Big Grower September 2019 - 10

THINK BUSINESS
DO YOU KNOW
How You Are Doing?
Here are five different criteria that you need to examine on a regular
basis to determine how your business is doing.
BY MARK RICHARDSON
I
n most human interactions, it is common to
ask someone, " How are you doing? " While
the actual conditions might be the same, the
answers will vary.
If you tend to be an optimistic person, you
might say, " Life is great, " or " We are very
blessed. " If your business tends to be in the
same condition, but you are not an upbeat
person, you might say, " Oh, we are hanging in
there, " or " Things could be better. "
When I wrote " How Fit Is Your Business? " I
created 10 measuring criteria for a fit business.
Think of it like going to the doctor for a
physical and getting your cholesterol and blood
pressure checked. The list was an attempt
to give a more objective way to determine
business fitness.
While going to the doctor is one of the
elements for your overall health and well-being,
there are obviously other elements (including
stress, relationships, fun, achieving goals, etc.)
that might come into play when answering or
thinking about how you're doing.
GETTING THE RIGHT ANSWER
The following are a few thoughts that should
give you a more accurate and objective way to
find a better answer.
1. Know your numbers. Be disciplined,
but not obsessed, by looking at the
numbers in your business. They should
be aggressive but realistic forecasts. They
should be measured on the right cycles
(weekly/monthly/quarterly/annually)
and reviewed and discussed on a regular
basis with key members of your team.
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You cannot answer the question, " How
are you doing? " if you do not have a good
handle on the numbers. You are flying
blind, and you might be flying right into
the side of a mountain instead of above
the clouds.
2. Team sport. Your business is a team. It is
a village. It is important that you have an
ear to the ground and are listening to the
voices inside of your business. The coffee
machine chatter is every bit as important
as the discussions in a leadership meeting.
Listening and asking for feedback should
be proactive and constant. If you think
you are doing well, are your key team
members aligned with you?
3. Headwinds vs. tailwinds. When there
are tailwinds, you should be exceeding
your original targets or forecasts. When
there are headwinds, you may be falling
a little short and need to put in a bit more
effort to catch up. To really know how
you're doing, you need to know whether
you have a tailwind or a headwind. An
experienced cyclist knows this and does
not get too far from home when they have
a strong tailwind; otherwise, they will not
have the energy to make it back home.
4. Stress. Business is a marathon, not a
sprint. You need to pace yourself. There
are times that you need to really push
(like the spring season), but stress levels
are important to acknowledge. Are you
or your key folks working normal or
excessive hours? Are you able to have
some balance in your life (family/friend/
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personal/work)? Is the workplace calm or
a firefighting atmosphere?
5. Positioned for the future. Most
company owners want to be in business
next year and the following. Most
businesses would like to do better next
year than this year. I see many owners
that only look to the horizon and make
very little money in the short term. I see
even more that are not positioning for the
future. This positioning requires thinking
time, energy and some capital.
While I do believe that there are make-hay
times and times of more hunkering down,
the important concept here is that you are
controlling the situation rather than letting the
environment control you. The more you can
keep the short term and long term in balance,
the better you can be.
So, the next time a business colleague or
a friend asks how you are doing, at least try
to have a balanced (objective and subjective)
answer. If it is truthful, it might lead to a
constructive conversation that could help you.
At the very least, you will be able to provide
some sage advice.
Mark Richardson is an author, speaker,
columnist and business growth strategist. He has
written several books on business management
including " How Fit Is Your Business? " and
" Fit to Grow. " His latest book is " Control Your
Day Before It Controls You: The 7 Steps to
Mastering Your Time. " All of his books are
available on amazon.com. He can be reached
at mrichardson@mgrichardson.com.
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GPN accepts no responsibility or liability for the validity of information supplied by contributors, vendors, advertisers or
advertising agencies.
10 SEPTEMBER 2019
CEO Matt McCallum
mmccallum@greatamericanpublish.com
www.facebook.com/BigGrower
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Big Grower September 2019

Table of Contents for the Digital Edition of Big Grower September 2019