The Real Secret to Success for Business Owners
by Hal Levenson on Jan 4, 2017 12:43 PM
Our experience has shown that the three most common areas that business owners need to address to fulfill their vision and ensure success for their company are:
- Fundamental Business Disciplines
- Human Behavioral Dynamics
We have found that many business owners do not focus on all three areas which can lead to inefficiencies, culture issues, and stagnation within the business. Understanding and directing efforts in these areas make for a more robust, holistic organization that can better adapt to challenges.
Let’s take a look at each.
Fundamental Business Disciplines reflect the objective side of business such as winning new customers, manufacturing products, creating processes, etc. and can be expressed in the following categories:
- Growth: Strategy, Sales/Marketing and Organizational
- Sustainability: People, Financial and Processes
Human Behavioral Dynamics are the emotional and subjective aspects of business such as interpersonal and group relationships which can be ranked as:
- Foundational: Trust, Conflict, and Communications
- Results: Accountability, Courage, and Passion
Change is inevitable (like it or not) and can be broken down into the following points:
- Willingness to embrace change
- Ability to handle change
- Rate of change
Now that you’re familiar with these areas, we would encourage you to ask yourself the following questions. Give yourself 1 point for each question that you answer “No”:
- Do you have a clear, concise written strategic plan that is realistic and aligned by all members of your team?
- Do you have a current and future Organizational Chart that reflects where you want to be and outlines expectations, gaps and opportunities for advancement?
- Do you understand what is “behind” your numbers and utilize a financial dashboard to help guide your decisions and increase your bottom line?
- Are your processes effective at the lowest level, being updated, and making you more competitive?
- Are you encouraging and having healthy conflict to get the best ideas from different points of view or is there avoidance?
- Are you holding each other and yourself accountable to specific, measureable results on a consistent basis?
- Do you and everyone in your organization have the courage to make tough decisions, willingly make mistakes and happily own them?
- Is your company open and excited about change or does it resist and fear it?
- Do you know how much change your company can handle with your current employees, processes, technology and resources?
How’d you do? Be honest. If you scored 4 or above, do you think you’ll be able to take your company to the next level or be scalable while not addressing these vital points of business?
We believe that business owners who attend to these areas will indeed achieve their vision, become financially independent and have profitable and sustainable companies. We’ve seen firsthand the positive results from our clients who do so. Although it can seem daunting at first, it’s worth taking the journey to success.
If you would like to know how Trilogy Partners can assist you in these areas, please contact me at firstname.lastname@example.org or call us at 609-688-0428.