Sometimes taking an business intermission to reflect, re-group and then re-engage is best, better than quitting.
I’ve tried a lot of business ideas, some better than others. Some fail, more succeed and many of the successes have had to take a break before breaking out.
With there being so many complexities in creating, building and effectively running a business, it is pretty hard to get them all right the first time around.
While busy most of the time working on VoIP Supply, my core business, I often build prototypes of businesses/products, prove their viability and (the hard part) hand the idea and basic objectives off to someone hired to build it from the ground up. Ideally remaining very hands-off and allowing the professional hired to build a plan around it and successfully execute on their plan. “Ideally” isn’t always the outcome.
One such project led to the following analysis which is shaping the second period, areas for improvement in many businesses. These are listed in no particular order.
- Insufficient Planning and Metrics for Accountability and Measurement: If you fail to plan, you are planning to fail. That which gets measured gets done.
- Ineffective Leadership, Not Able to “Wear All Hats” as Needed in Start-Up Mode: You have to be able to see the business at 30,000 feet AND 30 feet.
- Confusing Messaging to Customers and Staff: Within a multi-tenant holding company, who are we, how do we fit, why are we here.
- Lack of Focused Effort, Too Much Time Spent on Non-Essentials: Customers (sales) pay the bills, focus there first. Profits make pretty.
- No Simplistic Message (“Why Buy”) to Present to Customers and Partners: Explain it clearly in 30 seconds, once.
- Not Leveraging Strength in Brand and Reach of Strategic Partners: Don’t walk past five $10 bills just to get a $20 bill.
It is my belief that, had the leadership been more tech savvy with interest in learning and using tools to improve efficiency, had they created a plan that included measurable goals and the activities required to achieve them and had they rolled up their sleeves to complete the required tasks before dwelling on non-essentials, they would have been more successful. Furthermore, the messaging, the “who, what, why and how”, the “why buy”, along with their visual and textual representation needed to be simple and crystal clear without detailed explanation. Lastly, the pre-established partnerships and primed customer base wasn’t leveraged effectively.
Second period, back on the ice, avoid these six bullet points and do the opposite. Simple right?