Are You Good Enough To Compete?

Michael Bowers · July 22, 2008 · Short URL:

Are you missing the forest because the trees are in the way?

If you were to list just two reasons your business exist what would they be?  Being an entrepreneur isn't easy so why are you doing it?  Would it be freedom?  Would it be financial independence?  Profitability?  What would it be?  I interact with many entrepreneurs that have become so overwhelmed with the specifics of day to day operation that they have forgotten why they are in business (as a matter of fact it happens to me all the time). When many entrepreneurs are fighting the daily battles of business they forget the big picture and where they have come from and why they are doing what they do.

Per Dr. Melvin Gravely in the "The Lost Art of Entrepreneurship" you need to focus on the value you GIVE not what you get.  If you focus on the value you give to customers then the other things will come.  Value drives the numbers and profitability.  Your actions will follow your focus.  If you focus on the value you give and build your business around that value you will do what is needed to succeed.  This is the problem that many public companies have in that they must perform quarter to quarter to satisfy analysts who if not satisfied with the short-term performance can drive the stock price down.  Given that many public companies make decisions for the now they don't prepare for the future.  If you do this long enough I guess you won't have to worry about the future...see General Motors as an example.

I would recommend sitting down and writing down what value you GIVE.  Once you have this down make it a priority to focus on the value in everything you do.  It is also important that everyone in your business know what that value is and how their actions deliver that value.  I would imagine you will need to review your processes and address everything that you do that takes away from delivering that value.  This may take some time but it is important...every minute you delay in creating an organization focused in the value you give will limit your success.

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