As mentioned previously, it’s sometimes “good to be the king” provided you focus on, and wisely implement, the key strategies for small business success. I’ve discovered seven such keys, and will provide a brief explanation of the first four in this blog.
1. HIRE: In a manner similar to “you are what you eat,” your business “is who you hire.” Perhaps you can achieve limited success starting out doing everything yourself, but your business is doomed unless you hire the right people, at the right time, to do the right things.
2. FIRE: What’s caused me the most sleepless nights throughout my career? It wasn’t winning business, or paying bills…It was worrying about the people that I was going to have to let go. Starting with your own, you’re going to have to eliminate jobs. That’s right, your first move is going to be to “lay yourself off” from any and all jobs that are below your pay grade. Why do a task that you can hire someone to perform for $10 per hour, when you should be focusing on strategizing and finding solutions worth $1,000 per hour and more? Every hour spent away from what you do best will cost you a fortune. Secondly, you must accept the fact that the employees you need to take you from point A to point B, are not the same people necessary to take you from point B to point C. And yes folks, the Peter Principle does exist. Can your business survive promoting people to their level of incompetence? Highly doubtful!
3. INSPIRE: Like it or not, everyone is going to look to you to set an example. You’re the leader, whether or not you’re good at this role. I’ve got a favorite expression and use it often… “If it were easy, anyone could do it.” What’s going to make you successful, and cause your competition to fail? Your employees. And who’s going to select them and make them successful? You are! Let’s use a sports analogy. Why do some teams succeed and others fail? Sure, there are plenty of variables, but why do some coaches succeed regardless of environment and circumstances? It’s their ability to inspire their players to perform over and above their abilities, and to create an atmosphere where the whole exceeds the sum of its parts. You’re the coach….Now get out there and “win one for the Gipper!”
4. WIRE: It’s up to you to determine what needs to be done and who needs to do it. Culture, brand, mission, financing, contacts, marketing, customer service, supply chain, accounting, administration, etc. all need to be conceived and aligned (“wired”) by you….What’s your first step? To determine “Who are you, really, and what do you want?” That’s the title of a great book by Shad Helmstetter, PhD, that I recommend you read. You cannot properly wire your company without first making sure that you are personally wired for success. I’m certified by Dr. Helmstetter’s Life-Coach Institute and I’ll have a lot more to say about this in future white papers and blogs.
I’ll briefly cover the remaining three keys (perspire, prepare to retire, and light your fire) in next week’s blog.
Barry Sea Siegel has over 35 years’ entrepreneurial experience in both large corporate and small business environments. He is President of Houston based Barry Siegel LLC as well as CEO Focus of Greater Houston, which provides peer advisory groups for small business leaders. Barry can be reached at barrys@ceofocus.com
