Edition 1 – Getting the Most out of 2016
Welcome to the first edition of Growth, our weekly newsletter designed to give you tips and insights for growing your Family Business.
Most people start a New Year with Resolutions — what they plan to change or do this year, different to last year.
Our challenge to you is ditch the resolutions. Instead, focus on where you are right now, where you want to be at the end of 2016 and what steps you need to take to achieve your goal.
To help you with that process, here are the 8 areas we believe all Family Business owners and managers need to be working on not just right now, but throughout 2016.
Henry Ford said whether you think you can or think you can’t, you’re right. Everyday has its challenges. A positive, can do mindset will help you overcome those challenges. What looks like a roadblock to one person is a speed bump to another. Even if there are roadblocks, there’s always an alternate route.
- Strong, Focused Leadership
You are the head of your Family Business. Your team looks up to you for vision, guidance and leadership. If you bury yourself in a corner and don’t keep in touch with your team, they will move off task.As the leader of your Family Business, your role is to set the course, adjust that course for changing conditions and, ultimately, arrive at your destination.
- Ideal Client Relationships.
Know who your clients are. Shore up those relationships. If your key contact goes, have you just lost a large client? If something happens inside their business, how will it affect yours?What are you doing for your clients? Can you do more?
Which clients no longer fit the profile of your ideal client — and should be moved on?
- An Engaged Team.
Have the right ones on board. Reward them. Thank them. Encourage them. Show them what the future looks like.Get rid of the bad ones – even if it costs you money. They will drag you down — financially, mentally and spiritually.
- Tight reins on finance.
Keep an eye on the cash. Often.Watch out for the ATO. They’re getting aggressive. If you’re having trouble paying them, be upfront.
Chase your customers for payment. Often. And, be flexible with payment options. Why not accept AMEX? Never give anyone a reason not to pay you.
- Internal Focus – not External Blame.
One of the most acute observations that I’ve made over the past 12 months is that those people that blame everything and everyone around them need to hold up a mirror.The world is not conspiring against you. Your challenge is to embrace change and evolve your Family Business so that it endures.
- Know what you want – then do it
John Lennon sang “Beautiful Boy” with the great line “Life is what happens to you while you’re busy making other plans.”Set yourself some targets. Identify your goals. But, reward yourself often for making steps towards achieving them.
Rewards don’t need to be big. They simply need to be your own acknowledgement that you’ve done a good job. It’s not just about the destination, and more often about the journey.
- Ambling vs. Meandering.
No one can operate at full speed the whole time. It’s OK to slow the pace occasionally. Ambling along still means you’re heading in a forward direction. It’s when you start meandering, that things will slow down. You head off track. Go off on tangents. Lose sight of the destination.Don’t confuse ambling with meandering.
This Week’s Tip
Set your Family Business realistic and achievable goals for 2016. Lay the foundations for achieving them. Be wary of letting the day to day drag you away from your strategic journey. Reward yourself for making progress. Have the right people with you – team, clients and support.