Is it just me are there so many mergers, consolidations, buy-outs, and IPOs- why?
There seems to be no shortage of things to do and to consider at this pivotal time of your business… like what growth and success looks like for you today.
I’ve also found that while it’s normal to focus on how you can stay competitive and strive towards success, it’s just as important that everyone on your time is on the same page.
It is possible to be financially driven while also finding joy in your life – or what I call filling your happiness quotient!
For too long we have accepted the “either or” mentality- either, I will be happy or successful unless I do [insert stupid thing here], or, my focus on the finances must be strong and if so, all of my other areas of interest must be weak.
So. NOT. True!
When I look at the very best, I can tell you with certainty, that they are able to pull off doing both, really!
When I think about real life examples of how you can implement desire for success, be financially driven, while also keeping your organization ‘close’ it is important to keep these best practices in mind.
To be able to find this balance, here are some of my recommendations to implement on a regular basis.
Disclaimer: The best practices are not considered the best because the company ‘makes them work’, but rather, they are the best because they are tested and proven by many of the businesses you admire- and they can often be applied to your business just as seamlessly.
One well known example is when large publicly traded companies want staff and team members to all know what the share value is.
This is such an important part of the financial success of the business of the execs and higher ups – so, they coach, correct, and put a great deal of strategy around the share price for their team members at all levels of the organization.
That means everyone in the business, from those cleaning the floors to the managers, are on the same page.
The Money Question: How can you get ‘buy in’ on business KPIS?
Even if you are likely not in a publicly traded company, I think this is a great way to implement some KPIs (key performance indicators) that everyone in your business should know in order to be successful together and most importantly, rise together!
Instead of pushing for financial success alone, this team-driven method could really make the difference you need!
Need a personal cash flow boost? Read on!
Bonus: This technique is also true on the personal side of things. Having those difficult conversations about budget, what you spend money on, and what you find important as a family is incredibly important, and it will ensure that you are not just meeting monetary goals, but you will
be exceeding them!
Another subject that comes to mind how you view competition. It is really easy to look at competition – whether it is someone around the corner in a bigger house or a similar business to yours that is 5 miles away you – as ‘other’.
Stop keeping up with the Joneses- Consider this
It’s proven- Competition actually elevates your ability to grow. Why? Because you are reaching more people just by way of them being near or of a similar business type. They are bringing more notoriety and interest to whatever it is you offer.
The best part? When you have a truly better product or service, the truth of the matter is when you are uniquely excellent… this is where you will shine!
Because someone may be interested in finding a service/product/support for a need that have to be met, and when they don’t get that from your competitor, they will find you! This is where you’ll be able to convert this client into a meaningful connection which could lead to a better, ongoing lifetime value.
This mindset brings both better community and better financials to your business. So, I am sure you can see the element of keeping up with competition as important.
Side note: This does not mean, if your competitor invests a quarter of millions of a million dollars in new floors, you have to do the same.
Instead, if you see an area where they are bringing a lot of attention to the table and you know you’re better and unique, be bold! Be proud! Make sure you are also strategic on how you share this so that more and more clients will see this and easily convert and become your client for life.
What can you do, now
So, we live in this really interesting world right now where there are mergers, consolidations, buy-outs, and IPOs. That is the dream for most businesses.
But at this point you may be thinking… gosh I don’t want to give up equity in my company… I don’t want to grow in the same way as some Silicon start up.
And I couldn’t agree with you more! In fact, I encourage you to continue to stay boutique, focused on your community that you serve, and who’s ideal.
Also encourage you to have a measure of success for the future that makes sense for your business. It doesn’t have to be mergers, consolidations, boy-outs, etc!
Many ways to GROW
Maybe you’d like to add another location? Perhaps it’s doubling down on your interests and efforts to be more digital. I could even be that you need to find more ways to make even more money through businesses you own already. I have seen all of these scenarios work out with the right intentions, strategy, and investment!
You don’t have to be like so many else… in the graveyard of mergers, consolidations, and buy-outs.
Instead, you can do exactly what you’re doing now.
-Be a locally driven, or a digitally focused business that knows the ideal client they want to reach.
-Invest in finding more of those clients and convert them so that you have a thriving business that you can add services, product, and additional offerings.
-Be much more sustainable and independent!
And that, is really my goal for you!
I would love to hear about those things are you are planning on doing- especially if you are not into mergers, consolidations, buy-outs, and IPOs. I would love to hear what your ‘dream next-step’ is and honestly, I’d love to give you advice on how to get there.
Let’s talk more about this, soon!
It takes courage and integrity to create a meaningful business in the current climate we’re navigating, but it also requires a focus on mutually beneficial partnership, productivity and prosperity. – KK FIT TIP #2577