Business / Leadership Corner

The Start Up Challenge part 2, the In’s and Outs

In the “Start Up Challenge pt 1” we covered dealing with the initial challenges to getting started in business and how to over come those challenges. How to stay focused on over coming some of the difficulties of launching a new business while dealing with critics and the crowd. In part 2 we are going to break down the ins and outs of starting a world class Business and the 3 components that are needed to have a strong foundation for business.

 The Outs: what everyone outside a company think they know about the company. 

  1. The company
    1.  The vision,  mission, core values and product or service are the guideline for the business success. They allow points of reference when it comes time to think through significant life decisions with great care.
    2. Going public is not the right decision for every company.
  2. The people
    1.  A company is only as its people, the people are only as good as their     leadership
    2. Today people want a partnership relationship, not a superior-subordinate relationship.
    3. Passionate people and loyal customers are what really bring success to your organization.
  3. Customers – Without them the business is in trouble because they pay your bills.
    1. Know who they are and how to reach them, keep them involved, just like the employees customers want to have ownership in the product or service they are using. Customers will come back and invite others based on their experience, companies must constantly be thinking of new ways to create, innovate, and evolve the customer experience.
    2. Analyzing your Moments of Truth can help you decide the kind of experience you want your customers to have.
    3. Truly listening to your customers and discovering their ideas can make your vision even better.

The In’s:  what needs to happen inside the companies 4 walls to keep the business going and growing.

  1. Mentoring
    1. It’s good to have a strategist or two in your life.
    2. Be open-minded about and receptive to counsel from others.
    3. It’s not who you know that counts; it’s who knows you and what they think of you.
    4. For a mentor to be effective, they have to be an enthusiastic and committed protégé.
  2. Association –
    1. Associate with people you admire and can learn from.
    2. Few people, if any, come into your life without a reason.
    3. Continually seek the wisdom of your mentors.
  3. Finances – CASH, CASH, CASH
    1.  without good cash management, you’ll never make it as an entrepreneur.
    2. Profit is the applause you get for taking care of your customers and creating a motivation environment for your people
    3. Making a profit is a necessity if you want to stay in business.
    4. You can’t afford to be a banker for your customers. Timely collection of invoices is crucial.
    5. Don’t let your expenses outstrip your revenue.
    6. Making a profit is a necessity if you want to stay in business.
    7. Use creativity to come up with new sources of revenue.
  4. Management – If you can’t measure it, you can’t manage it
    1. Take care of your numbers, and your numbers will take care of you.
    2. Encourage everyone to become a leader.
    3. An effective performance management system helps people win rather than sorts them out.
    4. The best management includes day to day coaching that catches people doing things right and redirects their efforts when they are off base.
  5. Leadership – Teach a man at the school of example, for they will learn no other way
    1. You never need to cheat to win.
    2. Always visualize your desired outcome ahead of time. great leaders see themselves making the turn before they get on the track
    3. You never know the good that can come from helping or forgiving someone.
    4. Poor leadership can send you off in directions you don’t want to go.
    5. The right leader at the right time can help steer things in the right direction.
  6. Coaching – master the ABC’s and 123’s of your people
    1. Life is about getting A’s help your people win
    2. What is right is more important than who is right.
    3. Nurture your people. They make it all happen.
    4. Duck busting is sometimes necessary before people can soar like eagles and deliver your customer service vision.
  7. Ambition – Ambition can result in life-changing events.
    1.  Success occurs when opportunity and preparation meet.
    2. Identify what you love to do most and do more of it.
    3. Don’t quit your day job until you’ve got some success under your belt.
    4. If nobody will pay you to do what you love, you have a hobby, not a career.
    5. When opportunity knocks, go for it.
    6. You never achieve more than you think you can, so create a big dream.
    7. When you feel moments having an impact on your destiny, seize the opportunity.

In order for a business to take advantage of opportunities to make a difference or make a profit, focusing on the topics listed above will not guarantee you anything but it will help you get started. Finally in todays article you will find the bind that holds them all together. Solid work/ life balance

Work Life Balance

– We all leave legacies. Be intentional about yours.

-For great joy in life, be generous with your wealth, time, and talent.

-Giving can be much more enjoyable than receiving.

-It is impossible to out-give yourself.

-A good life is built on strong, solid values.

-To develop your skills and nourish your soul, read great books.

-Work to balance your family life with your business life.

Keep your priorities in order: God, spouse, family, work.

Keep a notebook of the wisdom you read, hear, and learn.

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