4 Steps to create REAL FUN in your business
As much fun as you can have with your clothes on.
There are 4 major steps to creating more fun in your business.
Step 1: Purpose, Passion, Profit
The first step is called “The Hedgehog Principle” as defined by Jim Collins, author “Good to Great” and other classic business books.Jim Collins writes in “Good to Great”, that a sustainable, long term profitable business must be about having absolute clarity about three questions:
- What can we be the best in the world at?
- What are we absolutely passionate about?
- How can we create a profitable business model around that
In nearly 10 years of coaching small business owners I have come to see that it absolutely starts with those three questions. And most importantly… none of those three are optional; you must answer 3 out of 3…
Step 2: People
Business is about people. Many businesses proudly state that their staff are their most important assets yet they rarely walk the talk, because it is a feel-good statement only… and besides the reality is actually much more stark:
People ARE your business, and your business only gets to make profit at the discretion of your people.You will only make profit in your business if your people let youSo your people must be completely on board with those three questions above, Purpose, Passion and Business Model. And that means they have to be communicated with and involved in the answering of those three questions.
Step 3 Goal setting
The Chesire Cat in Alice in Wonderland said it best: “If you don’t know where you are going, my dear, any road will do.”
So the next step is Goal setting: What are our long term, medium and short term Goals of the business? And again you must get high level involvement from your people.
The most powerful business Goal setting process I know is:
- Start with a big long term vision, 10 to 25 years out (often referred to as a Big Hairy Audacious Goal, the BHAG)
- Next create a 3 to 5 yr target that is a big step on the way to achievement of the BHAG
- Then create a Goal for the current year. The current year goal is the first step on the way to the Target and the BHAG
- Finally break the 1 yr goal up into monthly milestones
Again, goal setting in a business can have an incredible impact on the business as whole, but only if all the people in the business are engaged in the development of the Goals
Step 4: Measurement
The last step is measurement and keeping track of what goes on, on a daily, weekly, monthly and annual basis… Measurement is what I’ll talk about in the next newsletter
Those 4 steps are what it takes to start to create REAL FUN in your business.
How does that sound? Feasible or is the little voice on your shoulder having a field day?
Ok… As I said, In the next newsletter (May) I will go into a bit more depth on the topic of measurement and then in the June newsletter I will show you how all of it comes together to creating REAL FUN and how we can even become really clear and exact about exactly how much fun we are actually creating, so that we can ask ourselves: “Are we having Fun yet?”
Have a go yourself…
In the mean time … I’d love you to start thinking about those first 3 steps I talk about in this article:
- How many of the steps have you taken some action on already
- Which of those can you take a small step with tomorrow or next week…just a small step
- Maybe have an informal chat with some of the key people in your business about the hedgehog principle?
You might be surprised how even a few conversations on these topics might start to introduce a little bit more fun in your business.
Call me if you’d like to explore how I can help you have more FUN in your business.
Or come to the next Small Business Masterminds workshop… click here