If you could listen in on a seminar, you’d hear…..
“There is good news, and then there is really good news, said George Hedley at his recent seminar to a large group of contractors in California. “The worst days of the recession are behind us,” said George enthusiastically. “Now we get to rebuild and start over!” Despite the chuckles from the attendees, that last bit was the really good news. It may sound like it’s not, but according to George, now is the time to take a hard look at every aspect of the business, make some tough decisions, and create a written blueprint for success which will guide and focus each business owner in building a much more profitable business.
“Make a resolution that 2011 will be mighty fine,” George said with a smile, “and that in 2012 you will not be a has-been.” It all begins with having a blueprint for success. That does not mean having an idea in your head of what you want to accomplish. It means having a written plan. Business owners who have a written business plan are twice as likely to succeed as those who don’t.
The first thing needed for a successful plan is to know exactly what you want from your business. What are the reasons you decided to go into business in the first place? Included in the handout materials George gave each attendee was a fifteen point list of why people start their own business. On that list are personal goals such as attaining freedom, building personal wealth, and having more time for family and social events. “The only way you are going to get what you want out of your business,” George pointed out, “is if you know exactly what you want from it.”
In order for your business to succeed, as you rebuild it, you need three key things:
1. You need to know what you want.
2. You need a written plan to get there.
3. You need to monitor results to make sure you and your business are on target.
Once the goals and objectives of the company have been clearly defined and written out, the next step is to implement. That, according to George, means making some tough decisions. “As you redesign and rebuild your business, you need to make the tough decisions. Are you going to cut back your business to your comfort zone? Down-size and be stuck in the ditch, with your head down, working hard for the rest of your life? Or, are you going to grow your business? Get out of your comfort zone? What exactly,” George asked, “are you going to do different as your rebuild your business to make your company be exactly what you want it to be and give you what you want?”
The number one reason why businesses fail is that owners won’t change. “Great generals have great lieutenants, and good companies have good employees,” George pointed out. Every business needs four basic types of people: a visionary leader, excellent managers, quality accountants, and superior workers. If you, as the business owner, are the superior worker, than, George says, “you will never get rich because you have your head stuck in the ditch.”
Knowing how to do the work is not the same as knowing how to make a business grow. No one is great at everything. Having a great team to support the business is critical. “Know your strengths and weaknesses,” George advised the group, “and then replace yourself in those areas where you are weak with strong employees who will make each of the four aspects of your business shine.”
As part of the seminar, George covered the eight critical business-builder success factors. One of those factors is having a “passionate purpose and inspiring vision.” Another is having “clear written targets and goals.” But, the most important of the eight factors is for your business to be “different, unique, focused on your delivery system, services or products.” “If you are not offering something different or better,” George said, “then you are just selling price, and you can’t build wealth selling price.” Finishing up his seminar, George gave business owners this bit of advice: “Spend more time with your customers, and less time stuck in the muck.”