Running and growing a successful business requires dedication, determination, commitment, and effort. It also requires having a growth mindset. What is a growth mind-set and how do you achieve it? I am sure you have heard this term used before. A growth mind-set is having vision, a vision for where you want your business to be in the future and working towards achieving it.
What is your vision? You may want to sell or create a legacy business, you may want to be the number 1 in your industry in your region, country or even the world.
Once you have worked out your vision, you want to then work out how to get there. This is where strategic planning comes in.
Your Strategic Plan will include your current situation, your strategic objective – what you want to achieve and how you will get there. I find the optimum length for a plan is 3 years. Some businesses have a 5-year plan. This is too long. Covid-19 and its effects have shown us, how unpredictable our world can be. Having a plan does not guarantee success, ideally you want to review your plan every 6 months. Remember it is a working document.
Implementation is just as important as planning; this is where I find, most plans fail. No matter how great your plan is, it needs to be implemented correctly. Before implementing your plan, you will need to work out what resources are needed, assign tasks and projects to your team, develop a schedule. Running regular meeting updates will help you to keep track and allow you to make the necessary changes as required.
Systemization of your business will enable efficiencies and allow you to focus on growing your business rather than working in it. That is the whole objective, isn’t it?
Processes and procedures will not only create efficiencies, but they will also ensure that your business is compliant and transparent. Having processes in place for the operational aspects of your business, reduces risk. Other benefits include consistency, repeatability, and transferability. These last three benefits lead to a positive impact your team. I will elaborate further, by having processes in place, your staff know how to perform certain tasks and any new people that you hire will also know what the what, where and how and help them in the initial onboarding phase.
People are the most critical component of business success. They are now more important than ever. We are all aware of the Great Resignation that has been taking place for the last few months. Having a Workforce Plan is now more important than ever. A workforce plan that includes attracting, recruiting, onboarding, engaging, managing performance, staff development and letting go staff members. Also crucial to this is, work culture. Culture starts at the top; it starts with you. What type of culture do you have? Are you happy with it? Can it be improved or changed? The answer is, yes, you can change it. Which leads us to leadership.
Leadership can be developed. I find as a Business Owner, it can be lonely, we are expected to know everything, we are good at giving feedback. Who is there to give us feedback on our performance? I would recommend developing a questionnaire for your staff to provide their feedback on your leadership. This will not only help you to find out how you are perceived by them, but will also enhance work culture and communication
Finance, without money there is no business. Many businesses go broke, not because they do not have an excellent product, staff, or all of what I just covered, but because of poor financial management. Keeping on top of cash lows, knowing what your pricing is and break-even point. Keeping records of all incomings and outgoings. If finance is not your strong point, having a bookkeeper help you with your books and an astute Accountant to provide tax and other financial advice.
~Business Game Changer Special Promotion~
Do you have a vision for your business?
By Nada Jamal
Magnus Business Builder
