Most business owners are not achieving the goals they set themselves when they first opened their business. This is because many of them are busy working ‘in’ their business, rather than ‘on’ it. Here are six tips on how to re-energize a business:
- Get a life. If a business owner is working too many hours in their business, then they have a job not a business. Systems run a business, people run the systems, and the owner manages the people. The business owner needs to learn time management and how to leverage.
- Business is a Game. Why do we play games? Obviously to have fun. If running a business is not fun, sell it…close it and go get a job. Let’s not forget that games have rules and you need to keep score, this is usually how much money you make.
- Have a plan. Most small and mid-sized business owners are running their business like Christopher Columbus…. They have a rough idea of where they are now; have a vague idea of where they want to go. They beg, borrow, and steal money to get started; sail off into the sunset and either fall off the edge of the Earth or reach land somewhere. Business owners should take the Military approach to planning: determine exactly what your objectives are; know precisely where you are starting from; budget your resources so that you don’t run out half way to your destination and get advice from specialists who will help to plan a campaign that includes constant measuring and monitoring of progress so that success will be guaranteed.
- Cash flow. In real estate the key is location. In business it is cash flow. Business owners need to breakdown the business process into five areas, regardless of the type of company. When the proven strategies of the business coach are applied, tested and measured, this dramatically increases the cash flow and profits of the business.
- Stay above the line. Both managers and employees must play “above the line”, meaning they take ‘ownership’, are ‘accountable’ for actions, and are ‘responsible’ to the team. Those who act below the line ‘blame’ others, offer ‘excuses’ and ‘deny’ it is their fault.
- T.E.A.M. Think of it as meaning Together Everyone Achieves More. But how does the business owner lead? There are six keys to building a winning team. First, articulate your Vision. Second, have Common Goals so everyone is on the same page. Third, define the Rules of the Game. Fourth, develop an Action Plan – specific steps and timeframes to reach goals. Fifth, demand 100% Involvement/Inclusion – make sure all are engaged and involved. And lastly, the business owners must Support Risk Taking, and encourage innovation by examining failure for lessons not for blame.
What to next and when? D x V + FS > R. This is the formula for change. D (dissatisfaction) times V (vision) plus FS (first steps) must be greater than your R (resistance) to change.
Unless the Small Business owners in South Florida do something different, their future will remain the same as their past. In many cases, a business coach is the solution to help make the changes needed to grow the business.
To find out how Business Coaching in South Florida will work for you, contact John at johnlayzell@actioncoach.com or 305-899-9963 for a complimentary coaching session or diagnostic of your business.
John Layzell
Business Coaching in South Florida
