Value Building Resolutions for Coming Year
As we close out 2012, reflecting on our wins and loses – and as we look to 2013 and its’ opportunities and risks. These simple resolutions will help keep you focused on your mission. 1. Take the Time to Think: Covey spoke of “sharpening the saw”, Gerber speaks of “working on the business of your business”, the point is you need the time to think and reflect on what is working and what is not. You need to evaluate if your business is growing consistent with your goals and objectives. This means creating time with your leadership team and creating time for yourself outside the chaos of the day-to-day. Opportunities to Achieve this goal: - Monthly leadership meeting (preferably off-site) that focuses on the “big”...
Aligning Core Company Values and Strategic Focus
It is my experience that most companies have a mission and vision statement. However, often they were created as a marketing tool for both customers and employees, rather than a true embodiment of company’s core values. The result is a mis-match of actions versus expectations that can derail the company. To correct this potential disconnect it is critical you inspect your core vision versus not only the perception in both the market and internally, but against your execution to your vision as well. Questions to consider: What are the 3 to 5 words that define your company? Some examples might be creative, innovative, honesty, results, integrity to name a few. What is the company’s focus? It’s Passion? In other words, what niche do you...
Sale-Able Value
I met with a prospective client yesterday as he was inquiring about the value of his business. He was ready to retire and enjoy all the “toys” he amassed while running his business… a beautiful boat, lake house, plane, oceanfront condo, three golf club memberships. Yes – he made a lot of money over the years and in those terms was quite successful. But, unfortunately there was little value in his business. Why? He led all sales efforts and held the relationships with his customers close to his vest. He did not have talented management to support the operations and he had not invested in new technologies to keep the business competitive. The asset value of the company would not even come close to generating enough income to...
Why are you in Business?
Ask most entrepreneurs what their business does and how it does it and you will get a clear answer. But ask WHY do you own your business and the answer is often a bit fuzzier. Yes, there is the immediate – I want to make money. But what is the rest of the story? Ask yourself: Do I want to create/carry forward a family business to the next generation? Do I want to ultimately sell the business to outside buyers (financial or strategic)? Do I want to take the company public? Do I just want an income and I am not worried about after I am finished in the business? Each one of these WHY’s requires you to manage and invest in your company in slightly different ways. There is no “best” WHY. Rather it is your WHY. One of the major...
Traditional Strategic Thinking in a Social Dynamic
Does the influential work by Michael Porter regarding competitive advantage and the forces that influence that advantage still hold true today? Porter’s original works were created in the pre-Internet days. Large companies and brands still dominate the landscape, but have their advantages that were created by scale still as advantageous? In the past, development of new product and applications of those services were developed within the company and were marketed outwardly to consumers. Having the brand, the resources (human and financial) provided great advantages to large global companies at the expense of smaller companies. But, in our socially connected world consumers have more influence than ever and they are exercising that power. Is your...
Mission Statements with a Mission
Is your mission statement a reflection of your company’s vision, or is it an abstract view of what your company wants to be? All too often, a company’s mission statement reflects what it strives to be but lacks the passion that is in fact its mission. Mission statements are generally composed by a committee of executives and communications professionals with the goal of telling what the company intends to accomplish, but in a manner that does not set the company up for failure against that statement. In short, they are tepid and boring caricatures of what the business’ vision. Consider a baseball team with that type of statement – “Our mission is to be the best we can be through teamwork.” Where’s the passion? Where is the audaciousness?...
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