In working with countless business owners over the years, I’ve found that there are always holes in their business models, gaps in their business plan and very little attention paid to the foundation upon which they’re trying to build their business.
It’s nearly impossible to have a preemptive plan or solution for every possible weakness. But to continue trying to grow your business without knowing the essential building blocks—or ignoring them—is foolhardy. There are far too many small businesses that eventually fail when they could have succeeded. Good companies with good products and services. And good people who had many of the components of a rock-solid business—but not enough of them.
This is the first in a series of articles about the torpedoes that can sink your business. And by becoming aware of them, you are more than half way to avoiding their dangers.
Today, we’re talking about not being clear on your core values.
Very few small companies pay attention to this—and they do so at their own peril. Growing a small business requires tens of thousands of decisions. Purchasing decisions, hiring decisions, product development and pricing decisions. And very few are easy. You can’t wait for all the research and all the data to be collected before you decide. You can’t seek enough advice, you can’t delay, and you can’t afford to be indecisive. You have to make your best decision with what you have.
And one of the things that makes those decisions infinitely easier is to truly know what your company is about, what you stand for, believe in and are committed to.
This might seem unnecessary or too woo-woo for many business owners, but it really isn’t. If the owner and all employees are clear on this, there will be fewer mistakes, better communication and more buy-in as to the company’s mission and purpose.
And the clearer you are about your core values, and the better you communicate them, the easier it will be to build your brand and your reputation. Customers like to do business with an enterprise that stands for something.
Our most popular course over the past 20 years has been, and still is, Your Core Values. It’s a step-by-step plan to discover and articulate your top 5 core values—for an individual or an organization. You can find out more and get a 75% discount on this course on this page . . .
Not ready to order yet: Read the Top Ten Reasons to Know and Live Your Core Values . . .
Stay tuned for the next installment of possible chinks in the foundation of your business.