Is Your Business Under Fire?
As a business owner, is your enterprise truly thriving, or
are you feeling the pressure from your competitors who are
breathing down your neck? If your business is not what you
want it to be, what do you think is really going on? Being
a business owner is probably one of the most challenging
and rewarding aspects of life, and at this time of year, we
all need a quick business reality check. This article will
provide you with a quick assessment of the business
behaviors which are contributing to your success or those
which might be triggering failure. As you are reading each
statement, perform a quick self assessment. Can you answer
"yes" to each statement? If not, your business might be
under fire, and it's time to turn it around.
1) I know exactly why I'm in this business to begin with.
Whether it's a sense of freedom that's driving you or a
need to connect to your customers in a special way with
what you have to offer, your business "why" needs to be
clear. By knowing the why, your business can gain momentum
by having a clear direction and specific measurable
outcomes.
2) I understand and have implemented the fundamental
principles of business. This means you have a good working
knowledge of business strategy (business planning and
marketing) and the systems necessary for business success
such as bookkeeping/accounting, legal issues, database
management, and entity structuring. Once you have educated
yourself about these fundamental principles, the next step
is to implement and carefully monitor the systems that will
keep your business moving forward.
3) I am taking reasonable risks. Contrary to popular
belief, savvy entrepreneurs do not take wild risks. They
balance their sense of adventure and out-of-the-box
thinking with common sense, due diligence and research.
Taking ongoing reasonable risks will infuse energy and life
into your business and will actually challenge you to
stretch and grow as both a business owner and a person.
4) I know how to mitigate risk. Do you have liability
insurance, a back-up system for your paper and electronic
documents, proper contracts and agreements? If not, you may
be setting yourself up for risky business. Get your
business in order, and make sure that your goals, methods
and protocol are clearly spelled out and that your team is
aligned with where you are going.
5) I know how to make decisions quickly. You've heard the
cliche‚ "time is money". There's definitely some truth to
that. As a savvy business owner, you will be called to
combine your knowledge and your intuition to make decisions
that are quick and smart. In today's fast-moving, high tech
world, the name of the game is "speed to market", and your
ability to make good choices without dragging your feet is
critical to your ability to create the momentum necessary
to pull your business forward and to create a competitive
advantage in the marketplace.
6) I am developing networks and strong working
relationships both inside and outside my industry.
Collaboration is powerful and synergistic, and the
possibilities and solutions for your business increase
exponentially by having a strong network. Building a
network inside your industry will strengthen your
expertise, but the real juice in networking happens when
you begin to reach out beyond the boundaries of your
profession to people who can bring fresh ideas and creative
perspectives to your business.
7) I understand that implementing a great strategy is
critical to my success. Having a great strategy is key to
creating a sustainable competitive advantage in your
industry, and knowing which strategies to implement can be
a formidable task. Choosing a strategy is simple, yet the
execution of the strategy is where most business owners
fall short. With a careful, planned approach to execution,
your strategic goals can be attained. Working with a coach
who specializes in strategy and execution can support you
in moving through the obstacles which will pop up along the
way.
8) I effectively implement sales, marketing and customer
service strategies which are contributing to my growth and
bottom line profits. You have the avenues in place to let
everyone know you're open. You know your target market
inside and out, and you are dedicated to finding new ways
to reach them and provide ongoing value each and every day.
You fully understand that if you are a business owner, you
are not just a technician, you are now fully committed to
the business of sales, marketing and delivering outstanding
customer service.
9) I stay current with technologies, trends and
developments in business. If your thinking is back in the
70s or 80s, you're going to get left behind, and you better
keep up, or you're going to get thumped by the competition.
Keeping up with technology-particularly as it ties to the
information age--is not optional...in today's fast forward
world, it's a requirement to stay in the game of business.
10) I foster an environment that encourages creativity and
development of new ideas. This means that you're open to
"coincidences", you listen to feedback, you're patient and
collaborative and you embrace change... Fresh ... dynamic
is what it's all about! You are someone who welcomes all
ideas-the radical, off-the-beaten-path, the controversial,
and the seemingly benign. You suspend all judgment and
allow your playful side to participate. Solo or in groups,
this is important. Break the rules! Start with a multitude
of ideas and then focus on the best solutions for your
business.
So how did you do? If you didn't get 100%, there is a way
to get you there by joining the Business Under Fire Program
for 2007.
Bea Fields & Carol Dickson Carr Copyright 2006
----------------------------------------------------
his article was co-authored by Bea Fields and Carol
Dickson-Carr, Executive coaches and principles for Business
Under Fire and the 360 Degree Challenge. They specialize in
leadership and team development, innovation, and
resource management. Visit them today online at
