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What do I need to do to make my business successful?

Three tips on how to make your business successful.
By Andrea Goseco |

Oftentimes, would-be entrepreneurs have great ideas for potential businesses but become paralyzed and easily discouraged when it comes to actual planning and implementation. Entrepreneur.com.ph asked U.S. certified life coach Andrea Goseco for tips on how entrepreneurs can overcome mental roadblocks commonly associated with launching and maintaining a business.

 

Q: What do I need to do to make my business successful?
A: According to Stephen Covey, “Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.” Management is different from leadership because it focuses on day to day activities. A leader is able to look for continuous improvement and see the big picture.  It’s best to have a balance of leadership and management because you need both to be able to make the business successful.

Here are ways on how you can effectively use management and leadership skills in your business:

1. Create a vision.

 

It is important to be able to know where you’re going so you can plan the steps on how to get there.  Once you have identified your vision, you need to make sure that the people who work for you see it as well.  Your team needs to understand the role that they play in achieving your vision for the company. Make sure that you get your message across.  Ask them to say the vision in their own words to make sure that you are going on the same direction.

 

Peter Drucker illustrated the importance of knowing your vision through a story. One day, a traveler came across three stone cutters working on a quarry. Each person was cutting a block of stone. The traveler was curious and asked them what they were doing. The first stonecutter replied: “I am making a living”.  The second kept hammering while he said: “I am doing the best job of stone cutting in the entire country.”  The third stonecutter, when asked the same question said:  “I am building a cathedral.”

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When you are able to communicate your vision to your team, they are able to see the relevance of their work. Their job is not just a job anymore. Their job has more relevance because they are able to create purpose in what they do.

 

2. Use strategic thinking.

 

It is important to be able to analyze the information on your current situation to be able to anticipate the changes that you need to make to be able to meet your goals. You have to continuously evaluate your company and the external factors that affect your business.

 

Here’s how you can be strategic in your business:

a. Focus on your objectives to help you prioritize what needs to be done first. 

b. Analyze the industry, competitors and customers. What are the trends or patterns? How does each component affect your business? 

c. View your business as an outsider so you will be able to see the big picture. If you use your emotions, it will be difficult to see potential problems.

 3. Motivate your employees to move forward.

 

What will move your company from where it is now to the where you want it to be?  What will motivate your employees to help you move towards your vision? Studies show that people are fully engaged when they are intrinsically motivated. This type of motivation comes from the pleasure in doing the task itself.  It is the opposite of extrinsic motivation which focuses external rewards (i.e. money) as a motivator.

 

These are guidelines on how you can use intrinsic motivation:

a.) Encourage people to learn and become better at what they do. 

b.) Give them the freedom to find their own solutions to get to their goal. 

c.)  They know why they are doing their job.  Employees who are intrinsically motivated work towards achieving the vision of the company.

Andrea Goseco is U.S. trained life and executive coach. You may reach her at coachanda@yahoo.com.

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