Business owners and directors are notoriously busy and don’t spare the time for self-reflection; instead they are busy running the business and firefighting.
This means that as time goes on the rationale behind setting up the business is lost; it may have been a great new product idea, a hobby turned money making or simply to escape the rat race. Directors get so bogged down in day to day operations their vision and motivation is lost, this also means they don’t work together for the business.
We often see big business go through a ‘transformation’, i.e. profits are down, we have a problem and we need to react. This transformation is the business resetting itself to regain a competitive position; quite often successfully and occasionally a front page failing. Generally, the decision to go through this process is driven by necessity and stakeholder pressure. To stay ahead why not reflect on a more regular basis?
Time is the factor which stops us doing that; there are more important things to do such as chasing suppliers, invoicing customers, developing new products, making money.
Create a one-off opportunity to get your board together (if you work independently then ask a couple of trusted advisors to help you), lay your cards on the table and open up about your motivations and aspirations both professionally and personally.
A team motivated by different factors is pulling in multiple directions and will not work effectively; for example the business owner may want the simple life and is happy earning £60k a year whilst the commercial director wants to maximise sales and drive year on year growth.
Through opening up and understanding each other you can create a strategy that meets both parties motivations thus benefitting the individuals and the business. The owner that choked growth now has the confidence to let the team grow the business and take more control from him.
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