Are you ready to take your business to the next level? Most businesses say yes but do not know what that means. First of all you need to know where your business is now. You have to have a starting point. Then you can see where you want to go. Businesses like people go through growth stages and many drop off along the way. 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.
Let’s take an example. There are numerous great cooks and chefs that feel that because they understand how to create a great meal that, therefore, they would be a natural to open a restaurant. They open the business and make sales. However, the owner is usually consumed with running the business and catering to every little detail. There is very little time to step away from the day to day operation. In most cases the business stops when the owner stops. In our restaurant example, you certainly need other people. You need organization and you need leadership. The take away here is if you are a great cook and this is your passion and you don’t like the basics of running the business then you might be better served to work for a great restaurant as the executive chef.
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 these 7 points:
- You need a vision for your business. How do you look when you are successful? What is the future of your business in five to ten years from now as opposed to what you are doing today?
- Who are you customers now and in the future? What is your unique value proposition; what sets you apart from your competition? How do you get customers?
- How does the business work rather than the work done by the business? What processes and procedures are in place to facilitate the smooth operation of the business when the owner is not present?
- How does this business generate profits rather than how does the business make sales?
- How is the business structured to meet the needs of the customers? How does the business build loyal customers?
- How do you hire motivate and retain employees?
- Can this business continue to grow and duplicate without you? In other words, is this a sustainable business?
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. 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.