Does Your Business Work for You?
Or do you work for it?
Are you too involved in your business? Could you pick up the phone in the morning and say to whoever answered, "Please look after things, I am taking three months off?" For most business owners, the answer is no. Why? Because your business doesn't have the right systems run by an effective team that would allow it to function effortlessly without you.
In order to build effective systems and a great team you need to to lay a firm foundation upon which to build your business. Stephen R. Covey says it best in his book 7 Habits of Highly Effective People, "To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you're going so that you better understand where you are now and so that the steps you take are always in the right direction ."
When it comes to your business, you need to build it according to how you envisage it when it is finished. This is very important because:
It affects everything you do in the building stage - it sets the tone for the whole company and its future. It also dictates how others see us.
It establishes greater value for your business when you are ready to sell. What will a potential buyer get besides your customer list and basic assets? Your buyer wants systems in place so the business will run without you (the seller).
To build your business systematically, work your way through the following nine steps:
Step 1: Painting the Vision
Your vision is the guiding light of your company, something that inspires and enrolls everyone it touches - team members, customers, suppliers, your landlord, your banker, your network of business contacts. It must have a higher purpose to it, not just to make more money. A great example is Pike Place Fish Market, in Seattle. When John Yokoyama purchased the market in 1965 his business coach encouraged him to think about what he wanted to be (yes coaching has been around for 40 years). He and his team came up with "World Famous". They added it to their logo and they began to do everything they could live this dream. They haven't spent a nickel on advertising, but have received millions in media attention. They have become world famous and have a thriving business.
You as leader of your company need to ensure that you create the vision for your business and share it with your team and eventually, everyone your business touches.
No great leader, in business, or otherwise becomes successful without a clear vision. It is in the absence of this essential beginning that so many businesses have failed.
Step 2: Stating the Mission
Your mission is the road map that shows how you will achieve your vision. A mission statement broadly outlines your company's direction, market and serves as a guide to:
- Who you are as a team?
- What business you are in-what product or service do you provide?
- Who are your clients or what are your key markets?
- What makes you unique-what makes your product or service unique, why would the client choose you above other companies?
This last point is very important. When you differentiate your business from the others, you won't need to compete solely on price. And once again, it is discussed with all staff, and explained at length.
Once again, let's consider World Famous Pike Place Fish Market. Their mission is to go beyond just providing outstanding service to people. It means really being present with people and relating to them as human beings and making every interaction the highlight of the customer's day.
Step 3: Defining Your Culture
Culture is the "rules of the game" for your business. It is generally a statement that includes the following:
- Your four most important values as leader of the company
- Your team's four most important values
- Your customer's four most important values
At World Famous Pike Place Fish Market, their culture is that everyone, team members and customers should have fun. This helps create a unique experience for everyone and supports the mission. This sometimes results in very innovative practices - like throwing fish between staff members. Of course team members also appreciate how important profit is to the business. For without profit, it won't be a fun place for very long.
In conclusion, by having a well defined vision, mission, and culture, you will have the foundation to build great systems. They will reflect you and your blueprint for your company.
We will cover the remaining six steps to building your business in another issue of the Owners Report.
Step 4 - Goals
Step 5 - Organizational Chart
Step 6 - Position Contracts
Step 7 - Key Performance Indicators
Step 8 - How-To Manuals, and
Step 9 - Milestones
Profit Building Workshop
'5 Ways to Super Profits'
Don't Waste another Cent on Strategies that Don't Dramatically Improve Your Profits!
Learn '5 Ways' that DO work and how you can implement them in your business!
“What do you want from your business?”
Want a significant improvement in your sales? Want to increase your after-tax profits? Want to boost your personal income? Just want to reduce your stress levels … and your business’s reliance on you? Then the “5 Ways to Super Profits” Workshop is just for you.
Have you ever suffered from employees appearing not to care, while you seem to be doing all the work? And they go home early while you work well into the evening…just to maintain, much less grow your business? If so, then this hands-on workshop can provide dramatic benefits for you. You’ll get to start working on your business during the session and learn ways to move your business forward on many fronts. And, you’ll get to take the business improvement tools with you to start improving your business the very next day.
'5 Ways to Super Profits'
Action International Office
7030 Woodbine Avenue, Suite 500,Markham
(north Steeles & Highway 404)
Wed. February 17 6:45 pm - 9:00 pm
$39.95 per person ($29.95 for 2nd person from same company)
To Book YOUR Tickets for the next Workshop
CALL Joanne NOW @ (905) 943 4257
or email seminars@actionbusinessdevelopment.com
To find out more about this exciting opportunity to grow your profits click here .
Complementary Business Consultation
Find out how to MAKE MORE MONEY with LESS EFFORT
We've identified 5 key ways to increase business profits. Find out how well your business embodies these 5 ways and how your business practices could be tuned for greater impact!
We will ask you a few brief questions on the phone and then arrange a time for your complementary consultation.
We can meet in your office, our office, or over the phone -- whatever makes the most sense in your situation. When we meet we'll ask you about your business, your goals and your challenges. We'll give you feedback on your current situation and come up with at least a couple of ideas that you can implement in your business right away! Then you can decide what the right next step is for you.
Don't you really owe it to yourself and to those who depend on your business to find out if there is a better way?
We have time for a limited number of consultations in January. So don't delay.
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