Business Process Consulting - The Four Secrets of a Successful Business Owner
by Peter McLean
Every business owner in the value-based small business is convinced of the uniqueness of his or her particular company. These owners understand deeply the nature and the direction of their business.
Everything that they say and do is clear, coherent and congruent. They know the context in which their business is operating, and they know intimately every part of their business.
Yet, the failure rate of small business start ups is well documented, and the statistics quoted from a variety of sources are alarming, to say the least. Most small businesses start with a great idea, but something happens along the way where the business stumbles. How do we ensure that our business does not become one of these discouraging statistics?
There are four secrets to being a successful small business owner and building a high performing, successful business.
Secret One - Find Your One True Cause
The first secret is to unlock the cause and the purpose of your life. What precisely have you been put on this planet for in life? When you are able to hone down the answer to this question, you are beginning to build the right foundation for your success in business.
The meaning and purpose you assign to your life is the key to understanding what you are in business for and what you can contribute in a positive sense to the world.
In the value-based business, this takes the form of clearly spelled out Mission and Vision statements that explain this one true cause. Once this true cause is known, it unlocks the secret power of your business and the unique place it holds in the world of commerce. You must know what your cause is!
Secret Two - Define your World View
The second secret of the successful business owner is that he or she understands fully the lens through which they see their place in the world.
This strategic framework forms the belief-base that defines the range of choices that will be made in the context of their business.
This secret is the governance principle and underpins the governance and trust framework in the successful business.
This world view, once discovered and clearly articulated, ensures the alignment and integration of all the business structures, systems and processes, so that a single-minded focus is brought to bear on everything that is done.
All energy generated in the successful business is about willing one thing and delivering this one thing with excellence to the customer. You must know what your world view is to be successful. You must know what you bring to the world!
Secret Three - Have People Around You Who Share the Vision
Here, the size of the small business becomes critical. It is what I call the "Goldilocks principle". The size must be "just right", to allow for effective communication, free flow of information, flexibility and agility in response and innovation. Jim Collins in his book, "Good to Great," talks about having the right people in your business.
The secret of having the right people is found in the few. That is, the three to four people in your business who are entrusted with the Vision and who share the Vision of the owner. This small group lives this intent in everything it says and does. It becomes the steward of the Mission, Vision and Values of the business, and it pursues relentlessly the principle espoused as the world view of the business. This group also embodies the qualities of good leadership that will further the Vision of the business.
The group is dedicated and committed to learning how this view can be applied constantly in the pursuit of the Vision. It takes full responsibility for being engaged constantly in its own leadership skill development. You must have the right people in your business!
Secret Four - Culture of Hard Work with a View to the Future
There is no substitute for effort in ensuring that the right things get done in the right way. This is the fourth secret of the successful business.
All effort in the successful small business is channeled and focused through a proper small business plan that is the product of unlocking the first three secrets mentioned above. The planning mechanisms must cascade throughout the business.
Everyone in the successful business knows what part he or she plays in achieving the Vision. They behave in the way that is expected of them, and they manage to clear business objectives. They deliver their results within an agreed performance management process and agreed business measures. You must get the right things done!
Peter McLean is a highly experienced Coach, Senior Manager, Consultant, Business Owner and Company Director. He successfully coaches top Executives in some of Australia’s leading multi-national companies. One such Senior Executive recently won an International Award for Excellence within his particular field. In addition, Peter works extensively in the Public, Private, Commercial and Not-for-Profit sectors, delivering outstanding results for his clients. To learn more of how you can benefit from Peter’s experience, visit the Essential Business Coach web site!