subject: Extraordinary Business: GPS to the Winners' Circle [print this page] Extraordinary Business: GPS to the Winners' Circle
To view this document online, click here.
When I moved to Georgia, where my family and I currently live, I discovered, as most people do, that it can take about 2 hours to go 30 miles during rush hour. Now, this can be compounded by infinite traffic snarls due to stalls, mattresses and sofas (yes, I said sofas) in the street and the inevitability of someone stalling their car - in the middle lane. I cannot help but wonder...if you know you car is probably going to stall, why you would ride in the middle of the highway. Anyway, I digress.
After living and working in and around the city for the past few years, I have discovered one rule of thumb: give yourself twice as long as it would normally take to get anywhere around Atlanta during rush hour. The second rule is to use a GPS device. Why a GPS? Well, a couple of years ago four-lane road was shut down because someone needed to land their plane, which backed up traffic. Another time, more roads were shut down due to this event called the Peachtree Road race.
For about a year, a major bridge was torn down because it was unsafe and needed to be rebuilt. That bridge in particular was a major source of contention for me, as I did not know my way around the city. I had a 9:00 meeting. I was meeting a client for a new job I was going to be working on. I was well prepared, had my directions and best suit on. The meeting was 20 miles away, so I gave myself an hour to get there. The problem was that I did not know that the bridge was out, and my directions did not indicate that there was a problem. So there I was, after driving for about 30 minutes, ready to make my left to cross the bridge and go downtown.
Suddenly, I was faced with those big orange cones that just dare you to get too close. Grrrr!! What was I supposed to do? I did not know the city well enough to figure out another way to get to my destination. Money was on the line. Now, I'd like to tell you that like Speed Racer, I simply jumped the bridge, but the reality was that I ended up stopping several times to get directions and finally got to the meeting, only a few minutes late. The lesson here was - it would have been very beneficial to have a GPS device, realizing that Atlantans ALWAYS have some place to go and not only do we have oddities that slow traffic down, there are other reasons that causes traffic to rerouted.
To clarify, a GPS device is a gadget that receives transmissions from satellites in space in order to determine the position of that device at some point on the earth. In order to get the most precise location, the device must have clear vision of the sky and get signals from at least four satellites. Anything less is likely to give inaccurate results, if any at all.
The benefit of having the GPS device is that it will not only help you get to your destination through conventional means, but it can tell you about road congestion, road closings and how to get around them.
What would you do if you had a GPS system for your business? That is something that tells you what your present position is and what obstacles are coming up and what you can do to avoid them. What if you could enter "success" or "become a big business" or "make enough money to retire" or "make a billion dollars" into the system as the destination in the GPS device? What if you could drive full blast into the winners' circle, trusting that your GPS will help you get there, let you know where the obstacles are and provide you with ongoing assistance no matter what?
Well, while there's not a network of Global Positioning Satellites floating around the planet providing in cockpit-updated information, you can use a Growth Perpetuating Strategy. What this means is, as a business owner, you will position yourself to seek ways to grow your company? However, like a GPS device, you will have influencers that will help you to reroute your company's needs or direction in order to continue moving towards the winners' circle.
In order to use the GPS system, you've got to do the following things: 1) Set up the system and 2) Update in the system, remember information is always changing.
Let us start out by setting up the system. I'll make it easy by using eight steps.
Spell out your mission
The first step: Spell out your mission, vision and values. If you do not know where you are going, or why you are going there, there is no point in starting out. I cannot tell you how many businesses start without defining who they are or where they are going, that are now trying to figure out what to do next. Always start with the development or clarification of belief statements. While there are different schools of thought on how to build belief statements, not having them will be like sailing a ship to an unknown destination without a reason.
The most important thing about your mission and vision is that they are clear; transferrable (as in other people in your organization can own it); relatable - as in other people can relate to it; compelling - it could mean something to someone, somewhere and not so bourgeois that by the time you get to the end of it, you've forgotten what the beginning said.
Seek out information
Step number two is SWOT your business. That is SWOT, not swat. When you SWOT your business, you are looking at strengths, weaknesses, opportunities and threats. Strengths and weaknesses describe what you do really well, or really badly. This might describe your cash flow, your team, your product or service offerings, your marketing, your leadership, etc. Opportunities and threats describe things that are happening in the marketplace. These are things such as changes in technology, market preferences, industry trends or even political changes.
Why are these important? Well, just ask my four year old. He decided that he could fly - demonstrating the strength of positive thinking, and the weakness of not having the foresight of what could happen if he were to attempt to fly in the wrong place. Then opportunity presented itself: there was a flight of steps that presented the perfect opportunity to test out his hypothesis, and a threat - the ground that would most definitely be the recipient of his body after said launch. Given all of the information available, my son had enough information to make a good decision. Did he make the right decision? I think he thought so, at first...until he hit the ground. Of course, the positive part of that was that he didn't really get hurt, and he has additional information to make a better decision, next time. SWOT your business. Know your SWOT.
Surround yourself with great people
The third step is to surround yourself with great people. Of course, the opposite would be to surround yourself with terrible people. Terrible people are those that tell you that when it gets hard, you should quit, those that put more energy into holding you down then helping you. They are those mango tree lawyers that provide plenty of bad advice, and then take off when things get a little hairy. Great people include those that are qualified to give you great advice - they have done what you do, they understand what you do, they have expertise in a particular area, such as strategy, planning, banking, insurance, etc. Of course, once you've gotten them, make sure that you are in regular communication with them. Most people have lots of advice to give, and simply want to be asked or included. Be intentional about developing relationships and staying in touch with them. They have a stake in your business - they are your stakeholders.
Select the goals that make the most sense for your company
Fourthly, set goals that make the most sense for your company. Making goals for someone else's company won't do your company any good. Making unrealistic goals for your company are about as useful as building a yacht on top of a mountain...although there was this one guy. I believe in BHAGs - Big Hairy Audacious Goals, but I believe those goals have to be SMART - specific, measurable, attainable, relatable and transferrable. When you think about your goals, they should make the hairs on the back of your neck stand up and your palms sweat a little, in both anticipation and fear. Anticipation of what accomplishments of your goals will mean, and fear of what could go wrong. Goals should be edgy and push the boundaries of what you know to be safe. They should require a substantial investment, commitment and a deadline. Of course, they should take into consideration the three afore mentioned steps, and lead toward the company vision.
Study drivers of change
Number five: Study drivers of change. Okay - and what does that mean? Drivers of change are those things that might cause change. For example, a new government administration, global warming, social unrest or technological advances all result in some type of change that may or may not affect your business. These drivers could result in changes such as new tax credits, the need for environmentally conscious products or processes, the need for community or the next iPod. Once you identify the drivers of change, creating innovations to meet the new needs is the logical next step. This would be taking advantage of opportunities, before they present themselves. That, of course, would be a good thing. Drivers of change could be the impetus for a new dawn in your business. Note them and take the appropriate action.
Create a strategic plan
Step number six is to create a strategic plan. Strategic planning describes not only the steps you will take to get from your present point to your goal, it will take into consideration your time, resources, the amount of risk involved and any number of variables you have in mind. One of the most important features of a strategic plan is the identification of alternate scenarios, which says that if the original plan doesn't work out, what are the alternatives. Additionally, the strategic plan is regularly reviewed so, as new information is made available, the strategic plan can be change in order to best take advantage of opportunities, or best avoid threats. Your strategic plan should be the foundation upon which you drive your organization to the winners' circle.
Saturate your team with confidence
Saturate your team with confidence is step number seven. Face it - you cannot do it alone, and your team cannot do it without a leader - you - to provide them with direction. By providing your team with an understanding of the company beliefs, the goals and the strategic plan, your team can fully embrace the plan to help to implement it. Regular communication and updates will help provide the team with ongoing motivation. Of course, the way that you handle setbacks could be the single most important confidence builder your team will need.
Share your successes
Finally, share your successes. While it feels good to do things on your own, sharing your successes will strengthen the value of your success and serve to motivate you, but will also help to remind you during times when your business is not so successful. Your team will need to remember those times, and help drive through the rough times. Your other stakeholders will need to remember those times, as well. Business isn't always good. It isn't always easy. Things aren't always up. Knowing where you have been can often be the motivator to get you up the next hill. Remember, we are talking about perpetual growth.
Remember - your goal isn't to be another mediocre company. Your goal is to be extraordinary. Your goal is to make it to the winners' circle. To do so, you need to use your GPS - your Growth Perpetuating Strategy. To recap, your eight steps are:
Spell out your mission
Seek out information
Surround yourself with great people
Select the goals that make the most sense for your company
