Edition 51 – 5 Ways to Transform Your Business in 2017
I’ve had a lot of conversations with a lot of people since I’ve made the transition to the Family Business Transformer in October 2016. Clients, colleagues, business associates and other family businesses that I know have all been talking to me about the issues they are experiencing in their family businesses, or in the businesses of others they know.
The more conversations I had, the more I observed these issues were standing in the way of business owners transforming their businesses. That then stood in the way of those same business owners building the type of future for themselves and their families they truly desired in terms of lifestyle, wealth creation, personal achievement, professional development and true satisfaction.
In a delicious play on letters that, miraculously, spell out my name the way that only two people have ever called me in my entire life, here are those issues:
Direction
Engagement
Acceleration
Numbers
Organisation
And with that, you have DEANO – The 5 Keys to Transform your Family Business in 2017.
Over the next five weeks, we are going to explore each of these in more depth. However, here is a taste of what DEANO is all about.
Direction
a. Figuring out what your strategy in business is.
b. Sticking to the strategy.
c. Not derailing yourself – accidentally or deliberately.
Engagement
a. Offloading people who aren’t on the bus.
b. Delegation.
c. Upskilling the good people.
Acceleration
a. Focus on the important, not the immediate.
b. Making quick, yet considered decisions in business.
c. Building management capacity to support the owners.
Numbers
a. Knowing the key drivers in your business.
b. Regular reporting, review and analysis of the numbers.
c. Setting realistic targets to aim for.
Organisation
a. Systems vs. Chaos.
b. Your own way of how you do business.
c. Managing your time to focus on building business.
This Week’s Tip
Stay tuned! What you learn over the next five weeks could very well transform your family business in 2017.