The end of the year is always a good reminder that in business—as in our personal lives—we need to take a bit of time to look back at the year we’re wrapping up and look forward to the opportunities we’ll be facing in the coming year. The end of 2011 is no exception. As a matter of fact, the tumultuous times we’ve seen over the last couple of years make this exercise more critical than ever.
Unfortunately, it’s easy for us to get wrapped up in minutiae. Rather than nitpick your business, I’d like to suggest that you take a look at four key areas that can have a significant impact on your business success. These areas will help you get the big picture of how your business is doing. In later posts this month we’ll look at some specifics such as strategy, the planning process, and execution.
Examine Your Culture: Your business culture is comprised of your values and your beliefs. For many companies, there is a “disconnect” between their stated values and beliefs and what they really value and believe. For instance, if you talk about how important employees and customers are, but consistently treat employees and clients poorly, your real culture doesn’t value people highly (regardless of what you marketing collateral says). Or if you claim to be committed to new technologies, but don’t spend the time, effort, or money to advance, you don’t have a forward-thinking culture—regardless of what you say. What is your real business culture like? Is it what you want it to be?
Review Your Core Competencies: One of the dangers of being an opportunistic business is that some opportunities fall well outside your areas of core competency. That doesn’t mean they are bad opportunities. But unless you have the competency—or are prepared to develop or acquire it—you’re setting yourself up for failure if you pursue something you can’t deliver. What are your core competencies? Do you need to develop new ones? Are you operating within your core competencies?
Take a Look at Your Business Mission/Purpose: This seems so obvious, but many businesses lose sight of why they exist. Almost anyone can explain what your company does. But can your employees explain why you do it? What if your employees asked you why you do things? Could you tell them? Review your business mission statement. Is it still valid? Does it mesh with what you’re doing?
Establish a BHAG (Big Hairy Audacious Goal): Businesses need stimulating challenges to stay vibrant. Does your company have a goal that raises the bar just a little bit higher than you’ve ever reached before? Do you have at least one “fist-pumping” goal that will take your employees—and your company—to the next level?
Need a little extra high-octane fuel for your business tank? Listen to Brad Sugars’ (founder of ActionCOACH) interview with Verne Harnish, author of “Mastering the Rockefeller Habits” and founder of Gazelles International.
http://actioncoach.com/verne-harnish
Need help growing your business? With over 35 years of experience and thousands of companies assisted, Chuck Kocher and The Transformation Company can help you scale your business into a truly exceptional business capable of high growth strategies. Businesses are always changing, don’t let yours be left behind. Stand out with our business and executive leadership programs – designed to challenge and improve your business. Your business will thank you for it. Contact me today for a free consultation! 719-339-9505