Business Mastery – 4 Keys to Growth
By ActionCOACH Mark McNulty
In order to successfully grow your business – and by successfully, I mean in a sustainable, profitable, less than 80 hours per week way – you must achieve Mastery over four key areas of your business and self. The critical four are Time (Self actually), Money, Delivery, and Destination.
Destination Mastery is all about the clarity of your dreams and goals. The clearer the picture you have of where you want to go, who you want to be, the more likely you can achieve what is necessary to get there. Have you written down your dreams, and shared them with your spouse/partner? How often do you review them? What about your yearly goals, which are the steps along the path to your dreams? Research has shown again and again that those who write down their dreams and goals, review them regularly, and share them with others will achieve significantly more than those of you who do not. Knowing where you are going, and where you want to end up will help you make decisions along the way. If it doesn’t matter where you are going, then it doesn’t matter what you do now, does it?
Delivery Mastery is all about ensuring that you can deliver your products and services consistently over time. There is no sense improving your sales and marketing if you do not have the capacity to deliver higher quantities of products and services without a loss in quality level. There is nothing worse for a business than selling more than you can deliver – in the effort to please everyone, you can easily end up pleasing no one. 50% of business is distribution, and you cannot afford to short-change this part of your business if you intend to grow.
Money Mastery is exactly what it sounds like – knowing your numbers. This includes a complete cashflow budget for your business, including sales and profits, not just expenses. You must plan where every penny is going to come from and where every penny is going to go. In addition, you need to understand your financial reports – the 3 basic reports to master are your Profit & Loss Statement (also known as Income/Loss Statement), your Balance Sheet, and your Statement of Cash flows. Money mastery also includes managing your accounts receivable and payable (on your Balance Sheet), and having a collection system in place that ensures that you get paid when you deliver your products and services.
The last, and arguably the most important area of mastery is Self Mastery. Some coaches and consultants call this Time Mastery, but in my mind it is about so much more than time. You see, a person cannot control or manage time, they can only manage themselves, the decisions they makes about which actions to take. Self mastery is based on establishing the priorities in your life and make intentional choices about what activities to perform in the time available. There will always be more to do than there are enough hours in the day, so it is all about deciding which activities get priority at any given moment. In general, there are two ways that things happen in our day. We either let the world decide what our priorities are, or we choose to set our own.
So when you are ready to take the next step towards greatness, do a quick self-assessment in these four areas, and identify the improvements you need to make so that your success can be enjoyed for many years to come.