A business is so much more than a “job”. It’s a lifestyle, a world-view, a reflection of the type of person you want to be. It’s how you want to contribute to the community, where you see yourself in your future, and in some cases, it’s what you want to leave behind.
So many business owners tell me that they want to take their business to the next level, but they never define why. Everyone has goals, but they rarely take the time to write everything down and decide the “how’s” and “why’s” of what they want their business to be. In my experience, it’s not only helpful to carefully consider and record your vision – it’s essential.
These personal goals and business goals can be defined and followed by crafting a personal vision and a business vision. Here is a brief outline of both and not just how they are different, but also how they can work together.
Create your personal vision first. As the owner of the business, your vision is key to where you want to take the business.
Do you dream about being able to take your family on vacation to an exotic location once a year? How about a four-day workweek, or buying your dream home? These things could be part of your personal vision.
When crafting a personal vision statement, you’ll need to write down where you want to be in a year from now or 2 years from now. This could include considering your desired material lifestyle, your passion giving back, your ideal workweek, time with your family, and time enjoying the things you love (not your business). If you want to make sure that you are making enough money so that your children can have their college tuition paid for, this should be recorded in your personal vision statement too.
In addition to this, it’s important to include an exit strategy in your personal vision. This will detail how you would like your business to proceed when you retire, including whether or not you intend on naming a successor (e.g. a spouse or child), or if you would prefer to sell the business. Be mindful that your exit strategy is carefully considered, and entails what you plan to do in place of work. Some business owners find it hard to leave their business behind, and it can never hurt to plan ahead for how you will fill your free time in the future.
Once you’ve completed your personal vision, it’s time to concentrate on your company vision. The two go hand in hand. If for example, you want to spend only 6 months of the year working at your business, then part of your business plan needs to include finding a current or future employee who can take on some of your current roles and responsibilities. If your plan is financial freedom, then your company vision will be to increase your sales and marketing efforts, etc.
As the business owner, it’s up to you to set the company vision; it is not a team approach. Although you need to share it with your staff, the company vision statement needs to be synergetic with your personal vision so that the two can work together to create a business that benefits both you and your employees.
The company vision will also help you create a big picture idea of what your company will look like as a whole, for both you and your employees. This is why creating a company vision can enhance your existing leadership skills, which in turn helps your employees attain their own career visions.
Writing out a personal vision and business vision and following them is crucial, and often, overlooked in creating the kind of business you’ll be proud of. Writing out what you really want out of your business in a personal vision and then writing out how it can be achieved through your company vision can be both humbling and gratifying.
To get a better understanding of how to help your business grow, contact me today to find out more about joining The Alternative Board.
As a business owner myself and through interacting with business owners nearly every day, I understand that it can be difficult to let go of certain aspects of your business. However, you can’t be everywhere doing every job all the time, especially as your business grows. I’ve seen many TAB members stretch themselves thin this way, which can lead to important matters slipping through the cracks.
In a perfect world, no one would wear more than one hat at a time. If you’re wearing so many hats that you’re feeling weighed down, find out if any of them will fit your existing employees. If no one is a match, or if your current employees are also overwhelmed, it may be time to recruit.
Needing to delegate is not a weakness. In fact, acknowledging that you need to practice delegation can reveal the following positive qualities of a leader:
You have big dreams for your business, but you may be hesitant to take the necessary steps to reach your end goals if you have enough on your plate as it is. By delegating you are preparing your business for future growth. By freeing yourself of tasks that can be trusted to your employees, you will have the time to look for new growth opportunities. It’s hard to see the horizon when your many hats obstruct your view.
When you show your staff that you understand your own strengths and weaknesses and know they can take the lead in areas that aren’t your strong points, you build a trusting work relationship. By respecting the skills of your employees, their performance and the overall work environment can drastically improve.
One of the best ways to show self-awareness is to listen to your employees. How would they suggest the business processes could be improved? What are their opinions on employee morale? They may even have constructive observations on how you can improve as a leader. I encourage business owners to welcome feedback from their employees.
Inviting your employees to provide feedback opens the doors to communication. No matter how approachable you may be, it can be difficult for some employees to feel comfortable around an authority figure. Communicating both your strengths and shortcomings to your staff humanizes you to an approachable level. If they seem resistant in the beginning, I would suggest sending an internal survey that staff can submit anonymously. Once they see that their anonymous proposals are being taken seriously, they may be more willing to come forward for future communication.
To discuss how you can find out how other business owners take initiative with delegation, contact me today to join a TAB peer advisory board!
As your business becomes increasingly successful, certain aspects of your business will need to change and/or grow to keep up with your demand. Through TAB meeting discussions, I’ve seen this growth take the form of increasing your inventory to meet local demand, expanding to another location to meet national demand, providing more offerings to meet client interests, or outsourcing or hiring more staff to meet all of the above. If you keep hiring more employees, there will come a time when you need to reorganize your reporting structure or even your departments.
In anticipation for future growth, I encourage all business owners to create an organizational restructuring process to ensure your business expansion goes as smoothly as possible. Here are just a few topics you may want this process to cover:
Promoting vs. Hiring
When your business requires a new department, you will need to decide if it’s best to promote an existing employee or hire someone new to manage it. It may sound ideal to promote someone who already knows your business, but it could be best to hire someone from outside your business with a more precise set of skills. For example, your highly skilled and dedicated salesperson may not have the right qualifications to lead a new marketing department.
If you do hope to promote from within, how will you prepare your employee for the tasks and responsibilities that come with a higher-level position? If you anticipate expansion in the coming months, I have seen many business owners see success with managers mentoring talented employees to prepare them to take on the same or similar position. An outside hire can learn the ins and outs of your business this same way.
To ensure everyone in your business is on the same page at every step of growth, you may also want to detail how to communicate to staff that the growth may affect their roles within the company. If big changes are coming and your employees aren’t aware of what they are, they may jump to the conclusion that their jobs or the business may be in trouble when in fact the opposite is true. Your success is their success, and clear communication of any changes in roles or responsibilities can greatly help the progress continue.
Once your organizational restructuring process has been developed and implemented, I encourage you to regularly monitor and reassess its effectiveness. Perhaps there’s an area that can be improved or wasn’t ideal for the type of growth your business experienced. Did you actually need to hire more in-house staff, or should you consider hiring contract workers in the future? It’s important to be flexible and allow your processes to grow and improve with your business.
If you would like to discover how other business owners have restructured as a result of growth, contact me today to discuss becoming a member of a TAB peer advisory board!
Welcome to 2018! After a hopefully restful and enjoyable holiday break, it is time to get back to business, and this year promises some interesting trends I want to share with you. In my 30+ years of experience helping small businesses, I have seen many significant changes, and this year brings new ways you can further expand and develop your business. I’m excited to highlight some of the trends worth noting, and look forward to working with you to implement these changes to grow your business even further in 2018.
The Mobile Experience – Consumers are using mobile devices to search for information, browse social media, and make purchases more than ever before. Ensuring that your business has a website that is easy to find and navigate, specifically on mobile devices, will help you expand your business’ reach to new customers.
Taking It Outside – Getting tasks done through freelancers, contract workers and outsourcing is becoming easier and more popular than ever before. Many businesses are leaving one-time functions or administrative tasks, like shipping, logistics, graphic design and content writing to others, thus leaving your staff to focus on other areas of expertise, and potentially saving overhead costs as well. Furthermore, giving your own employees the means to work and contribute from outside of the office can improve productivity, and satisfy your employees.
Engaging with Customers Online – The Internet is being used more and more by customers and companies to engage in business and share experiences. It’s becoming more important that businesses keep an online presence in order to communicate their brand, answer questions, respond to comments, and engage directly with consumers to highlight positive experiences, and minimize negative ones.
Storing and Protecting Data – Businesses are increasingly dealing with large data files and technical planning and software in their work. In order to best maintain, organize and protect their data, businesses that leverage the Cloud and other software can save storage costs, work with distant clients and partners, and increase their productivity.
Want more advice on ways to build on the success of your business with these trends, or general advice from other business owners like you? Make 2018 the year you join a TAB Board and get the support you need to make your plan a reality. Contact me today!
I’ve seen it time and time again, business owners, whether they own an accounting, engineering firm, marketing agency or IT company, are left feeling vulnerable due to the feast and famine of income streams.
When I meet with business owners they share with me their concerns about their struggle for consistent revenues; one month the financials look great, but next month, they are not on target and they begin to stress about making enough income to cover their expenses. Sometimes this cycle is endless and it can take a toll on the many business owners striving for income predictability and growth.
When a business experiences the feast or famine scenario, things like hiring staff for a project today in hopes that there is work for them tomorrow can result in more stress and pressure on the owner to bring in more business.
Owning a business can be one of the most rewarding experiences, but so often business owners are conflicted with decisions about hiring the right staff, committing to paying rent for the appropriate space, investing in office equipment and technology, not to mention marketing. Without consistent and predictable revenue it is hard to make long term plans that will allow owners of professional services businesses to accomplish their goals.
If you are interested in learning about a professional business that will put an end to this feast or famine scenario but still give you the freedom to own a business, check out this website or simply contact me to discuss your situation.
In today’s competitive landscape, it’s important for a business to be able to rapidly adapt to market and environmental changes. “Agile” is the buzzword associated with this ability to adapt quickly to changing situations; but what is “agile” and how can a business become an “agile business”?
Agile is a philosophy, not a process. Although originally used for software development, it’s now used by companies large and small in any industry. According to the Agile Manifesto, agile refers to:
- Individuals and interactions over processes and tools
- Working software over comprehensive documentation
- Customer collaboration over contract negotiation
- Responding to change over following a plan
Becoming an agile business is a process that constantly needs work. Is it worth it? According to PricewaterhouseCoopers, agile firms grow revenue 37% faster and generate 30% higher profits.
Here are some guidelines for becoming an agile business:
Create focus. Don’t be distracted. Get rid of a long list of priorities and instead replace it with a short, manageable list of three or four items that are “must dos”. As you complete one item, add another to your list. This will keep you focused.
Communicate your vision. Communication is the key to change and change-worthy behaviour. Communicate with employees often, be transparent and give them clear and compelling reasons to embrace agility and become agile champions.
Hire the right people. The success of your business rests on hiring the right people – employees who are aligned with your vision and your values. In order to be agile, the employees you hire must be results-oriented, not task-oriented. They must be able to work within an organization that gives them the freedom and the responsibility to accomplish their jobs without a step-by-step instruction manual on how to do it.
Create autonomy. You can’t maintain a stranglehold on your employees and micromanage every decision in an agile environment. Senior managers need to lessen their direct control over day-to-day activities and give their employees control over how they do their work. Give your employees the environment and support they need and have confidence that they’ll get the job done.
Be prepared for the unexpected. Although you can’t plan for the unexpected, you can be prepared for it. Agile businesses are flexible, adaptable and expect change. They are ready for all eventualities and can quickly pivot. Changing requirements are the name of the game.
Agile is motivating. An agile environment by nature is motivating. Instead of working on the same project month after month with little change, an agile environment empowers employees to respond to changes, giving them freedom to become more than their job descriptions.
How agile is your company? Want more advice on becoming an agile business, or general advice from other business owners like you? Find out if a TAB Board is right for you!
With the New Year now well underway, many business owners are just putting the final touches on their business plans. That doesn’t mean, however, that adjustments can’t be made to ensure your goals can be reached in 2017.
As a business advisor for many years, when it comes to planning, I tend to come across two types of approaches: the visionary and the executor. Both approaches have their pros and cons, but as I’ll explain, a combination is what you, as a business owner, should strive for, especially throughout the business planning process.
A visionary knows where they want to go. They have a “big picture” vision and are often concerned with growing the company by setting goals. However, they lack tactical deployment and detailed plan as to how to attain this vision. They tend to not pay much attention to the processes in which their goals are met.
On the other hand, an executor’s primary concern is detail-related. They set high performance standards but fail to align those tactics to the “big picture” of growing the business because they’re so focused on processes.
As a business owner, do these two approaches sound familiar? Whether you’re a visionary or executor, I recommend the following steps as a way to bring both visionary and executor together when developing your plan.
- Have a Vision
Think “big picture.” Have a solid idea of your current state of affairs, determine what changes you would like to make, and consider how much you want to grow and in what areas of the business. Some examples of this might be that you want to increase revenue in your X division by 10% , perhaps you want to acquire a smaller business this year to expand your national reach, or you want to offer an automated solution to your XX customers.
- Dig into the Details
Now that you know what goal you want to achieve, create a plan outlining in detail how you are going to get there. If your goal is to acquire a smaller company this year, then it makes sense that part of your plan will involve searching for available companies. The devil is in the details as they say, so capture as much detail here so the plan can be easily executed on.
At this point you’ll also need to allocate budgets accordingly and introduce the means or tactics in which the budget will apply to.
- Review your progress
As with anything in business, monitor your results. Regular progress meetings should be conducted to get an accurate picture of how your business is progressing. Most importantly, ensure you are consistently making modifications to ensure success.
A carefully thought-out plan that contains both a big picture vision and accompanying details required for implementation is crucial for success. Ensure you share the plan with your employees so they are aware of the role they play in its execution.
While your business plan is somewhat of a blueprint, having a vision of where you want to go and how you are going to get there will position your business for success.
As discussed in my last blog, a business is only as strong as its team, I shared with you why having a strong team is so vital to your business’s success. Once we as business owners understand the value of a strong team, the natural next step is how to create that team and how to measure its success.
There are several key elements to building and measuring a strong team—from defining roles, ensuring communication, to celebrating successes and measuring progress. I’ve outlined four key elements that you’ll need to consider in building a successful team.
- Define and Value Roles
In addition to a job description, ensure your staff have their responsibilities clearly outlined. Clearly defining what it is the team member is responsible for, as well as how it plays a part in the overall company, will help in understanding the value their position plays in the overall growth of your company.
- Openly Communicate
Open, or two-way, communication is a key aspect in running a successful business. Your employees rely on you to communicate your expectations to them and to provide any information or training that may be required.
From a feedback and measurement perspective, communication is key. Create not only an onboarding document which outlines your expectations, but also develop a feedback mechanism for them to communicate their progress or any difficulties they may be experiencing. You can establish weekly or daily meetings with them and ask them to create a report, which gives you an overall perspective on how they are progressing and managing tasks.
- Celebrate Success/Embrace Failure
If an employee or team accomplishes something in the workplace, celebrate it! No, you don’t have to throw a big party with cake, streamers and balloons, but even the simplest recognition like a personalized email acknowledging their accomplishment can go a long way.
However, if mistakes happen, use them as a learning opportunity not just for that individual, but also for the entire team. As a business owner, it’s essential not to place blame or point fingers when something goes wrong. The goal of your team is to work towards the future of the business, so learning from mistakes should make for a valuable lesson moving forward.
A team is non-existent without collaboration. Collaboration can be achieved in many ways – through effective communication, sharing of knowledge, and peer support. Ensure you have built in opportunities for collaboration, which might be regular team meetings, in-house lunch and learns, one-on-one meetings, etc.
Roles often collide and allow employees to work synonymously together. If we think back to the restaurant analogy, a cook would not be able to plate food without clean dishes, nor could a server serve the food if the tables are not cleared.
Lastly, team building and measurement is an ongoing process in which you play a vital part. Allow yourself the time to invite your team to share in your goals and help you achieve them. Just as no man is an island unto himself, no company can be built without a strong team.
What do you and your team hope to accomplish for the remainder of the year?
Regardless of whether a business is seeking to satisfy a major increase in demand, or strengthen its competitive position, growth is a vital step in the development of any business. From hiring employees and increasing office space to increasing production, expanding services or extending product lines there is a lot to consider. Growing your business requires you to take a bit of a leap. Look for these signs before you look to grow your business:
1. You are being approached by potential clients
When you find that you are receiving request and inquires from customers and clients, this is usually a sign that you are in a position where growth is possible. Your brand has now gained just the right amount of exposure to for growth to take place.
2. Your team is strong and ready to grow
It is vital to know if your company has the right staff in place for growth to be possible. Valuable leaders are important however, having a strong team of employees who are experts at what they do and are committed to your business, is crucial in the growth phase.
3. You have the necessary funds for growth
Knowing your sales cycle and what income you can expect on a regular basis will ensure that you do not experience a shortage in cash flow during growth. It is important to know this as you will not be able to successfully grow if your sales do not match with your income. Measure this before you grow.
4. You are personally ready to grow
Are you ready for the commitment that comes with growing a business? If you are not prepared, business growth can have affect your personal well being as well as your family and daily life.Your business may be ready for growth but it can only be successful if you are ready for it. Experts say business owners should assume a 12 month adjustment period to achieve normal balance in the business after a growth spurt.
5. You have realistic expectations
Know what your business can handle. It may be difficult to not get carried away if you’ve mastered a particular market or excelled in a specific area. You may think you have everything you need to do exactly this all over again but be realistic in what you hope to achieve and what you can handle. Consider the economic benefits, your existing infrastructure and current resources to evaluate if you will be trying to take on too much at once.
6. You have met and continue to meet set goals
Stop making excuses for failed goals and instead find alternate ways to meet them. Doing this will encourage confidence throughout all levels of your business and help overall growth in the long run.
If your business is growing, you’re doing something right. It’s also important to understand that growth is a disruptive force. A period of substantial growth will influence every single aspect of your company, which is why you need to adopt a strategic mindset.