As an owner or manager, it is essential to be clear about your personal expectations from the business.These need to be distinguished from the expectations for the business itself, and you need to establish the extent to which they are mutually compatible.
If you as an individual are not motivated by profit or have no direct incentive for the business to improve its profitability, there are potential conflicts of interest that need to be resolved.The same applies to all members of the business’ management team. I question the motivation of any of your team who do not stand to benefit directly from increasing the company’s profitability, however ethical, moral, or upright members of the community they may be.
I often find that although businesses start with a vision, it is often not clear and specific. It is often nothing more than a “woolly” aim, and it is therefore not surprising when those businesses lose their way very quickly.
Too many business owners forget too quickly why they started their business.
What is your dream?
12. Have a “dream” that is shared with the team and converted into specific goals and objectives.
13. Have a clear vision of what is ultimately intended for the business; is it intended to sell the business within the next five years? Unless you are clear about your ultimate objectives, it is quite possible that you will make incorrect short-term decisions.
14. Define an exit route now! You can always change your mind or refine the objective later. Too many short term decisions are made in business apparently correctly at the time, but end up being mistakes, because at that time the decision makers had not clearly identified their longer term objectives, and exit routes.
“If you don’t know where you are going – any road will take you there.” Mao Tse Tung
15. Clarify in your mind whether you have a “business” or merely have a “job.” Understand one definition of a “job” – just over broke!