If you’ve been in business long enough you’ll know that it’s a roller coaster of ups and downs, wins and knockbacks.
There are times when you’re on top and then times when you feel like you just want to close the doors and walk away…It’s certainly not for the faint hearted.
Overall it’s usually a mixture of passion, drive, fun and a pigheaded attitude that keeps us going. That sense of something I’ve created, built and achieved is a huge driver for people. As well their ability to partly control their income, energy and future.
A driving passion that gets up on a morning is helping people with the skills, influence and knowledge I have, supporting them towards their goals and dreams.
During a performance coaching session with a client of mine who has recently set up their own business with a colleague it became apparent the early issues they face.
Where are we going, how will we get there and what is expected of us by and for each other?
The same can be true for you in business in both a partnership setting or on your own.
Managing your expectations and commitments to your work, self-management and productivity is king.
This newly formed business partnership started because they had a common passion and drive to create something amazing and they know they have a place in their market for it.
They have the skills and knowledge in their field, however running a business is a different animal all together.
So here’s what was discovered in my clients session:
They need to get clear on the following and have this completely mapped out to avoid bigger issues, fall outs and challenges down the line.
- Where are we going? (Vision)
- How will we get there? (Strategic plan)
- How will we track our individual performance? (Their working performance)
No.1 The Vision for your business is critical. Without it you will continue to just tread water and stay frustrated with your lack of direction and progress.
Especially in a business partnership knowing the vision of the company is key and that both people are pulling in the same direction.
Everyone thinks they have a vision but a recent survey of business owners suggested that less than 30% of them are crystal clear on the objectives and future of their business.
No.2 The Strategic Plan. How will we get to the vision? If one person has one view point and the other has their own, then there will be is a continuous butting of heads. This is the major issue my client faces right now.
One party believes in doing it ‘this’ way and the other ‘this’ way. Its creating friction and a lack of progress. Neither are right or wrong, this issue is they aren’t on the same page.
Mapping out HOW to best get to the objectives of the business that include both parties is key. This is what we are working on in coaching and doing some facilitation to solve.
If you have your own business you won’t have this issue because you’ll make the final decision. However what you might struggle with is selecting the best plan for you and actually sticking with it. Food for thought.
No.3 Personal Performance. This is how your work in monitored. In a self employed basis you might measure yourself against a simple metric of money in vs money out. The business is growing if I have more money in than the previous month or year.
That’s the very basics of what you want to measure your self performance against. Getting KPI’s in place is key for ANY business owner. Discovering what these are can sometimes be a little trickier.
How will you measure your performance and ultimately the performance of your business?
In my clients case they need this for each other because there’s nothing worse than one person who feels like they are doing more for the work than their partner.
KPI’s need to be put into place to manage expectation levels and to have a standard of ‘This is what you do and this is how you know what you’re doing is working’.
It’s not complicated but it can be easily missed.
Opening a business is exciting especially at the start because the possibilities are endless. You can feel the energy and drive coming off you in spades at the start.
In all that excitement ensure that the BASICS are done, the above 3 are just the start of that.
Regardless if you are on your own, a partnership or a team, getting those 3 things right at the start will save you huge headaches down the line.
The work you do ON your business isn’t just on marketing, sales and creating more programs/services…The work is also creating the vision, the plan and how you will get there and measure/track this along the way.
It’s not always sexy but it is essential.
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