The 5 management truths for building a Fun business

TTTMBF the revolution

The Ten Truths for making business Fun

The Ten Truths for Making Business Fun

And building a business that sustains you for years to come:

This is the third article in a monthly series on Making Business Fun: This article is about the 5 business management Truths

The last article laid out the foundations of a fun business and you can read it here

The articles are based on my book, The Ten Truths for Making Business Fun, published in 2011. All of my books and other resources are available for free here

Building a Fun Business: The five building blocks

And the hard hitting truth about business management

TTTMBF the management truths Would you like to move out of overwhelm and start building a Fun Business that sustains you for years to come? The truth is that once you’ve laid the foundations (using the Hedgehog Principles), it’s all about learning to manage your Fun Business properly.

I won’t lie, you will need to focus on a few fundamentally dull things, small business management in other words, like goal setting, team management,  planning, systems and measuring. However, I have a few shortcuts and strategies up my sleeve that make the process markedly more exciting…

A Fun Business Has Flexible Goals

TTTMBF goal setting Everyone knows that goal setting is a good idea. It engages your team. It improves your decision-making. It helps your business deliver on its promise. What’s more, I don’t believe your business will ever become Fun if you don’t practice goal setting effectively. To manage your business well, to build a great Fun Business, you simply can’t avoid Goal setting.

Still, goal setting is surprisingly difficult to do well. It’s hard to get people onboard. It’s even tougher to keep everyone accountable. Our world is also changing every day, so goals must be continuously adjusted to suit new realities.

SMART is a well-established tool for creating impactful goals:

  • S pecific
  • M easurable
  • A chievable
  • R elevant
  • T imeframed

I like the idea, but I believe that adding three more letters to the acronym makes it exponentially more powerful:

  • S tretch (you can just see yourself reaching for it)
  • I nspiring (for you)
  • P ersonal (about your personal achievements and growth. Read: not about achieving a particular profit level or buying a Porsche because unfortunately, those material things won’t motivate your subconscious brain!).

I always invite my clients to decide on a large, visionary goal for the future (Jim Collins refers to this as the BHAG or “Big Hairy Audacious Goal” in his book, Built to Last) that meets the SMARTSIP criteria and then break it down into a medium-term goal and a goal for the year.

A Fun Business Engages Everyone

TTTMBF helping hand Lots of businesses proclaim that their people are their greatest asset (and to be honest, whenever I read that statement on someone’s website, I run a mile), but most of them generally belie their beliefs with their actions.

Most companies prefer not to think about the fact that a business IS its people, and your business only gets to make money if your people let you. Business Management is about people first and foremost.

If your employees are only interested in their paycheck, you will always struggle to make a dollar and business will feel anything but FUN. On the flip side, if your whole team is enthusiastically pulling in the same direction then your business will move mountains.

So, how can you achieve said nirvana?

  1. Hire the brightest: Find people whose attitude, energy, enthusiasm and resourcefulness matches your culture and team dynamics.
  2. Move beyond money: Listen to people, recognise their achievements and give them the right tools to do a meaningful job well.
  3. Get the team involved: Bring your people into all the processes, planning meetings and rhythms of the business.
  4. Remember that employees are people too: Don’t just dictate – get people involved in developing their own goals.
  5. Play the game of business: Get your people to start thinking like team members who are playing a game that they all enjoy and want to win.

A Fun Business Has a “Living” Business Plan That Drives It Forward

TTTMBF looking into the future, planning Human beings don’t accomplish anything without a plan. In fact, some say it is our ability to plan that sets us apart from other animals. However, most small businesses do not have a formal business plan, and if they do, it generally lives in a dusty bottom drawer.

Having a written plan (AKA one that exists outside of your head) allows other people to engage with it and understand where the business is going. It allows you and others to check progress, brainstorm, make good decisions and maintain focus on the important stuff.

Most business owners know this. I’m sure you do too.

The sticking point comes from a simple misunderstanding. It comes from believing you are expected to develop an externally focused plan in the format we are taught by accountants, consultants and government bodies (read: not designed to be useful for you, the owner) when an internal business plan is what you need.

An internal business plan is a shareable and succinct “living” document. It is created collaboratively and revised frequently. It is designed to support decision-making and internal communication about the direction of the business.

Trust me, once you let go of your idea of what a business plan “should’” look like and just get around a table with a flip chart and a group of your people, you’ll find that business planning is not actually daunting at all, but instead really powerful and Fun.

A Fun Business Has Rhythm and Regularity

TTTMBF rhythm Entrepreneurs are the busiest and most guilt-ridden people on the planet. They work long days, dream about their businesses at night and repeatedly scorn themselves for not living up to some impossible standards laid out by a critical inner voice [HYPERLINK TO BLOG POST 1].

As a result, most business owners operate as crisis managers. This situation has many undesirable consequences: dropped balls, neglected business development, burnout, missed family time, stomach ulcers, or all of the above. An atmosphere of stress and last-minute problem-solving also starts to develop company-wide, leading to low morale and high employee turnover. You get stuck in a loop where you don’t have time to foster predictability, develop systems or train people to handle the crises themselves and because of this, there will always be another crisis.

The way through this dilemma? Building rhythm and regularity into your business.

One of the best first steps you can take is to start a weekly operations meeting where everyone reviews the previous week and plans for the next one (a better one). Want to make it effective? Start and finish on time. Follow an agreed agenda. Ensure everyone is present. Don’t allow distractions. Focus on solutions.

Next, you might decide to look at the systems in the business because systemisation is an important contributor to a sense of calm predictability. This could be as simple as creating a script and a standard form/checklist for inbound office calls.

Remember, people want to feel safe, and safety starts with knowing what the future holds.

A Fun Business Measures the Fun

TTTMBF measuring fun Beyond the most obvious measurements, every business has different priorities. However, there is one key measurement that all business owners should consider starting with: Fun.

Fun is the only success factor that cuts across and influences every aspect of business.

One of the reasons Fun doesn’t usually get measured is that most people believe you can’t because it is intangible. But you can measure intangibles such as Fun. Quite easily and accurately as a matter of fact.

Let’s say you asked your team every Friday afternoon to give an anonymous rating on your Fun in Business scale from 0 to 10, with 10 being the most fun you’ve ever had in business and 0 being the opposite. Next you collate and average those numbers and come up with a single “Fun number” for the week in business.

You could then have a staff meeting every Monday morning and share last week’s Fun number, asking the team what you could all do to get the number just a couple of points higher in the coming week.

The first few times you do this, your team will make silly suggestions about doubling their wages and paintball outings because it is all such a novel idea. However, I guarantee that soon enough it will become obvious to everyone exactly what real business Fun is all about and you will start having practical, productive conversations that make exciting things happen.

Your Homework (The Fun Kind)

Here’s a couple of steps you might take in the coming week(s) in respect of each of the management truths:

For Goal setting:
  1. Thinking about the SMARTSIP structure I describe above, pick a date, ideally no more than a year from now and no less than 6 months away ad create a Goal (or set of Goals) for you and your business that inspires you and is both a stretch, yet achievable,specific and  measurable and meaningful to you personally and motivating for your staff
  2. Create a rough draft monthly plan for achievement of your Goal with monthly milestones
For your team:
  1. Get your team involved. Organise a meeting with your team and introduce the Goal and draft plan to them and work with them to firm up the plan
  2. Assign specific tasks from the plan to team members or groups of team members
  3. Agree on monthly meetings with your team to update the plan, and agree on next months actions and responsibilities
For your business plan:
  1. Incorporate your Goal in a longer term plan. Where do you want your business to be in 5 years, what is it going to look like, what is its focus, how big is it, what new developments have taken place.
  2. On your own or with your team (or part of your team) create a SWOT and create actionable targets to address the top 3 items from each of the sections (see more about SWOT here  and also here )
For Rhythm:
  1. Start by blocking out a small amount of time each week for yourself (as little as an hour each week or as much as you can manage), to do nothing but think and plan and develop new ideas. Phone off, can’t be disturbed, go off site to a cafe if you need to make sure you’re not disturbed.
  2. Implement a weekly half hour meeting with your staff to set up the week… Celebrate the wins from last week and plan to have more wins this week. Make sure it’s quick, efficient and doesn’t talk about why certain things went wrong last week, simply acknowledge the things that went wrong and focus on making sure things go right this week instead.
For measuring the Fun:
  1. In your weekly and monthly meetings, start by asking everyone for one small tiny little thing they can do themselves to mak the week ahead more Fun
  2. In your weekly and monthly meetings ask the staff for one thing you can do to make business more fun for everyone in the week ahead
  3. Start recording the fun suggestions and the fun number (more about measuring Fun in business here)

More on this topic:

 

How to Make Sales Fun: Podcast on Marketing

nice wives

nice wives How to  take the fear out of sales and make it fun again

Small Business Masterminds Foundation webinars and podcasts

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The 5 keys to greater success in sales in your business.

This whole selling thing carries so much baggage. Many of us don’t think we’re any good at it, we don’t like it and we don’t think our customers like it much either. The great news is there are some very simple things we can do to free ourselves of all this fear, this baggage and negativity we have about sales, because… Anyone can be truly great at sales.

Small Business Masterminds Foundation webinars and podcasts tackle the key aspects of business all business owners have to face from time to time when developing and growing their business. Focus, Insight, clarity and simple practical steps forward you can take in your business in the week after the webinar to start to build a Fun Business that sustains you for years to come.

Cheers,

Roland Hanekroot

Outsourcing

vogons

Why the future is with Rajiv in India

If only he understood my jokes a bit better

outsourcing India

My third book

I’m getting close to finishing my book.

It’s my third book and I’m proud of it. I think it’s my best book yet. The Working title is “The Ten Truths for Making Business Fun and building a business that sustains you for years to come”

One thing’s very different from my first two books. To complete the book I’ve joined the globalisation movement and engaged with an illustrator and designer in India. Rajiv is creating all the drawings that will go in the book and he is carrying out the design and layout work to get it ready for the printers.

Fascinating process… I’ve never had so many of my jokes and double entendres fall flat on their face, but Rajiv’s work is excellent.

And let’s be quite clear about this. By engaging Rajiv, I’ve taken work away from an Australian designer and illustrator and I’ve done so because it’s cheaper… much cheaper.

Superspeed internet

Collectively, I think it’s clear that the world is going to go through a massive shift in the next few years. When the NBN finally gets connected to a significant portion of our homes and businesses or some other superspeed internet connection becomes the standard, the wave will become unstoppable. More and more of the work that can be outsourced to India, The Philippines, China or Tajikistan will be. Right now, there are still a lot of businesses who are resisting it, because it’s all too hard and the language problems and cultural differences etc etc.

vogons Resistance is futile

But in the words of The Vogons: Resistance is futile.

I was talking to an architect recently about this issue and although he hasn’t gone the route of overseas outsourcing yet, it won’t be long before he will be forced to. Cost pressures will simply force it on him.

Do I think this is a good thing? Yes and no. Obviously if I was a young architect, or designer or web developer or computer programmer, I would be worried… very worried for the future. My career is probably not going to be there anymore in 10 or 15 years, maybe even sooner, because architects in the Philippines will be doing most of my work.

That’s not great for our society here in Australia or elsewhere in the Western World.

But you could just as easily argue that it is a positive development for the world as a whole. It seems to me that over time the rates we will be paying architects and software programmers in India will get closer and closer to rates we pay in Australia, and maybe that’s not such a bad thing. There is clearly a great imbalance in wealth and cost of living between the West and the Third World. Maybe this kind of movement is going to redress some of that imbalance. I’m sure that is already happening. Rajiv advertises his hourly rate on his profile as $4.50 per hour, but I’ve actually engaged him for $8.50 per hour (yeah, I know, I’m being ripped off right!).

Wage inflation

I was talking to an Indian friend of mine the other day and he reckons that working in India, the designer would be lucky if he could charge $2.50 per hour. So contracts like mine are causing wage inflation already (on a miniscule scale, but you see what I mean).

So what would I be doing if I was a young designer or programmer, bookkeeper or architect or any other profession that is outsource-able?

Keeping your fingers crossed certainly seems like a bad strategy. The old saying: If you can’t beat them, join them, strikes me as the approach to take. You see, I think there is an enormous opportunity for people to provide go-between services for people like me and Rajiv in India. What would perfect for me is if I could engage an actual designer here in Australia who manages the process of getting the work completed easily in India or wherever. The problems I and Rajiv have faced in this project so far have largely been about language, culture and some technical glitches.

I think If I was a young designer coming out of college, I’d make sure I learn Hindi or Tagalog or Chinese and establish a network of designers in one of the prime outsourcing countries. Then I’d develop a service for people like me and the contractors that facilitates the process, so that instructions I have for my contractor actually get understood the first time. Rajiv and I find ourselves going back and forth quite a lot, because I use words and sentences that mean something very different to Rajiv than they mean for me. Having someone in the middle who understands design and has design skills and speaks Indian would be invaluable.

Not to mention that I’d love my brilliant jokes translated into Hindi and hear the raucous laughter clear across the Indian Ocean.

The world will change completely in the next 10 years. There really is no point hoping it won’t.

Marketing Made Easy

dr evil

The contradictions of growing your business

I’m confused… How about you?

dr evil I’ve read and thought a lot about marketing and sales in the past few years, as I suspect most business owners do. After all, as I say in my first book, “The Ten Truths for Raising a Healthy Bouncy Business”: Marketing is Everything and Everything is Marketing.

Marketing is one of the most written about topics by the business brains and gurus of the world and there are many grand theories about what works and what doesn’t and how things have supposedly changed in the past 20 years. But when you listen to all of them it’s like having your brain fried by Dr Evil, it’s all just so confusing.

All the theories

The problem lies with the many conflicting theories.

We are variously assured that:

  • People buy what’s in it for them (WIIFM)
  • People buy emotionally and justify rationally
  • People do business with people they know like and trust
  • Value is remembered long after price has been forgotten
  • We must sell online otherwise you can’t compete… on price.
  • We must give our best stuff away for free
  • Brand is everything
  • Relationship is everything
  • Content is King
  • Search engine optimisation is everything
  • Search engine optimisation is dead
  • Google and Facebook advertising is the future
  • Advertising is dead

And we are told:

  • To do blogs, Twitter, Linkedin, Instagram, Pinterest and Facebook
  • To produce content
  • To make videos and to podcast
  • To build relationships
  • To add value
  • To charge for value instead of price

Confused

confusedConfused?

I am.

I recently engaged an SEO expert to get me to the top of Google. The expert delivered. In a period of 8 weeks, I started appearing on page 1 for certain search terms.

Yet I sacked him a month or so later. Why? I learnt that Google frowns on many SEO techniques that until recently were considered good practice, and I came to the conclusion that my improved ranking was based on some of those techniques.

I talked to a number of other SEO experts and they assure me they can achieve the same results for me, using only currently accepted ‘safe’ techniques… At 4 to 6 times the cost per month of the previous SEO expert.

So I’m muddling along myself again now. (Let me know how I’m going, will you? Do a search for the kind of service I provide and see if I come up anywhere before page 25?)

Free stuff

I’m one of those who is convinced by one of the previous statements about giving your best stuff away for free, and I do exactly that. I do get lots of thank-you notes, but not much else.

Oh, that’s right, it’s all about content? Doing that, I’m all over it. Again, lots of nice comments on my newsletters and books and videos and webinars.

Giving

go givers I read a great book called Go-Givers and another one called “Give and Take” … wonderful books, great messages. The main message being that to market and sell our business successfully we must be Givers, rather than Takers and start by giving more value than we receive.

Love the concept, especially as it’s proven to work for about half the people who practice that mindset; half the Givers of this world are wildly successful … the other half? Sorry, they’re at the bottom of the heap.

How come I’m reminded about that joke: I have a magic coin that can predict the future exactly 50% of the time?

I am aware that I sound as if I’m whingeing… and that will never do.

I’m a business coach after all and we are always positive and optimistic… We are, honestly!

Actually I’m not complaining … it’s just that it’s all so dammed confusing.

And overwhelming.

Answers

I actually know what the answers are to each of the contradictions above, most of us business owners do, well in theory we do at any rate. Let’s look at the contradictions about price for example:

It’s true; people don’t buy on price, except if they have no other way to decide. Being the cheapest is actually a perfectly good strategy to market your business, as long you can maintain it. Walmart in America is the cheapest, consistently and it’s become one of the most successful and biggest businesses on the planet by being the cheapest. It’s what they do. Being the cheapest is their reason for being, and no one can beat them at that game. There are plenty of other businesses that base their marketing on price, and when appropriate I shop there too. But I bet anyone could beat your business on price if they decided to do so. We have to give our customers lots of other reasons to do business with us.

And that’s when we get overwhelmed with all the contradictions and the conflicting demands.

Nearly every client I start to work with tells me they think they need to ‘Do’ more marketing and they need a marketing plan. And you do. Accelerating the speed at which your business has been growing naturally so far can only come from increased marketing. But let’s not make it harder and more overwhelming than it needs to be.

Low hanging fruit

low hanging fruit kids I’m a great believer in always picking the low-hanging fruit first. So the question to ask yourself first is: What is the easiest way for me to generate more leads?

I bet you can actually answer that question just like that, without a marketing plan.

In my case it actually comes down to two things:

1)    Making it easier for people to obtain my books

2)    Implementing a consistent process of following up with the people who do download my books.

So I’m off to tweak some of the text and stuff on my website, implement a couple of small changes in my CRM, and I’m blocking time out in my diary to make 5 follow up phone calls every Tuesday morning from here forth.

What about you? What’s your easiest way forward to ‘Do’ more marketing?

See it’s not so overwhelming when you think of it, it just takes a little bit of focus.

Tell you what… pop me an email with your decision and I’ll check in with you in a couple of weeks to see how you’re going… nothing like a bit of accountability.

The Purpose of Your Business

Have you ever asked yourself:

Why does your business exist

and why would anybody care?

If you enjoy this article click here to get a free copy of one of my “The Ten Truths” books for business owners

What does it take to make a success of your small business… how can you avoid adding to those frightening statistics about failure rates of small business?

In this series of articles and associated webinars and workshops by Roland Hanekroot you will learn the basic concepts and get the knowledge need to become a successful ‘Business-Owner’, as opposed to a struggling ‘Business-Doer’.

Format

The format of each episode in the “First Steps” series is to explain the basics of the topic and then in line with the principles of New Perspectives business development programs, to suggest some “First Steps” you can take straight away to put the knowledge into action.

The Purpose Question

In the fourth of these articles we’ll look at Purpose and ask: What is the Purpose of your Business?

conscious-capitalismContrary to what most people think, the Purpose of your business is not to make lots of money.

As John Mackey, author of the book “Conscious Capitalism” (More info here) and founder of “Wholefoods Markets” says: “Thinking that the purpose of business is to make money, is like thinking that human beings are on this earth to eat. Eating allows us to fulfil our purpose in life and it is the same for business. Profit allows Business to make good on its Greater Purpose”

Shame really, because life was so much easier when us business owners could just focus on “maximising shareholder value”, but in the 21st century we have to rethink the Purpose of business.

Allow me to illustrate what I mean with one of my Business Bedtime Stories.

A Business Bedtime Story

(The ‘Business Bedtime Stories’ are real world case histories that illustrate the different aspects of business that the various New Perspectives Business Coaching programs deal with. See it in pictures here)

Once upon a time… a long long time ago in a country not unlike Australia… John owned a cornershop in the inner city of Sydney…

Running a cornershop in the inner city is hard, there are corner shops everywhere and then there are the 7-Elevens and city express stores and even Woolworths and Coles get in on the act from time to time.
The hours are insane, profitability is minimal and the Competition is just crazy.

John often caught himself thinking: “How can I escape this trap of deadly competition with my neighbours, so we can all have a better life?”

Working with me as his business coach, John came to realise that the only way to escape the competition trap was to make the competition irrelevant.
supermarketThe way to make the competition irrelevant is by making yourself truly unique, by creating something that is completely different from everything else out there.

And so he did, John decided to become “The Best Small Supermarket in Sydney”.

The day he made this decision, everything changed. Sydney has great corner-stores, handy convenience stores, big Coles and Woolworths, sexy delis and grocers, but there is only one “Best Small Supermarket in Sydney”.

2 Years later, John opened a second store, a year after that his third and a year later again his fourth. John’s customers love him and love his stores, profits are many times what they were 3 years ago and John is creating something really special in the Inner City of Sydney.

And John and all his satisfied customers lived happily ever after…

The End

Lessons from John:

So let’s have a look at what we can learn from John:
First: Competing on price is not a strategy for sustainable success of your business.
Second: In order to avoid having to compete on price, you need to be clear about the Purpose of your business.
Third: The Purpose of your business has to relate to your customer’s needs.

The Problem with Profit

start-with-whyFocusing on profit as the Purpose of your business, has one major flaw: Your customers have no interest in supporting you to make money. They are quite happy for you to make a profit, but only after you have met their needs first.

There is a beautiful video on Youtube by Simon Sinek (watch the video) another bestselling business author and management guru. In the video Simon states that “People don’t buy What you do, they buy Why you do it”.

In other words, your customers want you to explain to them why your business exists, what it is on this earth for and why they should care.

In working with my clients to find the deeper Purpose of their business, I always ask them those questions first and invariably I get the following three answers:
1.    We do great work
2.    At a great price
3.    And we give great customer service

Undoubtedly true, but first of all your customers expect those three qualities as a bare minimum, a starting point and secondly, your competition makes exactly the same three claims. Have you ever met a business owner who proudly claims to produce and average product at an average price with average customer service?

This is why you must find the deeper Purpose of your business.

Here are some example of deeper business Purposes:
1.   An Architect’s business: Architecture that Inspires
2.   A furniture factory: The Most Beautiful Tables in the World
3.  An Electrical contracting business: You’re in Safe Hands

table If you were in the market for a table, wouldn’t you like to check out the furniture factory at number 2? Of course you would… I know I did.

You might be interested to know that all three of these businesses have been wildly successful and bucked their respective industry trends for years now.

How do you find it?

The process of finding and developing the deeper Purpose of your own business starts with asking yourself the following 7 questions:

1)    What are my 5 most important personal values, as they relate to business?
2)    What core beliefs do I hold about my business and industry?
3)    What do I get really excited about in business; what do I get out of bed for; what am I passionate about?
4)    What do I want my business to be the best in the world at?
5)    Who are my ideal customers?
6)    What do my ideal customers need or want that they are not getting at present?
7)     How can I address all 6 questions above and develop a long term sustainable, profitable business model around that?

I encourage you to involve others in brainstorming these questions with you. Working your way through them will put your business on an entirely different footing, I guarantee it.

This is the topic we will be talking about at the November Masterminds ‘live’ workshop as well as the Masterminds online webinar, both on 14 November. If you would like to attend either the webinar or the workshop, register here

Your First Steps:

As mentioned at the start of this article, here are some resources and actions you can take right away, that will get you started on implementing the principles I discussed.

Go to the resources page to find the following resources that will help you clarify your Purpose and Passion in your business:
1)    The Simon Sinek Video about the “Why” of your business
2)    An article from business guru Jim Collins about the importance of “Vision”
3)    A worksheet and tool I have created to help you step through the 7 questions above.

Celebrate Your Victories in Business

Business Mastermind Observations

big book of small business Celebrate your victories

Amazon link

http://amzn.com/B00ANYJ1W6

I recently read another book by Australia’ s favourite small business guru Andrew Griffiths: “The Big Book of Small Business” and it is a doozy.

It’s a fantastic book to dip in and out of and pick up all kinds of wisdoms, tips and insights to help you improve your business.

One of the really lovely passages that stood out for me is called: ”Remember to celebrate your victories” and Andrew goes on to tell that he has a big whiteboard hanging in his office that he records his victories and achievements on throughout the year.

I really love that, because we don’t spend anywhere near enough time celebrating our achievements. Worse, we tend to forget about our achievements moments after we’ve achieved them, because as responsible business owners we know we have to drive ourselves to do better all the time and stopping to smell the roses is for normal people, right?

Wrong… Andrew has the right idea… stop and acknowledge the good stuff you have done and are doing all the time, nothing like a pat on the back every now and then.

Cheers,

Roland Hanekroot

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

4 Steps to Real Fun in Your Business

4 Steps to create REAL FUN in your business

roland

How to create maximum Fun in your business
In part 1 of this series of articles I wrote about how 3 letters, FUN, are the most important thing to focus on in your business.
So in part 2, I am going to tell you how to go about creating more 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:

  1. What can we be the best in the world at?
  2. What are we absolutely passionate about?
  3. How can we create a profitable business model around that

hedgehogIn 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

aliceThe 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…

conceptIn 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.

Cheers,

Roland Hanekroot

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

For more information about to how to step out of overwhelm, get unstuck and start having Fun in Business again, click here