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Jump On Board: Importance of Working On Your Business

Working on Your Business or Just In Your Business?

As leaders, you all share some amazing qualities.  For instance, I’m willing to bet that perseverance, candor, and courage are at the top of the list for every single one of you. But that’s just some of the foundational stuff.

The one area that many leaders find a bit of a challenge is finding and securing peers or colleagues who literally understand the weight of the responsibility we have on our plate. The good news is that there are plenty of opportunities to satisfy thiman-writing-with-old-fashioned-pen-pics gap. The first step though is recognizing that it is a gap.

We should be working on our businesses, not just in our business. As leaders – we know how critical that is. We can’t move forward in a streamlined, strategic way if we aren’t working behind the scenes… on the business.

As the world of business grows increasingly complex, forward-thinking leaders believe creativity, candor, authenticity, courage, innovation, and customer relationships are among the most important leadership competencies needed for any organization.

 

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Yet quantifying intangible or otherwise qualitative data can be a challenge – albeit how much we realize the importance behind effective leadership, strategic planning, talent acquisition, and retention, etc. because there much more involved. Everything can be quantified. Everything should be quantified. We need to know, so we can prepare and plan optimal strategies.

A couple simple examples include:

Best Buy has observed a return on improved workplace relationships – more specifically, between employee satisfaction and company performance. The specifics of this project recommended that Best Buy integrate employee engagement surveys quarterly, rather than annually.  Since this project was conducted at one location only, the ROI is noted for just the one branch.  Yet, that particular store noted over $100,000 in annual operating income increase upon after that simple change in employee reviews. If you aren’t already doing this, we’ve got you covered. Just submit an inquiry and we’ll get you all set up. If you are already doing this – take note of how valuable they are and capitalize on the wealth of data you have at your fingertips!

A study by Gallup found that companies with higher-than-average employee engagement had 27% higher profits, 50% higher sales and 50% higher customer loyalty than companies with lower-than average employee engagement.

Consider reflecting — reflect very candidly and honestly on the quality of your professional/personal situations. Then…. bring your questions, ideas, or concerns here to our forum! It’s amazing to discover the wealth of opportunity when someone is kind enough to introduce us to some of our blind spots.

Who can you turn to for a more candid discussion about your blind spots? Take advantage of that professional relationship. Your trusted advisor is your right-hand-man/woman in helping to unveil these natural ‘secrets’ – secrets that aren’t doing us any favors.

We all possess the credibility that got us to where we are today. But it doesn’t stop just because we made it to a leadership position. It never stops. Just because we opened and are operating a successful business doesn’t mean that the hard part is over. Yes, the challenging part is the entrepreneurial part, but businesses are systems. We all need to be working on our business. It’s paramount if we are going to stay one step ahead of our competition.

A key point here is that leaders who aren’t working on their business are in essence, flying blindly and choosing to take on much more work than is necessary. Reap the rewards so many other successful business leaders already have – working on our business… is key.

 

Read more about The Leadership Strategy Most Successful CEOs Fail at Practicing.