Take Your Business From Woe to WOW
I sat in on a great session while overseas recently with Michelle Hoskin, a business coach in the UK who shared a couple of really simple, easy to implement ideas for growing your business.
First and foremost, we need a vision. Almost all really successful business owners have a vision that is much bigger than themselves:
- Where have you set your sights?
- What is your vision?
- Where do you see yourself in the next 5 years?
If you set yourself a vision for the year 2020/21 – what do your 5 key drivers need to be every year for the next 5 years? What goals do you need to set yourself for 2016/17? 2018/2019 so you achieve your vision for 2020/2021?
Start with the end in mind and work backwards. Remember, the shorter the time frame, the more specific the goals need to be.
Lets look at how your team can help you achieve your bigger vision because let’s face it – no one can achieve greatness on their own. We need to surround ourselves with great people to help us get there.
First, do you have great people working in your business? Have you surrounded yourself with excellence? Do the current people you have working for you have the skills and capabilities to help you achieve your goals and therefore your vision?
If you have a team of employees then there is a great chance they are salaried. Their salaries are paid to deliver business as usual (BAU) tasks and objectives. They also need to fulfill their roles and responsibilities and meet the key performance indicators of their job description.
Additional rewards such as a quarterly or yearly bonuses should be paid on the tasks your team perform that go above and beyond their BAU tasks (which is why they earn a salary) and focus on the achievement of the goals and objectives that help you achieve your bigger vision.
They should be paid a bonus for going the extra mile in helping you deliver the results that are aligned to the goals that help you achieve the 5- year vision.
Put in place a development program for all of your team so that the business can achieve its bigger vision and create a rewards program for going above and beyond their daily tasks to achieve the goals that will deliver the vision.
Create a purpose and a vision for your team that is much bigger than their day job and measure performance against it.
How do you reward top performers in your team?