The new way forward

Last month I wrote about the three fundamental problems that all small businesses face. Unless we address these fundamental problems, our challenges keep coming back to plague us. Being small isn’t a bad thing, we just need to do things differently to achieve big things. There’s new breed of small business entrepreneur  that takes a new way forward, turning the Three Fundamental Problems into strengths.

 

The new way forward involves:

1) Building capabilities

2) Collaborating with others

3) Focusing on the right thing at the right time


Build capabilities

Your internal capabilities will determine your external success. External conditions can influence the success you’re experiencing right now. However, it’s your capabilities (not strategies and tactics) that really count in the long run. Develop thefive key capabilities (leadership, sales, marketing, operations and finance) and your business will be able to survive and thrive no matter what’s going on in the economy.


Collaborate with others

By collaborating with the minds, hands and hearts of others we can achieve awesome things. To tap into the minds of others, join a Mastermind Group or get a high calibre business coach. In terms of hands, identify the low level activities you can delegate, outsource or contract out. Collaborating with the hearts of others is a leadership thing. You need to create a movement, not just a business. If you have a bigger purpose that people want to be part of, you’ll attract passionate, committed people that get more done in less time.


Focus on the right thing at the right time

A lot of business owners pride themselves on how well they multi-task but according to David Rock, author of Your Brain at Work, multi-tasking is a fallacy. Our brain is actually wired so we can only focus on one thing at a time. The trick is not to do everything at once, but learn how to focus on the right thing at the right time.


How do you know what to focus on right now? That depends on what type of business owner you are. Next month, I’ll run through the four types of business owner. If you can’t wait, read about it in our free report (click here to download your copy).