Three Ideas To Get Started Thinking About Your Business by David Chavez
So you’ve heard others suggest spending more time thinking about your business than working in your business, but how do you do it? Here are three quick ideas.
The First Idea…Begin With The End In Mind
As Steven Covey tells us in the Seven Habits of Highly Effective People, “Begin with the end in mind is be proactive and make good choices.” Most entrepreneurs
are great at visioning where they want to go. Being able to see the end is a gift. With the gift comes a challenge to communicate the end to those around you. So ask yourself, “Where do I want my company to be in 15 to 30 years from now?” When thinking about 15 to 30 years out it is hard to imagine just how you will ever accomplish where you want to go. If you know of the book Built to Last, written by Jerry Porras and Jim Collins, they described this point in time and called it a BHAG (Big Hairy Audacious Goal). The point of the BHAG is not to find the “right” BHAG but to create one so clear, compelling and imaginative that it fuels progress.
The Second Idea…Know Your “Why”
This is where many business owners think everyone in their company understands why they exist. The “think” in the last sentence is what trips up most business owners. The entrepreneur starts the business with brilliant clarity on why he/she started the business and over time the “Why” gets lost. It still exist in the subconscious minds of the few who were there when the company started but it is lost to everyone else inside the company. Get a clear understanding of “Why” you’re in business, get it documented, and start to share it. The “Why” will create a great deal of clarity to everyone on what is important and what’s not. The “Why” will become the mission statement without all the platitudes. It will drive your behavior and the people around you.
The Third Idea…What Drives Your Economic Engine
When you think about your economic engine think about what drives the profit in your company. When you’re thinking about how your economic engine is linked to your profit, first think about something you can measure. Then, at the same time answer, what problems you solve for your customers? Measuring the results of the problems you’re solving for customers will help you gain clarity on what will keep your business profitable. Let’s face it, if you’re not profitable you’re not going to be in business for long. Borrowing more money or getting more funding without understanding what drives your economic engine will only result in you not passing GO and not collecting $200, your game is over.
There is so much to think about in business. So the next time you sit down to think about your business and your drawing a blank use these three ideas to help you get started.