When it comes to business success, there is an underlying trait that every smart entrepreneur has – not just the ability to have a good idea, create a business, to set a vision and dream a dream – but the ability to see it through.
One of the biggest personality disorders I see among business owners is what I call the ‘magpie syndrome’. This is the tendency to drop everything and run off after the next bright, shiny idea. I see it all the time. It’s a lack of focus and often stems from not having a clear end goal and a business plan. Sometimes chasing another opportunity pays off, but more often it just weakens focus, takes your eye off the ball and often has a financial cost too.
Key number 8. Be disciplined
The disciplines of business involve having a long term and short term business plan with clear objectives and strategies. It means having an annual budget with forecasts, monthly actuals, clear reporting. It involves having clear job descriptions and performance reviews for everyone including the owners. It means doing a proper business case to support a decision to do something that isn’t in the annual plan.
So many business owners I start working with are really sloppy when it comes to the infrastructure of their business – they don’t have a business plan, don’t have a budget, don’t set targets and do not have good reporting in place. They have no mechanism for monitoring and measuring their progress. And as a result they often find themselves running round and round the hamster wheel, working hard and going nowhere.
You have to be disciplined. Business isn’t a fairy tale and it won’t have a happy ending if you don’t learn the rules of business and apply them thoroughly.
Exercise: Rate your discipline
Do you have a clearly articulated and purpose for your business? Yes/No
Do you have a business plan that can be shared with your team each year? Yes/No
Do you have measurable targets in place? Yes/No
Do you have clear and regular financial reporting in place to monitor progress? Yes/No
Do you have a budget forecast that is updated and used as a management tool? Yes/No
Do you use a business case study approach to making decisions? Yes/No
Do you run regular performance reviews with your team Yes/No
If you answer mostly yes, you are applying a disciplined approach to business… it will help you grow for sure.
If you answer mostly no, you are most likely taking a more random approach to business which will likely be an impediment to growth. A willingness to put more structure and focus into your business practices will help you grow, seek some assistance now to ensure you run your business the way it should be run.
As always feel free to email me questions or ideas at email@example.com
PS. Early bird pricing for 2016 Acceler8or Programme ends soon. This is a 12 month journey to accelerated growth you’ll never forget, please email me at firstname.lastname@example.org for more information. If you are serious about growth or creating financial freedom from your business sooner rather than later, you will want to be involved. Only 3 places left.