Make Your Business Really Fly

When we first start working with clients they have a fair idea of where they want their business to be over the next few years, however there is a lack of clarity as to how each component drives the business.

There are 5 key components that need to be combined if you really want your business to fly and for your business to give you what you want:

1. Key Objectives

What your business must achieve at the end of 2-3 years so it grows and prospers and provides you the business owner(s) with the lifestyle of your choice. If you do not have this clearly defined then your business might simply have you doing what it wants - and your business can make a very cruel master with a demand on more hours, more time away from your family and more personal cash.

Your key objectives should be exciting, specific and once achieved should give you a feeling of extreme accomplishment.

2. Killer Mission

The ongoing achievement of your mission will propel you toward the attainment of your key objectives. Most mission statements are 'feel happy' useless statements that achieve nothing for your business - let your mission statement be a map toward your goals (Key Objectives).

Your mission does not need to be seen by your clients and does not need to be on the wall in plain view of all. It does need to be a strong statement of how you are going to get your goal, by when and by what methods you are going to achieve this. Remember where the word mission comes from - the armed forces - "we will take that hill by 0900 hours using extreme and deadly force so command can use that route for the supply of our troupe in x region".

Management uses your mission to assess your businesses performance with regard to marketing, sales, operation, human resources and finance. If each area is focused on performance in line with your mission then your business will achieve its Key Objectives.

3. A-Class Clients Propel Your Business to New Heights

Most business owners expand their business without taking into account how their client base will affect their business and its ability to achieve their Key Objectives.

Clients can destroy your business if they are the wrong type. Imagine for a moment that you expand your business and you bring on more clients that are hard to deal with, always complain about what you do, expect the lowest price for the best service and are always pestering you with no real benefit = a D-Class client. Imagine doubling your business and all of them are D-Class clients ... let’s face it; you would never want to show up at your business.

A-Class clients are the answer. Your A-Class clients will support you and your business in achieving your Key Objectives if you know who they are and how to find them.

4. Purpose Gives You Heart

A major reason behind employees not working the best they can or not working toward the achievement of the owner's Key Objectives is because they don't feel any heart in the business. The purpose of the business is either sterile, does not exist or does not inspire any emotion. As such the employee can only work for money and treat you like all the other businesses they have worked for - and let's face it; some of the businesses out there are not good.

5. Your Powerful Exit From Your Business

A statement from one of the biggest business brokers reported that 65% of all businesses listed for sale do not sell and either go broke or simply close the doors. Your exit from your business needs to be defined now in order for you to get the most from your business and to add to your life. Every exit strategy has a different requirement from how your business needs to be designed.

  • Sell the business - If you are going to sell your business then you will need to make sure that your business shows a healthy profit, has clients (a, b, c, or d class does not matter) and can be operated by the new owner and there is opportunity for growth.
  • Sell the business to family - This strategy requires more thought and requires that you systemise the business to a higher degree as the normal status of 'sell to family' requires an ongoing payment back to you, so you will need to be sure they will be open every year and can pay and are happy.
  • Management - This is where you sell to yourself every day, where you get a manager to run the business. The business will need to be highly systemised, reporting back to you highly systemised and the direction and ongoing mission of the business clear. The business will not rely on your relationship with clients as the dynamic of the manager will most likely be different.
  • Sell the business to a multinational - Most likely the multinational will want your client base and/or a cut of the market you are in. They will be less likely concerned with systems and the on-going nature of the business and will pay against the number of clients and cash inflow from sales (market share). In some cases they will want your business as a going concern - however this is not the norm.
  • Merge with another business - The merger will be for either strategic benefits or to create a larger and stronger business. Systemisation may not be an issue if the other firm is strong in this area, however that will depend on who has the clients and who has the systems and what the benefit is from the merger.
  • Go Public - Everything goes with this exit strategy as you will have to be systemised, strong ability to penetrate your chosen market and strong corporate governance systems in place.

Some exit strategies will take more time than others and will deliver a greater return at the end of the day. The choice is yours, but you need to start now.

About Achievers Group
The author is founder and Chief Energy Officer of Achievers group. He is a much in demand passionate professional speaker, business educator, author and corporate and business advisor.  He has worked with over 170 businesses around the world.

Phone: 0410 538 521

Received this email from a friend? Click here to sign up and receive your 60 Seconds Monthly Inspiration.

Achievers Group © Copyright . All Rights Reserved. ABN 32 099 609 319.

Web Design Perth | Terms of Use | Privacy