I remember being so consumed by the day to day running of my business that there was never any time to think about anything else, at least not clearly. From speaking to other business owners, I know that I was not alone.
Fortunately over time I developed a process to resolve this problem, which wasn't too time consuming and made a huge difference every time I used it.
This one method was responsible for small corrections as well as big strategic changes, for example:
...and basically everything else in between!
I've probably teased this enough now, time to be specific.
Treat it like it's one of the most important client meetings of the year, even call it a client meeting in your diary if it helps. The important thing is its a day you can't move (except in emergencies), no-one can contact you (as if you are with a client) and you expect to need to prep for it.
We used an outside office so that people couldn't just drop by our office if you weren't answering your phone, but that's optional. If time is really tight, could it be a quiet weekend day?
The real work (as always) was done in the preparation. I developed a set of simple worksheets which reviewed all aspects of the business, from revenue, pipeline, delivery, turnaround, strengths/weaknesses in business functions, IT gaps, customer feedback, staff turnover and others, I also considered where I was as an owner.
This took about a day for a business of around 100 staff, with the time spread around the day to day actions over a 1-2 week period.
Take all that preparation into the meeting room, work through a defined agenda, discussing all gaps and opportunities. Being really honest about where you are and where the business needs to work better. Then simply find solutions.
I was lucky to work with a business partner, which means I had someone to bounce ideas off, who understood what being an owner was like (impossible unless you've done it!). You could just as easy do this with an external partner (like me ! Shameless plug!)
For this meeting to really work I think you need:
You probably won't last a whole day, though you may. However, if you finish early I suggest you take some time off, don't just throw yourself back into the daily noise. Give yourself space to let the decisions fix in your mind.
For us this was our board pack, my white board (above my desk) and my task list. This kept us on point and made sure we delivered the improvements we had promised ourselves.
We did this just before our financial year end (so we could invest before year end), sometimes half way through the year and before making any large strategic decision, in reality that was 2-3 times a year. In at least annually we did the whole thing and for decisions we just did the relevant areas.
As this was so useful for me as a tool, I have developed it into a programme - Business Health Check - so even the busiest owners can reduce their stress, become happier owners and have more effective businesses.
It remains my go to tool for making sure I'm on track.
A small misalignment now, left unchecked, can create big problems later. The business will stutter, take more energy, more time and possibly never even achieve what you've set out to do. Think of a car where all the tyres are facing in slightly different directions, it will move but it will take more energy, time and will probably break in the end!
I am happy to offer other businesses the benefit of the most effective tool I developed in my 25 year career as a business owner.
I know it will make a big difference to every business that uses it.
It made me a happier owner, with less stress and a more effective business.
Thank you for reading. To read other blog posts click here: pivotaluk.co.uk/my-blog
I have been lucky enough to successfully buy, grow, mature, sell and exit my own business. I now use this experience to help other business owners on their journey.
Business Mentor/Coach/Consultant -- Growth -- Succession & Sale -- Health Check