Thursday, December 6, 2012

Most People Will Never Be Great At Growing A Business. Read Why!

What?  How could a leadership coach say something like that you say?  It’s easy.  Listen to small business owners complain about customers who barter them down to a price proposal that’s unprofitable.  Work with a small business owner who can’t tell you what their sales were for last year – but still want to make more this year and next.

Yes, it’s a challenge as a leadership coach to help small business owners get out of their own way.  It’s also a challenge providing leader as coach training in creating an environment where individual owners can develop the self-awareness and authenticity they need to become successful.

Yet, talk with those business owners who are successful in business growth and they will all tell you that there is hope.  Let’s review some of the critical steps to success and growth.

Step 1: Develop A Business Plan

Correct.  You heard it. Develop a business plan. Write it down!  Have a vision, a mission, specific objectives, implementation strategies, and action steps.  Make sure you address your strategies for marketing, sales, strategic alliances, and set milestones.  Look at your management structure, personnel plan, and identify management gaps.  Oh, and let’s not ignore your financial planning – what are your financial assumptions, do a break-even analysis, a budget, projected income statement, and balance sheet.

Related: What You Can Learn From Jay Niblick About Self-Awareness And Authenticity – Part I

Step 2: Plan For Value

Align your goals and objectives to a specific value set.  Establish your values and guiding principles such as: -

  •     Humility, Loyalty, Trust
  •     Respect for self, others, the competition
  •     Caring, Responsive, Adaptable
  •     Integrity, Credibility
  •     Industrious, Hardworking, Fulfills Obligations
  •     Socially Conscious, Legally compliant with laws.

It’s important that you are working on a business that aligns with who you are and reflects how you can impart those values into your plan, employee selection, as well as marketing and sales strategy.  Seek congruency throughout the business in these elements.

Step 3: Determine Your Growth Strategies