If your schedule is anything like mine, it has been super hectic and filled with meetings as organizations set a strategic focus to end the rest of the year with robust results and set projections for the year.
As someone that runs a company and sits on boards, this is always a very busy time for me but I always enjoy the diverse perspectives and valuable conversations that come from these various meetings. I hope that by now you have given your business a checkup and that you are on course with the goals that you have set for 2020. I want to share a few key strategies for creating a blueprint for accelerating your business success in the second half of this year. I hope these strategies are valuable to you and help position you for greater results and big wins.
1. You have to take the time to assess where you are currently.
According to Forbes, one of the ways to measure the success of your business is taking time to assess where you are in relationship to where you want to be. As a CEO and someone with a heavy financial background, I always take time to study the data, processes, systems and the overall performance of the business. It is vital that you do not get so caught up in the day to day tasks of running the business that you no longer have time to work on the business. After all, working in the business only addresses the operational functions of your enterprise. On the other hand, working on your business ensures that you have the systems in place to continue to thrive, prosper and succeed in your industry.
2. You need to evaluate the financials of your business.
Research from the Small Business Administration suggests that only 79.8 percent of businesses survive beyond one year. Another interesting fact is that only one-third of businesses survive ten years or longer. Furthermore, I still find it disturbing that only 29.3 percent of businesses are minority-owned. Why is this data so important? First of all, it lets you know that the survival rate in the competitive world of business is very difficult. Also, it sheds light on the challenges of entrepreneurship in this era. If you have followed my work, you know that I often speak about the failures I experienced in the early years of my business. My business almost collapsed three times and I even had to shut down my business for a short time. However, I was able to come back and build a brand that is now respected around the world. It is so important to take time to look at your financials. While you may not be pleased with your discoveries, this is a great way to assess the financial health and strength of your business. Without strong financial health, it will be very challenging for your business to thrive. It is great to be an idea generator but entrepreneurs must never forget that a business will never survive without adequate capital. Evaluate where your business is doing well and create plans for improving the financial strength and viability of your organization.
3. You need to evaluate the goals of your business.
It is always fascinating when I talk with entrepreneurs. Often when you ask them how the business is doing they will quickly respond that the business is doing great. However, when I start to ask questions related to the financials, goals and future projections this is where I often notice that some entrepreneurs struggle. In an article by Inc. magazine, it is suggested that entrepreneurs distinguish between long-term goals and short-term goals. More importantly, you need to set goals across various categories. For instance, you may want to set specific goals for improving customer service in your business. Then you may have philanthropic and social goals to give back to your community. In addition, you need to have clear financial goals that are realistic and measurable for your business. Of course, I think it is vital that you have growth and expansion goals. Personally, one of my biggest challenges in the early years was handling the explosive growth that was happening in my business. I went from handling a small volume of clients and inquiries to handling a much larger volume. It took lots of strategizing, planning and assessing but things started to improve. As a CEO, you need to have clearly defined goals that you can articulate across your organization. In the early days, you may have a very small team and even outsourced workers. However, as your business grows you need managers and executives that also know how to plan, set goals and keep their finger on the pulse of what is happening in your organization.
4. You must take time to evaluate where your business is headed.
As I stated before, when I started my business it was a bumpy ride. I went through some very turbulent years and I was not sure that the business would make it. However, after some coaching and mentorship, I found my stride and started to see breakthrough success in my business. In fact, I have been featured on various media outlets around the world and I have been recognized as a highly respected thought leader. While this did not happen overnight, as I put the strategies and systems in place to shift my business, I realized that it is not enough for a business to simply have goals. Great entrepreneurs are often great visionaries. Organizations that thrive do so because they have a strong vision. Vision is the ability to see beyond today and to create a better tomorrow. One of the most important skills you can possess as an entrepreneur is vision. Vision is the ability to set the track for where industries, communities, and nations are going. Visionary leadership shifts you from trying to be current to being on the cutting-edge. As an entrepreneur, you do not just want to know what is happening today, you want to pioneer the innovations and technologies of tomorrow. Infuse strategic planning and vision casting into your organization. Take time as a company to see where your industry is going and set out to be an industry leader. This is a game-changer for entrepreneurs in the twenty-first century.