Had an Aepiphanni Lately? (August 2010)

August 2010

Extraordinary Business

Starting and running a business is a lot like raising a child. In its earliest stages, it needs a lot of direction, hand-holding and explanation. What you put into a child is what the child is most likely to believe about him or herself, and will heavily impact how they view the world and their drive toward success, however success is defined. While you can never guarantee it, the child’s success is dependent on the foundation you create for them.

While many business leaders dream of success for their business, very few actually plan for HTML clipboard it. Many business leaders get into business, focus on the moment, deal with the problems of the moment, and when that moment passes, they are unprepared for the problems of the next moment. Unfortunately, this has repeatedly resulted in the failure of many, many businesses – large and small. The axiom “Failing to plan is planning to fail” has proven itself true time and time again.

But growing an extraordinary business requires more than planning. Planning in itself can be construed as no more than an academic exercise where one might learn things in one moment in space. The market and the industry, however, are dynamic; therefore, in order to get the best, relevant information about a business, the information gathering must be dynamic as well.

Therefore, it must be woven into the fabric of the business.

Extraordinary businesses have the following characteristics:

1. Possess a natural drive to be industry leaders
2. Develop Game-Changing position, products and services
3. Positively Impact their communities
4. Implement Profitable Business Practices
5. Leave a Lasting legacy

Industry Leadership

Obviously, there isn’t room at the top for every business that enters the market, just like there isn’t room at the top of every graduating class for every over-achiever. However, this does not take away from the continual drive to get there. There will be challenges, there will be defeats. Wise business leaders know that it doesn’t matter how many times you get knocked down as long as you get up, again. Many would argue that those who have made it easily are usually only one catastrophe away from failure, while those who “scrapped” their way to the top are usually there for the long-haul.

Game Changers

When Gatorade came on the horizon as the world’s first sports drink, the Florida Gators demonstrated an amazing ability to get rehydrated and refreshed during hot summer practices. The product, quite literally, changed the game. In fact, the Florida Gators credited Gatorade with their first win at the Orange Bowl, shortly after it was introduced. (Source: Wikipedia) While many business leaders may not create the next Gatorade, or the next iPod, the level of service, the expertise, the product delivery or service to a particular niche may be what it is that sets you aside from other firms in your industry. The goal is to make a positive impact, provide value and to do it consistently. Anything less will leave your business struggling for air.

Communities

Communities are typically a business’s largest set of stakeholders. Stakeholders are all of those who are impacted by a business – employees, customers, clients, vendors, investors and the community. Businesses exist inside of communities. Through job creation, investment, tax payments and location, businesses have opportunity to positively impact their communities. Building a strong reputation inside of a community can not only impact a business’s bottom line, through referrals and positive brand image, but also garner the support and interest of other people and businesses who might wish to see the business continue and grow in the community.

Profitable Business Practices

Profitable business practices includes understanding not only the business’s cash flow, sales and profits, but also how the rest of the business is affected by and affects the bottom line. It includes all areas of the business and requires planning and ongoing management. Gathering the information required for this can be an internal or external activity. By defining key performance indicators, business leaders can have enough information to make good decisions about the business without being overwhelmed by an onslaught of information.

A Lasting Legacy

Leaving a Lasting Legacy is a by-product of building an extraordinary business. A businesses drive to leave a lasting legacy will require that it pursue industry leadership, it creates game changers, repeatedly, and it invests in communities and adopts profitable business practices. It requires visionary leadership and the ability to make pursuit of these activities part of the organizational culture. It embraces each of its stakeholders in order to help them achieve their goals, thereby achieving the goals of the business.

Hitting the Road

Growing an extraordinary business is not a walk in the park. However, it is the most rewarding aspect of starting and running a business. As a business leader, as with many parents, there is no greater feeling of success then creating, raising and releasing something incredible that can make its own mark on the world. As a parent, you may find the rewards to be intrinsic. However, as a business leader, you can look forward to income and profits that will “break the curve” for your industry.

Be extraordinary. Build an extraordinary business.

Thank you for your time.  We hope that you have found value in our publication.  Please send us any feedback or questions you might have; don’t hesitate to contact us, either by responding to the newsletter or calling the office, directly, at 877-433-2954.  As a community-focused organization, we are interested in serving the needs of business leaders and the communities they serve.  Please forward this email to anyone who you think might enjoy or appreciate it.

All the best,

Rick Meekins,