A few years ago, I read a great blog by Benjamin Hardy where he shared a conversation between a mentor and student about goal setting, and it went like this…
Mentor: “Are you interested in achieving these goals, or are you committed?”
Student: “What’s the difference?”
Mentor: “If you’re interested, you come up with stories, excuses, reasons, and circumstances about why you can’t or why you won’t. If you’re committed, those go out the window. You just do whatever it takes.”
Every year as Auld Lang Syne starts to play at the stroke of midnight on New Year’s Eve, we likely find ourselves saying, “THIS will be THE year… clean slate, going to eat better, quit that bad habit, exercise more, etc.” Yep. Good intentions, but no real commitment. Why do I say that? Because studies show that just 8% of people who make resolutions achieve them. Just 8%. That means 92% fail.
So as the company P&L resets to zero at the start of the year, what business resolutions will you make? Not sales projections but a business development resolution commitment. Need an idea? Here are three actions every business owner should consider embracing as a business commitment for the New Year:
What do the CEOs of Google, Microsoft, Berkshire Hathaway, Facebook, the Dallas Mavericks, and countless other successful companies all have in common? Answer: an intense commitment to reading. Being a lifelong learner is a critical component to growing a company because the act of reading grows you as a person and a leader.
If carving time out to read is difficult, get an accountability partner to keep you on task. I started the Business and Breakfast Book Club a few years ago to help myself be accountable to continuous learning. Judging from its steady attendance, I was not alone! Meeting every few months, each Business and Breakfast Book Club provides attendees with the opportunity to discuss key findings from the featured book and how to apply them to your business or professional life. Be sure to subscribe to our updates so you know when we’re meeting next! Aside from buying the book, it’s free.
Fuel your mind while you fuel your body – this is multi-tasking at its best. There are a lot of great opportunities out there for Lunch & Learns hosted by industry experts sharing information from technology to leadership to LinkedIn. Just Google the term “lunch & learns in (insert your area)” or check out the events calendar from your local chamber of commerce, business journal or any number of professional associations. There is something for everyone.
You believe you have the right people doing the right jobs. Yet sometimes, something is missing. And that something keeps the company from scaling up and really growing. If your business is not firing on all cylinders, then it may be time to invest in the team with value-added learning.
Have you noticed the theme of these business resolutions commitments yet? All 3 actions point to learning – each with varying degrees of time and financial commitment. The key here is the word commitment. We are all busy, but the success of your business this year and beyond depends on your commitment to personal and professional development. It is one of the most critical factors to impact your and your family’s financial future.
If you’re curious about more ways you can improve your business operations and team, contact us.
BLOG | FAMILY DYNAMICS / GOVERNANCE
I’ve had my share of family business owners who avoid discussing this four-letter word to the point of pure denial, quickly ending the conversation when this word bubbles up. The word? E-X-I-T. It sounds so final. The brutal truth is that 100% of owners exit the business, yet only 50% – just 1 out of 2 owners – will do it on their terms...Read More
BLOG | LEADERSHIP
Many family-led companies hire business consultants to grow the business. Some even send their emerging leaders to personal development programs. But there is a gap – and it’s a BIG one.Read More
BLOG | PEOPLE / TALENT
The Golden 5% is the full expression of our ability, multiplied by our maximum possible effort, multiplied by our full contribution of heart. It is the performance equivalent of what we offer in a deeply loving relationship – the absolute best of ourselves. And yet, we rarely give it or reliably inspire the giving of it by others in organizations. Why?Read More
At Compass Point, we make it easy to get insights, training, tools, and articles straight to your inbox and help family business owners and their team continue to grow, learn, and lead.