HOW TO AVOID THE BUSINESS BLIND SPOT
You’ve taken the leap.
You’ve been planning for a while and have finally stepped over the threshold into a brave new world!
Maybe you’ve been running your business for a number of years — successfully gaining business and going from strength to strength.
There are a number of pitfalls and hurdles for any business to overcome throughout its lifecycle, but one that is more common in small to medium businesses is what I call ‘The Business Blind Spot’.
The Business Blind Spot can occur at any stage of the business lifecycle and is easy to avoid, once you are aware of it. It may even seem obvious, but often the symptoms go unnoticed for too long!
So what exactly is the Business Blind Spot?
It’s that point in the business when you’ve stopped working on the business because you are too busy working in the business.
If you are elbows deep in the day-to-day running of the business, you are working in the business — which most entrepreneurs or MDs of small to medium businesses need to do.
It’s essential to ensure you are also making a conscious effort to step out and work on the business.
There are four disciplines to ensure you spend enough time on your business:
Putting your plans in place is the most basic of disciplines and 99% of new business owners have completed at least rudimentary planning or have an idea of what they want the business to look like.
True planning includes the development of long and short-term measurable goals encompassing a number of areas of the business. Getting others involved in the planning and execution of goals is a great way to share the load and bring ownership to others in your team.
Once plans are in place, reviewing progress consistently is the next most important step.
Regular sessions to assess and measure each goal should be pre-planned and maintained.
Not all goals will need reviewing at each session, but acknowledging their existence and next steps keeps them top of mind. Falling into a pattern for these sessions and ensuring you don’t put them off for ‘busy’ work is essential.
We all like to think of ourselves as accountable for the things we say we will do, but having an ‘accountability coach’ can assist with ensuring we carry through and don’t stray off path when working towards each milestone.
An accountability coach can assist with ensuring you keep on track and remain honest with what you want to achieve, by when — while providing direction and guidance.
Make sure your goals are audacious goals:
“Striving for the moon and collecting a few stars along the way has never hurt any new businesses,” according to W. Clement Stone.
These principles can be used if you are running a business or a team within a business – as long as you have deliverables you need to avoid the Blind Spot!
Are you guilty of getting caught up in the Business Blind Spot? Share with us in the comments below!