Let me first share that I do not talk politics nor am I an economist. However, you have to face the fact that the economy is doing pretty darn good right now. Unemployment is at a historically low rate, the stock market is tracking at record highs, and interest rates are low for all to take advantage of.
Last week I was speaking to a commercial general contractor and as we were talking, I commented, “You guys always seem to find more land to build on when there seems that there’s no more land left to build.” He quickly corrected me by saying, “We’re not finding more land to build, we’re finding more units to demolish to build up and create more space.” Interesting, I thought.
Think about that for a moment as we take a one-story ten-unit strip mall. Demolish it and build that land up with a ten-story office building. We just multiplied the working space by 1000%. We now have more businesses, more companies, more employees, more productivity in that space than we had before. We have more opportunities to climb the corporate and entrepreneurial ladder with chances of higher earned income. Each and every day we have those office people taking lunch breaks, visiting local restaurants and shops to spend and fuel that local economy.
Let’s celebrate this growth as we appreciate this economy. However, the subject that we need to really address is not how the economy is fueling us, however, how we need to do our part in fueling the economy.
I will share five key areas to shine up as so we can create an organization that fuels its own economy.
1. Focus / Mindset: As business owners and leaders we need to strictly focus on everything within the four walls of our business. Focus on what you can control opposed to what you can’t. Focus on creating and maintaining a strong mental mindset, focus on what serves you, your team, your organization, your customers, community and family. Always focus on the clarity of what you want as opposed to what you don’t. Remember, where your focus goes your energy flows.
2. Vision / Destination: Be very clear about where you want to go with your organization. We all need to be serving a purpose. Wealth creation is the by-product of getting everyone else what they want. When we are crystal clear on our destination and purpose as an organization only then will we have the ability to empower others to follow our lead.
3. Culture: Create a culture and environment in which your team will have the ability to be empowered and thrive. When you have the right culture, you will continue to attract the right people. You no longer will be hiring and firing people, they will either qualify or disqualify into your organization based on your culture and standard.
4. Systems & Structure: Make sure that you have implemented systems and structure into your organization. Systems stand for Saving Yourself Stress Time Energy & Money. With the right systems and structure in place with your team consistently applying them, they will be more productive which will lead to better margins and more money for all to benefit in.
5. Customers: As the first four points are mastered, your customers will see and experience the difference in your organization opposed to others as you stand out amongst your competition. They will be happy to return as customers, they will tell their colleagues and friends, your business will continue to grow and again all will benefit from this process.
Again, let’s all celebrate that our economy is doing well. However, because of this fact, it doesn’t mean that you can slack off and enjoy it without doing the work to be your best. Continue to put in the work to master these traits of winning business owners, leaders, and organizations. Master these key points and you will be doing the work to fuel the economy with-in the four walls of your business.
If for whatever reason, your own economy isn’t doing well, don’t look to the outside, look at the inside of where you need to step up and apply the principles of creating your own winning team and organization. Only when you take full ownership and apply these winning principles will you be able to fuel your economy from with-in.
Let’s all go out and do our part to keep this economy humming, because when you fuel the economy from with-in everybody wins.