Do you have a good business or a great business? A Great Business could be described as follows:
- 1. Excellent Growth Prospects
- 2. Good Margins
- 3. Repeat Business
- 4. Very Well Differentiated in the Marketplace
- 5. Excellent Leadership throughout the company
- 6. Committed Team at every level in the organisation
- 7. Fully Systemised
- 8. Where customers sing your praises unprompted.
- No Ball ever dropped
There are lots of “good” businesses out there as well. Good could be determined as:
- 1. Decent growth prospects
- 2. Margins in line with the industry but a good deal of price sensitivity
- 3. Some repeat business but not as much loyalty as one would like
- 4. Facing competition in the marketplace but holding own
- 5. Leadership being demonstrated by one person doing most of the work, one person being the face of the business, over dependence on one person
- 6. A good team but underdeveloped and unchallenged
- 7. Some systems in place but very dependent on people being there
- 8. Good deal of referred business
- 9. On occasion, some customers are left disappointed.
We would all like to have a great business and we all talk of the frustrations associated with the good business, its overdependence on the owner to be there, slower growth than one would like, cashflow challenges, and too many hours being worked for the return being generated. And this is a good business?
So whats the difference and how does one attain greatness?
It starts with a decision. A decision that you want to have a great business. A decision to make the necessary changes in your business. A decision to implement the changes required and a decision not to settle any longer for good.
Its the difference between the pain of discipline and the pain of regret.
To support the decision, you must also have a dream. Why exactly do you want to have a great business, what would it mean to you and what would it mean not to have it?. Is there sufficient difference to get you to make and stick to difficult decisions or will you be back, basking in the warm glow of a “good” business? What is your dream?
How you achieve each of the goals requires a decent and thorough plan that people can understand. It has to be broken into specific parts.
Do deliver on the plan you have to take massive action.
When is now the right time? A coach like me helps clients get their business from good to great. Call me when you are ready, now.