Blame it on Yourself!
So, you are in business … it is remarkably successful, making you truckloads of money and there is absolutely nothing you could possibly change to make it even better!
Be honest – is this really the case? If your answer is yes, you are indeed a rare exception. Don’t you see that there is no such thing as perfection in business? Why? Your business is a mirror image of you! I have met some wonderful people in life and seen some excellent businesses, but never have I met or seen the perfect one!
If you are not making the returns you feel you deserve don’t adopt the attitude of most business guardians and blame it on the staff, the customers, the suppliers, the market … and a host of other things. Blame it on yourself!
You are the first of the four pillars of partnership every business rests on … a committed owner! Most people immediately jump to the defensive and say, ‘I am 100% committed!’. Are you really? Do you:
- Focus on the right issues such as cash flow; forward planning; gathering intelligence; … and so on?
- Do you have vision? Do you know where the business can go, and where you want it to go?
- Do you really know each of your customers?
- Are your Systems & Procedures properly defined, laid out and explained in such a manner that all those who work in the business know exactly what they must do at any point in time?
I detect a bit of doubt creeping into your mind. Good! Here are 9 issues, which you should work on to get yourself fit as a business guardian:
- Starting the business is the easy part (most of us started our businesses by default). Raising the business to be a real asset is the difficult part. Start with the end in mind. Know where you want the business to be in 7, 14- and 21-years’ time. Work backwards from there to see what you must do today. Plan the success of your business.
- Be the best guardian of the business you possibly can. Learn all the ropes of business from whoever can give you positive input. You can never get too much advice, nor can you read too widely. Be careful not to take counsel from those who would love to see you fail. Surround yourself with supportive people, people who support you as an individual and the goals of your business.
- Instil good moral values into the business from early on. The business will adopt your values, and these are reflected in its culture, which in turn reflects on the bottom-line. Be careful of what you teach it and the example you set. A good corporate culture is an asset.
- Do not be greedy. If you are selfishly seeking instant gratification from the business in terms of material possessions and high living standards, you are robbing it of its lifeblood … cash! A policy of restraint and delayed gratification will give you far greater peace and joy. Build the cash resource, conserve it with jealous determination and avoid at all cost the temptation to spend it unnecessarily. Isn’t it obvious to you why the major cause of business failure is a shortage of cash? (read our blog post titled “Profit means nothing” for a recap of the importance of cashflow.)
- Spend as much time as possible ON the business. Too many business owners fail to distinguish between spending time ON the business from time spent IN the business. The former is forward vision whilst the latter is generally rear-view mirror orientated.
- There is no substitute for intelligence gathering. Intelligence on what dynamics are at play in your market space. Intelligence as to what your competitors are up to. Intelligence as to what is happening within your business. No war was ever won without extremely reliable, up to date and plentiful intelligence.
- Act immediately. Action supersedes all. If it is the wrong action, you have at least had the opportunity to learn. If it was the right action, you will have won. What do you have if you took no action (besides regrets that is)? It is never too late to act! Do not let the fear of failure paralyse you.
- Discipline is vital. It is your duty to insist upon, and exercise discipline continuously. Every successful army that ever existed maintained extremely tight discipline. Is a business any different?
- Stick to your core competencies. Continue doing what you did to get your business off the ground in the first place. Do not get sucked into playing the corporate game of managing people. If your business has grown to the level where this is needed, hire professionals to do this for you. You must keep your focus on what works for you and your business.
It does not take a psychic to predict the future that a business has, just take a close look at the guardian of that business and you will be able to predict its future.
Month by month DL Garz Accounting posts another lesson, another principle or another business fundamental learnt from our experience and the expertise of more senior associates in business.
The success of your business is all about you!
QUOTATION:
Two roads diverged in the wood, and I – I took the one less travelled by, and that has made all the difference. (Robert Frost)
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