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What’s stopping your business being great?

Whats-stopping-your-business-being-great

In his book Good to Great, Jim Collins talks about ‘good being the enemy of great’.  Running a good business gives a false sense of security and encourages us not to try.  Running a great business takes initiative, creativity, passion and courage – but that’s a lot of effort when there’s no burning need to change.

Whats stopping your business being great

Some business owners shy away from change simply because they don’t believe they need to, but they can also resist because change brings uncertainty. Many clients fall into patterns of consistent behaviour and activity, particularly when their business is doing OK: why rock the boat if it’s all plain sailing?

Coming out of your comfort zone every now and then is one of the key attributes of a great business. Great businesses never settle – they’re constantly striving to do better.

To be a great business owner, you need to:

Accru plus Come out of your comfort zone by taking some risks

Accru plus Have a clear plan and vision

Accru plus Know which choices are best – and then make them

Accru plus Create accountability and measure progress

Accru plus Understand where you are in your business’ life cycle

All great businesses started somewhere – and usually, it was a small start. ‘Good’ businesses get to a point where they’re making ‘enough’ money for the owners. Great businesses get past the money satisfaction halt and start focusing on ‘what’s next’. That’s where taking a risk becomes crucial.

 

Risk assessment is a skill. It involves being thorough. It also involves being disciplined enough to spend time considering how things could go wrong and what plans are in place in case they do.

Important decisions need to be made by people who have made mistakes before. Those people are really well-versed in what can go wrong and are hardened and informed enough to prevent them from happening again.

Taking your business to a higher level

So, what are some options for improving your business? Here are some ideas to consider:

Accru plus Explore a new target market, angle or sales channel for your product or service

Accru plus Introduce a new item that complements what you already sell

Accru plus Survey customers about ways to improve your product, service, or customer service, then act on their suggestions and let them know you listened

Accru plus Determine whether new software or other technology could help create efficiencies, improve productivity, save time or cut long-term costs

Accru plus Test your marketing activities, explore new digital options and determine whether your message is really reaching your target market in the most effective way

Accru plus Hire a professional business and financial consultant to analyse areas for improvement, help develop a long-term strategy for growth and improve your team.

Selling a great business for a great price

If you’re thinking about selling your business – either sometime soon or in the future – you will of course want your business to be great so it’s attractive to a potential seller at a higher price.

Wondering how you compare to your competitors or how you can get a better sale price for your business?  Get started with our free tools below - they will help you build an even greater business.  

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