This is the first post of the Fast Forward Your Business series by guest blogger Phil Badura from ActionCOACH. The series will look at the six levels of business required for a successful business.
When business owners first start out in their business, they usually have a vision and a dream for what they want to achieve personally from going out on their own. Over a period of time, most business owners become totally consumed ‘In’ their business and lose sight of the initial reason they went into business.
The problem with being totally consumed working ‘In’ the business, is that there isn’t enough time left to take a good strong look at the business:
- How is it operating?
- What are the areas of potential growth?
- How could it be more efficient?
- Can productivity be improved in the team?
- Is the business as profitable as it could be?
In working with small business owners, I regularly receive feedback such as:
- ‘I am only starting to realise the areas of weakness in my business and that there are simple things that I can/need to do to improve’.
- ‘Thank you, I didn’t realise that I didn’t know what I didn’t know about my business’.
- ‘I need to take the blinkers off and focus more on working ‘On’ the business rather than ‘In’ the business’.
Every business will be achieving success at some level. The important thing is to understand exactly where your business is currently at in the Ladder of Success and where the opportunities for sustainable growth lie.
At ActionCOACH, we identify that there are six distinct levels in the Ladder of Success:
- Mastery Level
- Niche Level
- Leverage Level
- Team Level
- Synergy Level
- Results Level
Identifying where you and your business are currently at in the Ladder of Success is critical for determining the opportunities for sustainable growth within your business. Whilst there will always be peaks and troughs in business, there is no such thing as stagnation – you are either growing or dying. This can be identified by looking at the longer term results of your business Key Performance Indicators (KPI’s).
Many business owners find themselves in a position where they don’t know how to reach the next level of success in their business. This is generally because they have become so involved in the day to day running of the business that they forget to keep learning what they need to do to reach the next level of success.
Think about it, you have developed your business to where it is today – what will it take to grow your business to the next level of success? Where could you take your business if you applied just 1 hour per day to working ‘ON’ your business: studying, learning and putting into practice what you have learned?
One quality of leaders and high achievers in every area of life and business seems to be a commitment to ongoing personal and professional development. They look upon themselves as self-made people, as “works in progress”. They never become complacent or satisfied. They are always striving toward ever greater heights of knowledge and understanding.
Spending just 1 hour per day working ‘ON’ your business could be the difference between having a good business and having a great business – especially a business that works, without you!
In this series of Fast Forward Your Business blogs, I’m going to address the six levels of business that are required to have a successful business. We define a successful business as a:
‘Commercial, profitable enterprise, that works, without YOU!’
The Business Ladder of Success
Level 1 – Mastery
At the business Mastery Level there are 4 distinct areas of focus that need to be considered:
- Destination Mastery
- Money Mastery
- Time Mastery
- Delivery Mastery
In this post, we’ll discuss the importance of Destination Mastery.
One of the most common responses that I receive to the question ‘How did you arrive in this business?’ is ‘I wanted to be my own boss and in control of my own destiny’. The crazy thing is that the answer to the next question ‘What is your vision for the business over the next 5 years?’ more often than not, is, ‘That is a great question, I have not thought that far out, in fact, I only take each day as it comes!’
It is absolutely essential that you know where you’re headed with your business – are you building it to sell, transition to family members, or take it public? Without knowing your destination, all you have is a Job, which will eventually cause the business to close when you stop working, as ‘You’ are the business.
The Formula for Success
This starts with your Dreams. What is your dream and vision for the business?
The next step is to set Goals that will enable you to fulfil your dreams and vision.
Once you have set your goals and written them down, establish if and what you will need to Learn to enable you to achieve these goals. This may take the form of research, reading books, listening to podcasts, watching videos/Youtube, and seeking assistance through friends, acquaintances or mentors.
On completing your learning, start creating a step by step action Plan that will enable you to achieve your goals.
Remember, ‘Every minute you spend in planning saves 10 minutes in execution; this gives you a 1,000 percent Return on Energy!’ – Brian Tracy
The final step is to take ACTION on your Dreams, Goals and Plans. Without Action, you aren’t going anywhere.
Having crystal clear clarity around your VISION, MISSION and PURPOSE in business is the key step to growing a successful business. You could say it is the base foundation of your business. It is important that you have a Vision, Mission and Purpose statement documented, as this will provide the clarity around where you are heading and what your destination is.
Keep an eye out for the next instalment in the Fast Forward Your Business series! UPDATE: Read Part 2 here.
In business, it is always the little things that get big results. Take the Business Health Check Here to receive a complimentary report on the ‘health status’ of your Business.
Phil Badura – Business Coach
Phil is a certified Business Coach at ActionCOACH. Specialising in business advice, planning, coaching and mentoring, Phil’s passion is for helping small and medium-sized businesses grow and become more profitable.