Everyone wants to know the secrets to building a successful business. The secrets are not really complex. You just need to implement them. In essence, a little more work than to rub Aladdin’s Lamp. The importance and the need to have a clear business vision, mission and plan cannot be stressed enough. Then again, it is a useless exercise! It is worthless to spend the time and the effort to create these!
Yes, you read that correctly. It is useless if all you do is create a mission, a vision, and a plan, and never review them on a regular basis to ascertain if they are still relevant. It is not worth the time and effort if you do not regularly measure where the business is against where your expectations are, according to these items.
Now you are creating a valuable method of moving your business toward achieving success. For Example, let’s look at Borders Books. They took their eyes off their Business and their customers wants and needs. They did not even recognize the real threat, Amazon, until too late. They were too busy looking at what other businesses were doing, like rewards programs, and not their own business and direction for bottom-line results.
This is not to say you should not watch what your competition does or what other businesses are doing. What is being said is that you do not need to copy what is being done. You must focus on your vision, mission and plan. You must measure and track and revisit and make adjustments as needed.
A business of any size should have a process in place in order to obtain these metrics. There are times when the largest of corporations have created such a nightmare of numbers, the ability to readily and easily know where you are and what direction you need to take is lost in the jumbled mess. It is time to break it down and simplify. If the most senior people are not able to explain in five or ten minutes with a pencil and a napkin where you are and where you are going, you have made your business too complicated. If that is true for the large corporations, it is even more so for a small to medium sized business.
You might not like to read this, yet it is a fact. There are about a half dozen numbers which should tell the facts about what your business has been doing, and what the future holds. Know these and make the adjustments necessary to stay on track or to get back on track.
Contact Mitch Tublin for an appointment today.