In running a successful business there are six steps that we must master to create the business that we ultimately desire. The final step is Results which represents where you want to go with your business. You may want to one day sell your business, franchise your business, you may want to transfer it over to a family member or partner. With that, we must become clear on what exactly that end game is. Where do we actually want to go with it?
The first step of this process is Mastery of which is the foundation of your business. It needs to be solid just like a cement foundation on a building. Strong foundation – strong business, weak foundation – well, I believe you know the answer.
Mastery consists of four points. #1 Being Money Mastery; knowing your numbers inside and out. Knowing how to get those numbers to work for you and your business. #2 Time Mastery; being efficient and effective with your time. In addition, as a manager, you must be able to instruct your team to be efficient and effective with their time to consistently increase productivity. #3 Delivery Master which is delivering your products and services to your customers with consistency. #4 Most importantly is Destination Mastery which is knowing where you are going with your business.
When any of us are traveling to a new location that we haven’t been to before the first thing we do is plug in the locations’ addresses into our google maps. Then what happens? Google maps instruct us the directions to follow to get us to our desired location. Hmm, isn’t that interesting.
My question is, what percentage of business owners plug in their destination of their business on their business plan as so they can now create the plan on how to get there? Are any of these business owner’s crystal clear on exactly where they want to go with their business? Do they actually know their Google maps ultimate destination address? Something to think about.
The first lesson is if you are not clear on exactly where you are going with your business, simply get clear. Write it down. Only then will you be able to create a plan on how to get there.
Other things to think about along the way. If you have a partner or if there are any family dynamics within the business. All parties must be aligned on exactly what the destination is and what part they have in the process as well as the end game. Everyone must agree or there will be challenges down the road.
If it’s a partnership, do you have the proper insurance and/or a buy-sell agreement in place? Do you have the right trusted strategic partners like the right attorney in addition to a business broker if your plans are to sell one day? Have you created an organizational chart of the way you want your business to look when it’s complete with all the right players representing in the right positions? This in itself sets up your destination. Have you documented the date of when you want to hit this destination? These are all things to take into consideration when you are creating that destination with your business.
Be clear that if you do not know exactly where you want to go with your business, the questions lie is where are you going to end up? Most importantly, if you as the owner/leader of the business are not clear on where you are going with it. How do you expect your team to actually follow you? Hmm, something else to think about.
My encouragement for you today is that if you are not clear on where you are going with your business to just simply take some time to design where you want to go with it. Simply create your business Google destination address and begin creating the plan to get there. And, remember that you do not have to go at it alone as there are plenty of professionals out there like myself to assist you along the way.