.
- Share it with your people (actually developing this plan with your leadership team is the most effective). If they are not in agreement with your vision, it will not happen! You must get them on board—or change your vision!
- Have a board of advisors, and meet monthly to share your ideas and have them challenge you to greater heights.
- Secure a coach/mentor to keep you on task and hold you accountable.
- Assess your skills and capabilities, and bring in people to help you achieve in the areas where you are not strong.
- Assess, hire, on board, and train, and then do a quarterly review of each of your people to determine if a) they are contributing and achieving your goals and vision, b) are in accord with your core values, c) “get” what they are supposed to be doing, d) want excellence, and e) have the capability to accomplish it.
If you master these six strategies, you will see greater success in your business. The first four you would be covered in a peer group like Inner Circle. Five and six will be covered in future blogs.