Are you tired of seeing friends who work less than you (and who you think are really a lot dumber than you), making more money than you?

People often ask the question, “Why do some businesses achieve such great things and soar to amazing heights, while others do not?”

Let's put that one to rest straight off the bat. Most businesses, from the outside-in, look like easy-touse, money-printing machines. The reality behind closed doors is that the majority are struggling with various issues ranging from team cohesion, cash flow, poor client retention, etc. Just like human beings, every business has areas of excellence or strength, and areas that need substantial development. It is quite unusual to find a business that is truly getting it right in all areas.

As a business coach I often see three common barriers preventing a business from breaking through and becoming one of those success stories we all love to witness.

Obstacle #1. Lack of business education

Most business owners are at expert level in the core operational area of their own business. This is why the best plumber in the team leaves to begin his own plumbing business, the top performing chartered accountant establishes her own accounting practice, etc. Most have more than exceeded the 10,000 hours needed to master any skill as explained so eloquently by Malcolm Gladwell in 'Outliers'.

The question is, since the plumber or accountant has spent these 10,000 hours mastering his or her core trade, has he or she invested an equal amount of time in learning how to be an expert in the trade of business ownership too?

And this is the crux - as a business owner you have two core obligations:

• To maintain the highest level of expertise in the core operational area/s of the business - not doing so inevitably results in service delivery failure, dissatisfied customers and a truly unsustainable business model, and
• To educate yourself on how to drive profitability through financial literacy, savvy marketing activities, efficient systemisation and solid leadership skills. Your family, and the families of your employees, depend on the survival and success of your business.

Obstacle #2. Happy being unhappy

Dissatisfaction (or put simply “pain”) can be the biggest driver of behavioural change. Many people are unhappy with what they are getting out of life, out of a business venture, a relationship, etc. but not doing anything about it. We describe this as, “Unhappy enough to moan, but not unhappy enough to change.”

If you are not getting what you want out of your business, get mad, get very mad, and then take some serious action to change your results. What consequences are you setting for yourself or your team if you do not deliver on that plan? Rewards and incentives are well and good, but sometimes it is necessary to bring out the big stick. An external source of accountability is often just the ticket.

Obstacle #3. Thinking too small

Vision - a formally documented vision or 'purpose' statement for your business, and your own personal 'Why' are critical drivers of A: personal motivation, and B: the calibre of team members and strategic partners we attract.

Would you want to work for someone who's behaviour indicates this as a primary driver? “To make as much money as possible, with as little effort as possible, in a business that is not designed to outlive me.”

Compare that to the personal vision of entrepreneur Elon Musk, the brain behind Tesla, SpaceX and hyperloop technologies: “Ensuring long-term survival of the human race through sustainable energy solutions, and colonising the far reaches of space.”

Musk believes that planet Earth will inevitably encounter a doomsday or extinction event. His environmentally-efficient transportation systems and renewable energy solutions with enhanced storage capacity are being developed to prolong our available time on planet Earth. By also becoming a multi-planet civilisation, establishing a foothold outside of our atmosphere will allow humankind to persevere regardless. He truly plans to establish a colony on Mars within his lifetime.

Do you think this man has any trouble recruiting the brightest minds available to help him reach his objectives? With a vision that big, it is not surprising that wealth follows as bi-product, not the end goal.

If you're tired of your business in its current form and know there is something much bigger and better you'd like to achieve, call us to book a complimentary session with one of our coaches.

T: 031 266 2258
www.mastery.co.za
durban@actioncoach.com