As business owners we have periods of great success and deserve to pat ourselves on the back. However, during a company downturn when we start to miss sales targets, are we as quick to hold ourselves accountable and responsible, or do we blame our salespeople, sales managers, competition or the economy? While working with companies and business owners throughout my career I see a common theme of those who are successful versus those who consistently miss their targets.
Who is ultimately responsible for achieving revenue goals?
Owners who consistently lose to their competition and fail to meet profit projections have many things in common. They are only conditionally committed to their people, their company and the marketplace. They may say they try hard and are doing their best but have a tendency to make excuses. When they fail they are quick to point their finger at everyone else, blaming them for not doing their jobs rather than pointing to themselves. Other common characteristics include:
· They are ineffective delegators
· Investing in their people is not a priority
· They do not develop goals, plans or defined activities for which to hold their people accountable
· It is difficult to get time on their calendar
· They operate with no predictable schedule
· They don’t schedule recurrent meetings with their direct reports and when they do have them, they multi-task, resulting in not doing any one thing particularly well
· They have a Hire and Hope mentality rather than investing in attracting and hiring the right people
· They treat their people as a number believing they are replaceable
Who is ultimately responsible for the success of your company?
The cold, hard truth is we the business owners are ultimately responsible for everything that happens within our company including achieving revenue goals. A few of the key attributes of owners who consistently produce results and beat their competition day in and day out include:
· They have an Unconditional Commitment to success
· They accept responsibility for everything that happens in their company
· They invest their time, money and resources wisely
· They hire effectively equipping those individuals for success
· They do not tolerate mediocrity, but rather create a culture of accountability which begins with them
· They believe their people are their best long-term differentiator
Unconditional commitment is being 100% all in with a mindset that failure is not an option, it’s a never give up attitude. Business owners that consistently produce results and outperform their competition have unconditional commitment. They eliminate “try” or “do our best” from their vocabulary and focus on getting the results they expect. They recognize that they are responsible for every aspect of what happens in their company. They also know that they don’t have to do it alone but can rely on and empower a strong team. High performing companies invest their time money and resources into developing their people and help them achieve their full potential. They recognize that it is their responsibility to do the following:
· Consistently talk with their direct reports, without distractions
· Identify and understand what motivates them personally
· Develop clearly define goals and plans to achieve them
· Hold everyone accountable for their specific responsibilities
If you feel that you have many of the characteristics of highly effective business owners, congratulations! Being honest, if you feel that you exhibit more of the behaviors of owners who tolerate excuses and mediocrity, let me ask you, are you ready to do something about it? If you would like to discuss specific things that you can do to transform your company and culture into a high-performing Revenue Generating Machine, please give us a call.