Do You Really Understand Your Business

Do Your Really Understand Your Business …?

When business owners first start out in their business, they usually have a vision and a dream for what they want to achieve personally from going out on their own.  Over a period of time, most business owners become totally consumed ‘IN’ their business and lose sight of the initial reason they went into business. 

The problem with being totally consumed working ‘IN’ the business, is that there isn’t enough time left to take a good strong look at the business, how is it operating, what are the areas of potential growth, how could it be more efficient, can productivity be improved in the team and is the business as profitable as it could be. 

In working with small business owners, I regularly receive feedback such as:

• ‘I am only starting to realise the areas of weakness in my business and that there are simple things that I can/need to do to improve’
• ‘Thank you, I didn’t realise that I didn’t know, what I didn’t know about my business’
• ‘I need to take the blinkers off and focus more on working ‘ON’ the business rather than ‘IN’ the business’
  

Every business will be achieving success at some level.  The important thing is to understand exactly where your business is currently at in the ladder of success and where the opportunities for sustainable growth lie. 

At ActionCOACH, we identify that there are 6 distinct levels in the Ladder of Success: 

• Mastery Level
• Niche Level
• Leverage Level
• Team Level
• Synergy Level
• Results Level
  

Identifying where you and your business are currently at, in the ladder of success is critical for determining the opportunities for sustainable growth within your business.  Whilst there will always be peaks and troughs in business, there is no such thing as stagnation, you are either growing or dying.  This can be identified by looking at your longer term results of your business Key Performance Indicators (KPI’s). 

Many business owners find themselves in a position where they don’t know how to reach the next level of success in their business.  This is generally because they have become so involved in the day to day running of the business that they forget to keep learning what they need to do to reach the next level of success. 

Think about it, you have developed your business to where it is today, what will it take to grow your business to the next level of success?  Where could you take your business if you applied just 1 hour per day to working ‘ON’ your business; studying, learning and putting into practice what you have learned? 

One quality of Leaders and High Achievers in every area of life and business, seems to be a commitment to ongoing personal and professional development.  They look upon themselves as self-made people, as “works in progress”.  They never become complacent or satisfied.  They are always striving toward ever greater heights of knowledge and understanding. 

Spending just 1 hour per day working ‘ON’ your business could be the difference between having a Good Business and having a Great Business, especially a business that works, without you …! 

Recommended Reading: 

Start With Why – Simon Sinek

Pulling Profits – Brad Sugars & Monte Wyatt

The Road Less Stupid – Keith Cunningham

In business, it is always the little things that get big results.