3 Keys to a Great Company
Amazing companies do amazing things! As business coaches, we work with companies to help them get to the next level. There are 3 keys to a great company: Vision, Team, Execution!
Let’s start with VISION.
As the business owner, you need to figure out where you want the business to go. What if your business tripled in size in 5 years? What about yourself and the key members of your team? You need to figure out the why. Why does your company need to grow? What’s in it for the team members? What roles will change as the business grows? Think of where your business is going and what roles you (and your team) will play at that time. Many companies don’t communicate WHY they need to grow. This needs to be communicated often to team members. Educate them about where the company is going and why it’s going there. Make your vision clear, and make sure your team knows it.
ACTUAL CLIENT STORY: We had a client who needed help with their company vision. They were a long standing business (a service B2B business) and they needed to do something quick to increase sales. We went through their financials, got their team involved, and saw results within 30 days! It was a multi-generational company, where the founder was not fully involved with the person currently running the business. We were able to get the founder involved and even worked on how to transition the business at this critical time.
This leads to TEAM/CULTURE.
As business coaches, we see a lack of development in teams because leaders do not understand the need to invest in education. Continuous learning should be an important value in your business. Most employees want to learn. They want to brush up on their skills, or learn new ones. And if they’re not growing as an employee within their role, they will leave. Perhaps an alignment is necessary. What is an alignment? It’s when business coaches come in and work on your team to get everyone on the same page. It’s beneficial to do this at least once a year. Great teams work together easily and communicate better.
We’ll finish with EXECUTION (90-Day Plan).
How do we do all the above? By executing a plan. A 90-Day Plan! One of the problems we see is lack of focus. There is often one over-achiever within a company who tries to accomplish too many tasks, only causing the work to slow down, not getting things done in a timely manner. Everyone is often going from one task to another, always running, not focusing on the important tasks. They need a 90-Day Plan.
ACTUAL CLIENT STORY: We worked with a company who had one over-achiever and several other team members. We had them all write down a list of tasks they work on. The over-achiever had about 15 tasks on his list, and every other team member had 5 or 6 tasks. Ideally, they should ALL of had 2 or 3 each. And all the tasks should be related to their goals!
Only take on 2 or 3 tasks at a time, then set a timeline for the remaining tasks. When a team is focused on a very small number of things, look out! It will all get done because they are all aligned (in agreement with each other) to understand the goals and work together to get the tasks done! The idea is to continue to move forward with the necessary tasks every quarter, instead of moving only a little bit on each task, never really getting anything accomplished. Remember, success leads to more success!