What does the model business look like?
Beyond generating profit, which is the most vital enterprise for most companies, you can also measure the success of your business by other achievements.
The effect your organisation has on its employees, clients and the wider community is also important. As well as the positive reputation you will gain, which will in turn stimulate your income, pleasing your people, finding a solution to their problems and offering a valuable service to your local area is fulfilling.
However, balancing these more social enterprises alongside the other conflicting needs within your business can be a real challenge.
A limiting mindset – Imbalanced attention
Being a value led organisation can seem like a nice idea, but investing in the people and community can get lost amongst the nitty gritty of day-to-day work. Whilst this is a pity, it is more than understandable. The primary goal is to get to the end of the year having improved profits and market share from the previous annum. Organising other extraneous activities, whilst noble is not a priority.
It is important here that leaders do not seem too fixated on profits and growing the company alone. In the modern market, with so many options, potential customers are looking for an organisation which they trust, or even better, one they feel proud to associate with. Therefore, remember to balance your attention between the internal, operational challenges with more personal aspects, such as monitoring employee welfare, and having positive client relations.
Get involved to demonstrate that you’re about more than simply making money.
A missing element – A company identity
It is reasonable for a leader to want to get their own house in order, before they can start thinking about their company’s wider contribution. Feeling assured that the people, processes and systems within your organisation are running well, can allow you to broaden your focus. I would suggest that the best way to do this is to establish a clear set of protocols which your business adheres to in every aspect.
At its conception a company has elements of the identity it will later establish, but primarily these defining features evolve as the organisation matures. Standard practices, methodologies and attitudes produce consistency which stakeholders find reassuring. They don’t want surprises.
Consider what features you believe an excellent business has and write a checklist. Does your company exhibit each of these?
A different perspective – The playbook
Valuable characteristics could include:
A company that focuses on improving its people and processes before expanding its reach and demand.
An organisation that has a structured, repeatable approach, whilst also maintaining sufficient flexibility to respond to different situations.
A business that knows how to plan ahead, instead of resolutely pushing forward, exhausting its existing employees and systems.
Compile a list of three-to-five of these key ideologies and ensure they are communicated throughout your company, from board level to part-time staff. Establishing these values in everything you do will give your business a strong identity, which once embedded will become apparent to those outside your organisation. Having this consistent approach will make dealing with the conflicting challenges easier, with more defined guidelines on the optimal solution.
Essentially, what I’m saying here is give your business a playbook to function by. Once you have done this, you will find that things run more smoothly, with each of your colleagues, partners and departments moving in one, unified direction. This will in turn allow you to focus on some of those extra activities, like having a stall at a local event, or taking your employees out on day trip.
Be the business everyone wants to be friends with.