What causes business friction keeps you from optimum business success.
As an executive coach, I work with my clients to remove the friction from their business. Would you like to know what I’ve found as the key sources of friction? Read on…
1) Mindset. Executives have to grow faster than the business, which means they must keep up with their mindset. This is the biggest source of friction in my experience. Integrating first principles of business acumen and leadership reduces business friction. If you can’t start your day knowing exactly what to do (not driven by your email demands), you may need a mindset upgrade.
How are you doing with this? On a scale of 1 – 10, how supportive is your mindset?
The solution: work with an executive coach who can help you dig out the limitations and install the rights you need to succeed.
2) Systems. When you’re small, you can work from your personal checklist and a spreadsheet. As you grow, you must have the team and automation in place run processes and procedures. Systems bring control, which allows management, which reduces growth friction.
How are you doing with this? On a scale of 1 – 10, how well do your systems reduce friction?
The solution: document what you do and then have your team do what you document.
3) Reporting. When it comes to turning around companies, 100% of the the time there’s a distinct lack of reporting, usually showing up as cash flow issues, customer defections, and sales decline. Without reporting and management review, you can’t scale without imploding.
How are you doing with this? On a scale of 1 – 10, how effective are your reporting systems?
The solution: work with your advisors to identify key performance indicators (no more than 10) that let you know how your systems are working and review them daily.
4) Marketing and Sales. Well-tuned customer acquisition drives business success. When there’s friction in customer conversations and transactions, the business can’t grow.
How are you doing with this? On a scale of 1 – 10, how well are you acquiring customers?
The solution: create customer-centric acquisition systems (formal funded marketing plans and a defined sales culture) instead of product/service-centric promotion, because most customers don’t know that they need what you do.
Need help in any of these areas? Let’s talk because I have strategies to correct these friction sources.
Fastest way to eliminate friction? Come to the Executive Strategy Skills Summit, Jan 17-18, 2020 in Las Vegas. You’ll see a 5X return. Let’s talk to make sure it will work for you.