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As a business advisor, I meet many business professionals and aspiring entrepreneurs who are anxious to be their own boss , or have an innovative idea to start or acquire a new business. Also, initiating a startup is quite different from taking over a thriving business, where the focus is on repeatable processes and quarterly profits.
No matter how well your business seems to have worked for you up to this point, you can be certain that it will need to be heavily transformed for tomorrow’s new world-wide economy and no industry sector boundaries. Don’t let your ego or stubbornness drive you to give up too soon on your transformation efforts.
Start with ‘How are you?’ Trust is hard because it requires giving up control and being honest with ourselves, and with every team member. Leave it up to team members and leaders to decide what schedule works best for them. Make sure you know what is really happening, through metrics and feedback from others.
Many of you business professionals I meet in my business consulting and mentoring roles seem very determined to advance their career, or even start their own business. Most people find that the act of committing something to paper forces them to face the reality of getting started and measuring progress.
Most experts agree that the pace of business change is increasing , and all the business owners I know are struggling to keep up, much less surpass the wealth of global competitors now entering the market. Use test marketing to identify changes before scale-up. Put operational systems and metrics in place early.
We all have our favorite metric and our passion, but keeping up with real-world changes and trends seems to be always just out of reach. In my experience, all business metrics are still used too often for people management and accountability, rather than business management.
Of course, starting and running your own business comes with financial and personal risks, so I always recommend that you do your homework first, and follow some tried and proven strategies to improve your odds of success. These days, you can’t start and run a business alone. Define key metrics to measure progress and success.
Put away permanently your “suck it up” voice. If you want team member work to change for the better, make that voice shut up. Develop metrics to monitor work intensity. These metrics are also the best way to gauge when your team needs more help, and identifying strong and weak contributors. We’ve all been there.
Measure progress through metrics on sales, revenue, and penetration. These start with your brand image, search visibility and process, and extend to the actual sales transaction. Now is the time to learn and adopt these new ways of thinking, whether your business today is a startup or a corporate conglomerate.
I believe this difficulty stems from the historical use of results-only metrics in measuring performance and rankings, without including learning measures and achievements. You can start by showing empathy for each individual. Marty Zwilling First published on Inc.com on 09/08/2023
For your own happiness and satisfaction, I recommend you start instead working from that higher purpose and passion. These must be managed by metrics to allow you to gauge progress, recognize successes, and keep constituents motivated along the way. Marty Zwilling First published on Inc.com on 06/06/2023
I recommend you start with team building activities to strengthen trust and communicate the objectives to everyone on a regular basis. True cultural change starts when behavioral change begins to take root. Marty Zwilling First published on Inc.com on 2/3/2023 Use personal relationships to test buy-in.
Thus they are blindsided and try to react quickly when a new competitor starts stealing customers. Most business metrics I see compare current performance to your own previous experience, rather than your performance compared to industry standards and competitors. Marty Zwilling First published on Inc.com on 07/11/2023
Something happened in the past 7 years in the startup and venture capital world that I hadn’t experienced since the late 90’s — we all began praying to the God of Valuation. How might our next phase of the journey seem brighter, even with more uncertain days for startups and capital markets? What happened? There was no money train.
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