The crux of successful business is in making right choices and finding right solutions. The biggest dilemma is finding the time to act on the “NOW” as well as on the “FUTURE”.
There are 7 most common gaps faced by business owners & leaders that act as impediments and differentiate between the successful and not so successful organizations:
Stubbornness: The biggest hurdle in the growth of a company is stubbornness of the owners or top management. These businessmen believe they know everything. The other issue is either avoiding or waiting too long before fixing a problem. They wait until they are in serious trouble. Smart companies on the other hand make quick decisions to fix the problems. They also know that they cannot do everything on their own and hence engage competent professionals to bring in required expertise.
Ignorance: Many businessmen have limited worldview. They have limited knowledge about the changing business dynamics, industry, markets, customer needs and competition. They do not understand value of right strategies, setting systems in place, establishing required policies, procedures and refining their business model periodically to keep it in sync with the environment. They are oblivious to the benefits of modern management practices and information technology.
Complacency: Running a business for few years and tasting success puts everyone into a comfort zone. This eventually forces them to maintain the status quo. Due to this operations become “Business As Usual” (BAU), nothing new emerges or is identified, the top management and business as a whole stops learning. Smart businesses know today’s complacency is tomorrow’s extinction. They therefore ensure that they do not sink into a comfort zone and keep learning, exploring even if things are not broken. They climb over the wall of complacency and keep looking for better alternatives and solutions.
Disconnect: What is beneficial to the business should take precedence over what owners or top management wants. Only then a company can see things objectively, without a fixated or a narrow view and take right decisions for the long term sustainability in the future. Ego’s of the owners not only impacts business decisions but also deters talent.
Professionalism: As a business grows, it is essential to hire right talent and bring in a culture of professional management practices and structures. Setting up business functions, establishing roles and responsibilities, ensuring delegation and empowerment, introducing change and risk management practices, establishing right communication protocols are few things that should be incorporated.
Time Management: Majority of the business owners and top management professionals we have met over a period of time are “too busy” in operations. They take pride in their ability to solve operational problems. This creates a dependency, limits growth of their employees and becomes a hindrance in day to day business. In Smart businesses, the top management and owners spend their time in meeting customers and prospects, establishing relationships and growing their business.
Forward Thinking: It’s not a new quality to acquire but one that is more often forgotten. Every entrepreneur or a top notch professional was once upon a time a forward thinker and helped shape and create the business. They must continue the practice of dwelling into the future once a while and bring back thoughts, ideas that can help the company move from an uncertain future to a preferred future state.
Solution: The Owners and leadership team should engage competent professionals and consultants to overcome these barriers. In-Unison can assist through it‘s structured coaching & problem resolution techniques