(Time to read this Blog is about 2 minutes)
Before we get to the main topic, here are a few things to get you thinking:
- My biz quote of the week:
“If you don’t listen to your front-line staff, your customers will have to…and it won’t be pretty.”
- ‘Talent’ is your biggest opportunity…and your biggest challenge. Most problems in your business are caused by not having the right talent and leadership on your team. Name one that isn’t.Your biggest opportunity to innovate, differentiate your business and grow your bottom line is by hiring, engaging and empowering a talented team. These people may be full-time employees or talented specialists to whom you outsource specific projects or activities. You can’t create an extraordinary business by hiring ordinary people.
Now, to this week’s important topic:
The power of ‘why’…10 important questions we should all be asking:
Kids never stop asking ‘why’. That’s how they learn and grow. Then, as adults, most of us stop asking ‘why’. We just carry on, day after day, doing the same things in the same way, for the same old reasons. We should all stop, every once in a while, and ask ‘why’. So, to get you started, below are my 10 important ‘Why’ questions that we should all be asking….
- ‘Why’ are we in business? How do we define financial and personal success? What’s our passionate and relevant commitment to our customers, family, community, the planet and ourselves?
- ‘Why’ are we in the particular industry that we’re in? Put on your ‘See-aheadascope’. Will this industry be a financially and emotionally healthy place to be in 3 to 5 years? Every industry and every market is being disrupted by technology and sharp new competitors. What or who will disrupt our industry or market and will we be the ‘disruptor’ or the ‘disruptee’?
- ‘Why’ do we have the business model we do? Will it be relevant in tomorrow’s very different word, or is it of historical interest only? Does our Business Model serve our life model? Sadly, for many of my clients the answer is, “Not even close!”
- ‘Why’ are we located where we are? Is it to optimize growth, profitability or to support a desirable lifestyle…or did it just happen and we’ve never questioned it?
- ‘Why’ do our target customers buy what we sell? What functional, emotional and financial value are they really looking for?
- ‘Why’ should they buy it from us? Are we the clear ‘wise choice’ for them, or do we just tell people we are and hope some of them believe us? What’s our clear and compelling value and experience offering that ‘grabs’ our target customers, clearly differentiates us from our competitors and makes us ‘famous’? How can we coach them on making wise decisions for them?
- ‘Why’ do we define our target market the way we do when technology could allow us to reach a much larger market, if we’re truly extraordinary ..and if we choose to grow?
- For each process, policy or rule in our business, ‘why’ do we do it that way? Is it working? Does it deliver a safer workplace, more compelling customer value, more engaged staff, an environmentally responsible outcome, improved efficiency or profitability?
- ‘Why’ would top-performers want to work for us, rather than someone else? Are we a ‘talent magnet’? Do our employment practices, career opportunities, management style and culture attract top-performers, or do we drive good people away?
- Finally, every business changes hands eventually, unless it just closes down. ‘Why’ would anyone want to buy our business? Is it profitable, relevant, effectively managed and sustainable? Is there a strong team of committed employees who can run the business effectively without me? To access my Business Tool #B8, ‘When selling your business, here are the 11 things a buyer is looking for’, click here. This Tool includes how to calculate a ‘Saleability Score’ for your business.
What do your honest answers to these 10 important ‘Why’ questions tell you about your business and your life? What needs fixing, improving, rethinking or reinventing? What does that list look like and when will you start?
That’s it for this week…
Stay safe…live brilliantly!
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at firstname.lastname@example.org in Toronto, Canada.