Some time ago, I read a posting in the Successful and Outstanding Blog(gers) blog that really impressed me. It impressed me enough to bookmark it in my laptop to review from time to time. The post was written by Liz Strauss, a well-known business strategist. Liz related the story of a businessman who owned businesses in the fields of newspapers, magazines and books. She was hired to develop strategy to turn the book business around and refocus it on success.
Several months into her assignment, one of those great ‘Ah-ha!’ moments occurred. She reminded the owner that while his three businesses are similar, they are clearly not exactly the same and needed different approaches in strategy to be successful. What makes one company successful will not necessarily work for other businesses, regardless of any similarities. Any differences, minor or enormous, need to be addressed, thus the need to know what business you are in.
It was simply a matter of her pointing out that the life spans for each of the three media formats are quite different. Newspapers, magazines and books have very different life spans. Once she pointed out this basic element, the distinct differences became very clear. At that same moment, Liz realized the owner really didn’t understand what business he was in.
Do You Know What Business You Are In?
Are you a small business owners so engrossed in your ‘forest’ that you are unable to see your ‘trees’? Too many of us are wrapped up in day to day business operations, trying to keep all the necessary balls in the air and putting out fires along the way. In the midst of all this, we fail to do timely reality checks. We fail to ensure we remain focused, on track and doing everything necessary to move forward toward profitability and successfully. It’s important to know what business you are in and how you plan to strategically manage and market. For obvious reasons, this should be at the very top of your list of reality checks.
Block off some time in your schedule right now to review the basics of your business. Put your organization under a microscope, then take another look from about 35,000 feet. What business you are really in? What products and services do you really provide for your customers? Review your vision and mission. Are you on track to achieve them? Step back and take a good look at your company culture. Does it match the needs of your business, your customers, your vision and mission? Without these reality checks from time to time, your business can go into a major tailspin in the blink of an eye. Keep your focus on “What business you are really in?” and the customers you actually serve. Don’t let your small business start that tailspin that could quickly result in failure.
