By Jay Thompson
Building a Great Business
Business Bitz
Share
Tweet
Building an insignificantly small business doesn’t take much in leadership, but if you’re going to build a great business, it’s going to take great leadership. To make success happen it’s going to be an all hands on deck, leading from the front all of the time, kind of leadership.
Andrew Carnegie once said, “you have to capture and keep the heart of the supremely able man before his brain can do its best.” He might have said that a long time ago but it is just as true today as it was then. He went on to say you can take away his factories and all his money but leave him with his people and he’ll get it all back in no time. I believe this to be true. I’ve started over a few times in my career and each time I’ve done that I’ve ended up being bigger and stronger than before.
You can always replace the material things you have accumulated in your business, but the most precious asset you have is the members of your team. People are the only thing you can’t replace. Usually, it takes a long time to become successful but if you attract and acquire the right people you can compress the time frame necessary for obtaining success. If you can find great mentors in your industry that have done it before you, follow them, learn from them, and then share your experiences with your teammates to empower them. Become an inspiration to encourage them and help them to grow.
It is about serving the needs of others by you becoming an entrepreneur and by getting out there and building a business that will change your financial future and the futures of those that work with you. Every person that owns a great company does things that often demonstrate a pattern of success. They say success leaves clues, well follow those clues. The not-so-great-athletes, for example, copy great athletes. They model them. It works that way in business too. If you see an industry leader doing something and having success with it, and you can find a way to duplicate it, you will have similar success.
Great business owners that build great businesses obsess over making a difference. It’s a major characteristic they share for achieving success. Here are seven things that great business owners do on a regular basis.
1. Set and go after business goals. Remember, they need to be specific and time bound. A goal without a deadline is merely a wish! It is said that the number one reason for business failure is a lack of cash flow, but the cash flow problem is usually the result of not having goals and achieving them.
2. Innovation and marketing. I don’t mean go out and create a whole bunch of new stuff but find a way to take the things you already have and make them better. Ask yourself, how can I do it better, say it better and use it better? Find ways to market yourself better.
3. Find solutions to problems. That’s what business is, solving problems for others. The more dramatic the need, the better, and the more your business will be in demand.
4. Set priorities. Do the right thing at the right time. Do the first things first. Some things need to be done simultaneously, so don’t do one and neglect the other, but don’t attempt step two until step one is complete if its dependent upon it.
5. Inspire and motivate. These are two different things. Inspiration is from the inside out, and motivation is from the outside in. Depending on the circumstances, sometimes you need to be a coach and motivate and sometimes you need to be a leader and inspire.
6. Perform and get results. Let your results speak for you. Then, you need to grab your success and hang on to it because failure will take it from you if you let it.
7. Share your vision. Vision is a mental picture of what the future will look like according to you. It’s also about what, not just how. The better you can communicate your vision to others, the stronger your business will be.
There are many more things that can be done and should be done to achieve success. It is a never-ending process, always on. With practice and focus, you won’t even have to think about it. These things will become a natural part of you and then you will be on your way!
Jay Thompson is a Business Consultant with the CSU Bakersfield Small Business Development Center. The CSUB SBDC provides premium, one on one, no cost consulting to small business owners in Kern, Inyo and Mono Counties. For more information visit their website at http://www.csub.edu/sbdc.
