Are you focused, fully engaged and ready to finish?

December 14, 20172 Comments

Think about what you really want once you’ve achieved success.  Now that you’ve worked a little on your CEO goalshere are seven areas to review and answer questions with your team to have a complete picture of where your business is headed:

1.  Define success for you and your business.
Successful businesses get what they want because they know what they want.  Remember that there is the dictionary description of success, your business associates description of success, and your description of success.  Which description do you go by?

2.  Why are you in business?
Bottom line:  we’re all in business to make money.  So what does making money mean to you?  Does it mean fulfilling your passion for helping people?  What will the profits from the business provide?  Always keep in mind that just because you’re passionate about helping people doesn’t mean the people you’re helping want what you have to offer.  Your business must be a profit-producing investment or you have no business.

3.  Define what business you’re in.
Are you in the business of providing alarm systems for commercial properties, or are you in the business of providing security for business assets acquired by retail establishments?

4.  Define your targets.
You can’t hit a target you never set.  You must have your goals (targets) clearly defined including action steps to achieve them.

5.  Understand the economics of the deal.
First determine the financial considerations of the business you’re starting, and then understand the profit margins of the product or service you’re selling.  You need to know the financial picture of your business, don’t leave that up to your accountant.

6.   Define the perception of your chosen industry.
Perception in business can make or break your efforts.  What is perception?  In business it is recognizing and interpreting information.  What perceptions do you have of your industry?  What perceptions does your target market have of your industry?

Special note:  Managing perceptions in business is truly about managing expectations.

7.  Are you a good strategist.
Businesses who consistently win have a clear strategy. A good strategist develops long-term targets while hitting short-term targets while managing day-to-day activities.  Why have strategies?  So your business stays on course, and avoids any alternative that does not get you closer to the established long-term targets.

By answering the question, are you focused, fully engaged, and ready to finish, you’re on your way to establishing a strong business enterprise.

Your Transmogrifyer,

Sherese Duncan

© Effició, Inc.

 

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About the Author ()

Duncan has owned and operated Efficio, Inc., a business education company for over 20 years. As the visionary leader of Efficio, Inc., Duncan is spearheading a global initiative to help entrepreneurs build successful business enterprises. In addition, over the last seven years, Duncan’s expertise extends to seven additional viable businesses including dimage, an image consulting firm, Efficio Radio Network, a small business talk Internet Radio Station, Efficio's Business Institute, an online school for entrepreneurial credentials, Tactical Growth, a strategic marketing firm for small business owners and For Educators, an organization dedicated to serving higher education institutions with entrepreneurial curriculum, marketing support and program development.

Comments (2)

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  1. Sarah says:

    No matter how many times I try to avoid this, it always comes back to haunt me! How do I join the challenge, I need to really define my direction. Sarah

    • Efficio Mentor says:

      Hi Sarah! Thanks for your comment. You can join the challenge by starting with January. Here’s the starting page for all students: http://transmogrification.biz Once you begin the challenge you can access our calls, audio and get direct access to Sherese for any questions.

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