• Accounting Systems
  • Cash Flow Processes
  • Advisor Coordination
  • Budgeting & Forecasting
  • Production & Operations
  • Banking & Capital
  • Strategic Financial Planning
  • Risk Assessments
  • Revenue
  • Operating Rhythm
  • Succession or Exit Planning
  • Readiness & Attractiveness
  • Price/Multiple
Summit Insights
Mar, 20

Four Questions to Improve Your Business – Part 1


Four Questions to Improve Your Business – Part 1

by Greg Gens

As we start a new year many of us make the resolution to improve what we have. For the small business owner with a small team, tackling just how to go about reviewing and improving your business can be a daunting task. Remember that the longest journey begins with a single step. Once you have resolved to review and improve, you can approach the task systematically. Creating your VISION, forming a BLUEPRINT from that vision, building a SCORECARD to stay on plan, and finally developing a TEAM to utilize these tools. This will help lead your business forward.

Over the next 4 weeks I will share four questions that every business owner should consider to improve their business in 2020.

Here’s Question One.

What is your Vision?

Start with “why” (Simon Sinek). Usually, there are strong feelings tied to why and how you started your business. People are six times more likely to make a decision based on emotion versus logic (Don Barden). Take advantage of that if you can. Ask yourself why did you start the company? Why do you get up every day and go to work? Put that “why”, your vision, down on paper and share it. What does the company look like in your “mind’s eye” in 1 year, 3 years, and 10 years?

Once you have your vision you need to share it. You must tell people your vision for it to have an impact. Tell your story and let your employees and advisors help you achieve it. Make sure your goal is transparent and coherent – I know of a company that lost two key managers because they didn’t know what to expect when the owner retired. Remember there is no “correct” answer to the question – “what kind of business do you want?”

You and your business are unique. There is no wrong answer, if the premise is viable. The reasons can span from just making money to leaving a legacy for the next generation.

If you can articulate your why, you are then ready to consider the next three questions. Watch for them in our 4- part series: Question Two to be posted next week.