This is a guest post by Dennis Geelen of Zero In.

Take a minute and think of a few companies that pop into your head that were once seen as leaders in their industry but, for one reason or another, eventually came crashing back down to Earth.  Maybe they have since been surpassed and are no longer a household name.  Perhaps they filed for bankruptcy.  Or maybe you are thinking of a company that was forced to close its doors and shut down for good.

Dennis Geelen

Why be Customer Centric?

When I ask people to go through this exercise, many typical companies pop into their head.  Blockbuster, Kodak, and Sears being among the most notorious that come to mind.

But the truth is, most businesses are not set up for long-term success.  Any company that is currently a leader in their industry could potentially be a footnote in history 5 to 10 years from now.

In fact, the stats are staggering.  25% of all new businesses do not make it past the first 2 years.  50% don’t make it past the 5-year mark and only a quarter of businesses end up being sustainable past 15 years.

That is insane!  The obvious question here is ‘why’?

To answer that question, we need to look at some trends that so many companies (large and small) tend to fall victim to.  Whether they got off on the wrong foot from the beginning or whether these trends slowly creep into the business over time, they are both common to so many businesses and ultimately cause their demise.

  1. They are, or they become, too inward focussed
  2. They are, or they become, too set in their ways

Let’s examine each of these issues and I am sure you will be able to see these trends in so many businesses (maybe even your own!).

First, there is the issue of being too inward focussed.  By this I mean that they have a tendency to spend the majority of their time thinking, talking, analyzing, and strategizing about their products, their services, or their financials. 

Now don’t get me wrong, these are all important things to consider and manage in a company.  However, a major focus (probably the biggest) should be outward.  Your customers.  Who are they?  Why do they purchase your product or service?  What value are you adding?  Why do some choose your competitors products or services?

Being a customer centric company, top to bottom, from your purpose, to your sales, to your marketing, to operations helps protect you from fixating inward too much and losing touch with why you are in business in the first place.

Second, there is the issue of a business being too set in their ways.  By this I mean that a business can become too rigid over time.  This happens when a company has found processes, methodologies, or business models that they believe very strongly in (and likely for good reason).  However, unless you have been living under a rock the past 20 years you understand that things change, and sometimes fast!  If you find you or your team members saying ‘this is the way we do things around here’ your business may be at risk of falling into this trap.  You might be too rigid.

A more subtle way that this can happen is that your business becomes too complacent.  In this case, the phrase you may hear amongst your team members is “if it isn’t broken, why fix it?”  Now I am not saying that businesses should invoke change just for the sake of change, but you easily run the risk of getting into a complacent comfort zone and be ill prepared to be nimble and flexible and open to change when you have to be.  Whether your business is too rigid or too complacent, watch out!

Set yourself up!

The antidote to this issue is to foster a culture of innovation.  Businesses need to be intentional about always finding new and better ways to deliver value to their customers.  They can do this by implementing principles and practices so that their employees are encouraged to come up with new ideas (in a structured environment) and then pilot them and see how they resonate.

When disruptors come along (competitors, economic downturns, changes in consumer habits, pandemics, and so on) businesses need to have a culture of innovation in place so that they can be flexible and pivot quickly as needed

So how do you protect your business from becoming the next statistic and falling prey to these 2 mistakes?  Be intentional about turning your company into one that is customer centric and innovative.  Set yourself up for long-term success.

You may also enjoy Innovation Starts at Home 

THE ZERO IN FORMULA, Dennis Geelen’s latest book, challenges business owners, CEOs, and leaders to think differently about their company.

In THE ZERO IN FORMULA Geelen walks you through the recipe. You will learn what it means to be customer centric, with strategies and tools you can apply to your business. You will understand what it means to be truly innovative, with principles and practices you can implement. You will be guided through the recipe step-by-step to build your successful foundation. You will learn from stories and examples of other businesses and their successes and failures. Whether your business is just starting out and looking for a blueprint to follow over time, or your organization is an existing business and you realize you need to make some corrections and get back on a better course, this book is your guide.

https://www.zero-in.ca

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Greg Weatherdon has been there, done that. As an entrepreneur, he learned not only how to get a business to the point of running smoothly, but also how to reduce the number of hours he worked, delegate more responsibility to his employees, and take longer vacations while his business chugged along like a well-oiled machine. And now he is providing the secret to success.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

A constant refrain that I hear from business owners is “they should know better!” “They” of course being any or all the employees that screwed up. Naturally, when I hear this statement, I just can’t leave it alone and therefore I need to challenge it. At which point the conversation goes something like this,

Client: They should know better

Me: Really, why is that?

Client: It’s their job

Me: Did you tell them?

Client: No, I shouldn’t have to

Me: Why shouldn’t you have to?

Client: Because they’re supposed to be adults

Me: That may be true, but you still need to tell them what you expect

Client: I hired them to do a job. If I have to tell them or show them I don’t need them.

Me: Seriously?

It’s not about micro-managing

I think you get the drift and I’m sure many of us have felt the same way at times. Unfortunately, too many owners wrongly assume that once they hire an individual, that person should automatically know everything there is to know. Granted, they should have all the technical skills required for the job, but that’s only half the battle.

Where many entrepreneurs fail, is in telling their employees what they expect from them on a regular basis. We’re not talking about micro-managing, it’s about providing clarity. It’s about setting expectations or objectives. It’s about letting them know specifics, like when you expect the task to be completed or how many hours you’ve allocated for that project or how you expect them to act in front of customers, or your dress code and on and on. Just because you failed to mention something and then expecting your employees to read your mind, is asking a little much, don’t you think?

The easiest way to fix this is to communicate. Yup, it can be that simple. Communicating is nothing more than telling people what you expect. Because left unsaid, it is usually just asking for trouble. And once it becomes a crisis, emotions usually take over and its no longer just a conversation. By having regular ongoing dialogue between employees and managers, everyone should be on the same page. This can go a long way in minimizing surprises.

Here ya go, get it done!

You see, nobody likes surprises because they usually occur at the wrong time and leave little opportunity to correct the situation. Simple, regular and informal dialogue between managers and employees would avoid many of the problems that arise.

The alternative of course, is to simply assume that once the project was assigned, it would be completed without further communication and it usually goes something like this- “Here ya go, get it done!” The weakness in this strategy usually manifests itself once the client calls to inquire why the project is two weeks behind schedule. Those are always fun conversations. Why is it then, that the only person that knew was the client?

In hindsight, one of my major communication tools was simply wandering around and talking with my staff or watching them do their job. This provided me the opportunity to reinforce what my or our clients expectations were. If I noticed that something was lacking, I would typically bring it to the attention of the project coordinator responsible for the project, for them to rectify. Often in a quick group meeting.

Fortunately, this was a rarity because the coordinators were very good at setting expectations and at helping individuals meet those objectives. In addition, our reporting processes allowed us to monitor our benchmarks in real time. This real time reporting was not designed to “catch” individuals for low productivity, but to identify potential problems in the execution and to take corrective action early on, thereby allowing us to finish on time and on budget with excellent results.

Hoping things will improve rarely works

Because of our ongoing dialogue with the front line employees, coupled with the data, this allowed us to notify the client early on of a potential problem and take corrective action. Although this was never fun to tell a client you’re having a problem, and thankfully was a rarity, it was far better strategy than waiting until the end and hoping things would turn around on their own. It has been my experience that hoping things will improve rarely works and leaves you to make a bunch of lame excuses to a very disappointed client.

Being visible and asking questions is part of being a manager. Equally important to opening the lines of communication, is asking the right questions. These questions should focus on removing roadblocks to productivity and serve as teaching moments.

However, in order for this to work it must be a two way street. Employees need to feel comfortable enough to be able to express their thoughts or know that delivering bad news won’t earn your wrath.

Yes, they should know better, but if you want better communications within your organization, then it’s up to you to create it. Being visible, watching, listening and letting people know what to expect, will go a long way in reducing those nasty surprises that just ruin everybody’s day.

 

Copyright © Greg Weatherdon 2018

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Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Greg Weatherdon has been there, done that. As an entrepreneur, he learned not only how to get a business to the point of running smoothly, but also how to reduce the number of hours he worked, delegate more responsibility to his employees, and take longer vacations while his business chugged along like a well-oiled machine. And now he is providing the secret to success.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.

Successful entrepreneurs share many things in common. Hard work, focus, belief in themselves, hungry for knowledge and so on. One trait that doesn’t get much mention is the ability to accept and overcome failure. As entrepreneurs, failure can be a daily occurrence, but the worse is when a business fails.

To be sure there is a lot of noise made on social media and from the start-up world about “fail fast”. It is often heralded as a badge of honour and a goal in and of itself. The premise being that the sooner I fail, the sooner I’ll become a success. Failure is no guarantee of success. Success requires several skills and a lot of luck. Failure is no fun and it can be incredibly painful.

The real meaning of “Fail Fast”

The real meaning of “fail fast” is to instill the notion that if, the business is not performing no matter what you do and has limited chance of becoming profitable, then don’t wait a second longer and shut it down.

Unfortunately, most individuals hang on far too long, hoping and praying that their situation will improve. They fail to look at the cold hard facts and let their emotions make decisions. They continue to drain their resources long past the point they should, only to end up worse off. Had they listened to that little voice in their head that was telling them it was time to shut it down, they would have been better off. In many cases, they’ve let their pride and ego get in the way of making the right decision.

The dangerous duo

Pride and ego can be a dangerous duo when it comes to making business decisions. Far to often, we have trouble believing we were wrong. Worse still, is the fact that we refuse to accept reality because we’re afraid of what people will think of us. Guess what? Most people don’t care. Once they find out, they’ll ask what happened, console you and then move on. End of story.

Failing, whether fast or otherwise doesn’t mean the end of your entrepreneurial aspirations. Much like learning to ride a bicycle, few of us ever did so without falling down a few times. After a few tears, we got back on and tried again until we got the hang of it.

Business is no different, except instead of a scraped knee, business failure hurts your bank account and can shatter your self-confidence. Money can be replaced but self confidence can be a lot harder to restore.

Understand what went wrong

The best way of overcoming a business failure, is to take the time to understand what went wrong. Every business has many moving parts and therefore taking the time to assess the good, the bad and the ugly of the failure, usually brings to light the deficiencies- yours and the business.

The following is 10 of the most important questions to help you understand what went wrong:

1. Was the business properly capitalized?
2. Were expenses, unreasonable, in hindsight?
3. Was there sufficient market research undertaken before launching?
4. Was your target market clearly identified?
5. Did you have any industry knowledge, prior to launching?
6. Were you passionate about your work/product/solution or just passionate about the possible financial reward?
7. Did anyone, other than yourself, care about your product or service?
8. Did market forces change after you launched? If so, what signal did you miss/ignore?
9. Did you have the necessary skill set?
10. Knowing what you now know, would you have started this business in the first place?

By honestly answering these questions, you’ll hopefully understand what the heck happened to your dream. Being stewards of our destiny, we must accept most of the blame. Failure should be a humbling experience that opens us up to learning from our mistakes. Arrogance, although a self protection mechanism, serves no role in this undertaking because it clouds your perception and risks having history repeat itself.

Raise your game

This introspective look at why a business failed, goes a long way to restoring our self-confidence, it raises our game. Because if we ever hope to be successful, we must first believe in ourselves and put our failures behind us.

It’s not how many times we fall down that matters, but how many times we get up and do it better that counts.

Copyright ©Greg Weatherdon

Get More LIFE Out of Your Business

You shouldn’t be the hardest working person in your company.

Many small business owners find that even after the struggling start-up years, they’re working too many hours and still managing every aspect of their businesses.

Greg Weatherdon has been there, done that. As an entrepreneur, he learned not only how to get a business to the point of running smoothly, but also how to reduce the number of hours he worked, delegate more responsibility to his employees, and take longer vacations while his business chugged along like a well-oiled machine. And now he is providing the secret to success.

Do you suffer from any of the following?

1. Business ownership isn’t living up to the dream.
2. Endless workdays.
3. You can’t find good people.
4. Profits are less than expected.
5. You can never take a vacation.

You’re not alone. But there is a solution. As Greg demonstrates, with some time and effort, you really can Get More Life Out Of Your Business.