More than anything else investors, staff and customers want to know your business will continue to run without you. Think about it like this. If you were setting your business up for sale, what is it that you actually have to sell if your not there? To make that transformation you need to start thinking and acting like a CEO. To learn more, read on below.
This months topic Synergy
When the whole is greater than the sum of the parts
Integrating the various parts of your business is critical to ensuring you build a sustainable enterprise, one that has value beyond next year’s tax return.
While getting my hair cut, my hairdresser and I struck up a conversation about the challenges of adding an additional staff member and how using one of the well known online service providers had provided no joy and a lot of expense. In reply, I enquired as to whether she used social media to promote her business?
“The idea that there are separate departments in your business is old thinking and just plain wrong. There is only one department in your business: the Customer Department”
A bit surprised by the question and probably not understanding the connection, her response would be best described as quizzical.
Most business operators fail to realise that there is no longer a delineation between the various functions of business. The traditional business model where operations is separate from accounting and finance, which was separate from sales and marketing, just does not apply anymore.
In today’s business world, the reality is that each function of the business is intrinsically connected, and no matter what area we are working in, we are always selling.
So what is the connection between looking for a new employee, running an effective social media program, and building a sustainable business?
Let’s continue with my hairdresser’s business. Most people think of marketing as a demand or needs driven exercise. They think, I need customers, so let’s advertise. That is traditional departmental thinking and it is outdated. This strategy relies on impeccable timing. Your advert needs to show up in front of the customer just when they need your product or service. To get this to happen you have to be either a genius or just plain lucky.
What is required is a different way of thinking.
How about if my hairdresser had been posting regularly on their social media page. These posts could be pictures and testimonials from customers about how happy they were with the service and the friendliness of the staff. What if the staff were posting about what a great place it was to work?
If this had been happening, not only would there be an increased number of appointments, but staff working in competitive businesses might well have been sweating on an opportunity to join the team.
Businesses that invest in continuos engagement with all the stakeholders in their business create meaningful relationships that draw in those that believe in what your doing. This can apply to potential customers, staff, and investors or even possible buyers of the business. The take home message is that having a vision is critical to providing guidance on what daily tasks are important to focus on.
When is comes time to exit the business and how will you realise the value of all your hard work. It’s your ultimate vision that should be guiding your daily, weekly and monthly activities. Getting too focused on the daily grind limits your vision and can lead to investing in activities that eventually don’t add any value to your business.
CEO MENTORING PROGRAM – Brisbane Nov 28 and 29
Developed by the Corporate Development Institute,the CEO Mentoring Program:
- Allows you to take a close look at all your business operations.
- Uses a combination of group meetings, webinars and mentoring sessions.
- Gives you a Business Action Plan that helps you prioritise and act on the most pressing issues.
- Provides access to experienced mentors to help you along the way
Click Here for more information