8 Steps to Overcoming the Big 5 Frustrations in Business

How-to-overcome-your-biggest-business-frustrations

In my last blog, Overcoming The BIG 5 Frustrations Business Owners Face, I shared the most common frustrations challenging CEOs: control, profit, people, hitting the ceiling, and nothing is working. Are these frustrations running through your head at 2:00AM?
 
Remember – you’re normal – and you are not alone.  But while many family business leaders have these problems, some CEOs have figured out a way to overcome these frustrations.
 
Family business leaders who are experiencing time freedom, profitability, healthy team culture and growth have committed to strengthening these eight key areas of their business:
 
VISION. Agree upon a clear vision in writing with the leadership team, and then get everyone in the company 100% on board with the vision.
 
PEOPLE. Get the right people – people that share your core values – in the right seats. These are people who are really talented “rock stars” for their positions.  And get the wrong ones off the bus.
 
FOCUS.  Develop your team to identify the strategic objectives the company needs to focus on that will create your competitive advantage and drive growth, profits, and cash flow.
 
ISSUES.  Openly and honestly calling out issues when they surface  – and solve them for the long-term greater good of the organization. Don’t treat symptoms with band-aids or duct tape – get to the root cause and solve it for good!
 
DATA. Get a pulse on your business through a handful of activity-based numbers that are reviewed weekly. This will give you a pulse on the activities and results of what’s happening in your business now.
 
PROCESS. Want to be able to scale your company to whatever size you want? Make it easier to manage, more efficient, more profitable, and fun (again)? Then get to work documenting your way of doing business from a simplified high-level approach. This will drive consistency throughout the business and make its success less reliant on any one individual (including you, the owner).  Read my second Blog on PROCESS here to learn more about why having a manual is important for every great company.
 
• RHYTHM. Your organization needs to create accountability and discipline by agreeing on 3 to 5 priorities every 90 days. Review progress with the leadership team weekly and post results company-wide.
 
• GOVERNANCE.  The common denominator of family business success (growth, profitability, and unity) is a strong governance structure. These are the rules that everyone abides by, regardless of position or bloodline. This includes putting in writing why the family business exists, the family core values, policies (family hires, compensation, advisory boards, succession, etc…), and a structure to educate and facilitate communication between family members, especially when the stakes are high, opinions vary, and emotions run strong. 
 
LIVE THE LIFE YOU DREAM OF...
 
End your frustrations now. Focus on these eight key areas of your business with your leadership team, and things will begin to fall into place. You and your leadership team will be freed up, you’ll be accomplishing more in less time, and it will feel like your business can run itself. 
 
Oh, and that compensation thing I called out in the last blog? You’ll still cry like a baby…but they’ll be happy tears.