A SIMPLER WAY TO WORK ON YOUR BUSINESS
CASE STUDY: DOES THIS STORY RESONATE WITH YOU?
The Story about ANY BUSINESS, Inc.
ANY BUSINESS, Inc. has been in business 20+ years. They have products and services that serve both B2B and B2C customers. The business has grown from 5 to over 30 employees. The owner is still in full operational control even though the business has several managers. Business systems that used to work when smaller were stretched, and the owner hadn't done enough to manage or prepare for growth. The owner is frustrated with the team, and the team frustrated with the owner. Systems are stretched, income is good but profitability is low, and the owner is not sure how to navigate all that needs to be addressed.
The business owner is holding on too tight to areas of the business the managers should be responsible for managing. Lack of strategic direction, and ineffective communication is holding back what could otherwise be a high performing business.
Allowing managers to bring their insights into strategic planning sessions to analyze, then prioritize areas of opportunity to improve the business. Creating clear roles and responsibilities then establishing a routine around frequent communication.
The PACE Business Essentials used:
STRATEGIC: The management team began meeting regularly to open communications, establish routines, and uncover areas where improvement was needed. Future vision for the business and short term goals are talked about frequently.
EFFICIENT/ANALYTICAL: What was first perceived to be a systems issue, then turned into a project to gain better control of what the numbers were saying about the business. With more analysis efficiency was improved in all areas of the business.
ALIGNMENT: For this case study, precision could have been blamed for the frustration brewing in this business. Yet this business was already 20+ years old. They serve their customers well, but growth was stagnate and the managers sensed more could be done. By them aligning behind common goals and clear communication, and with guidance and support, this business has grown 112% since building a practice around working ON their business.
HOW TO USE THE PACE PRINCIPLE?
RULE #1: KEEP THINGS SIMPLE
There's no need to quickly seek immediate solutions to long standing problems or challenges. The idea of building a practice is to create routines around what's most important for you and your business. First seek to understand the model, explore the stage of your business using the Ascension model, and identify which of the 4 Business Essentials resonates loudest with you.
RULE #2: ESTABLISH YOUR INTENTION
You have many places where you can invest your time. This rule is meant for you to make an appointment with yourself at least weekly. It's during this time where you intentionally build a practice around working ON your business. With intention established, you have now made the decision to continuously work on making your business better. Results will follow as you continue to show up.
RULE #3: FOCUS ON THE PROCESS
You won't find quick fix solutions to long standing challenges, or can't miss marketing strategies that quickly fill your sales funnel. This is a process to help you identify areas of your business that need your attention, and introduce you to strategies that when executed effectively strengthen your business and increase its overall results. Along the way you will learn and transform as a business leader.
RULE #3.5: ENGAGE & ENJOY THE PROCESS...
You know what needs to be done, yet you might not know how to get started. START RIGHT HERE, and start right now! Use The PACE Principle as your guide. As the leader you identify key initiatives for your business and create a simple plan to execute. By doing so you build a culture of continuous improvement. As you find areas of the business that need your attention you follow the concept of Simplify, Prioritize, Execute, then Repeat. It's a process of continuous improvement that builds Stage 4 & 5 businesses.
INTRODUCING... THE PACE PRINCIPLE
Change the way you think about your business
and become a more proficient business leader along the way!
The PACE Formula
As the values of Precision and Alignment increase, your business will produce customers for life.
This formula is designed to help business owners understand what is needed to deliver products/services at a high level. Precision requires more analysis and more efficiency, while alignment requires more strategic discussions, and better communication.
The PACE Model
It's these 6 intersections within this model that identify where every business owner should focus their time.
If you are not sure what you should be doing when working ON your business, this is as clear as it can get. An owner who focuses energy on managing by the numbers is able to help the business become more efficient and create greater precision. An owner who focuses energy on building a strong future for the business develops strategies, and then communicates expectations clearly with the team who execute these strategies, creating alignment within a business.
The Business Essentials
Become more proficient as a business owner by consciously practicing these 4 Business Essentials
You already have skills in each of these areas, so you aren't starting from scratch. You may be proficient in one or more areas, yet if your business is experiencing pains it's probably emanating from a place not on your radar. Many owners with good businesses focus more on precision. It's their lack of strategy and communication that frustrates team members. Owners with good alignment skills bring with them a big vision for the business, yet often lack the skills needed to run an efficient, profitable business.
EXPLORE THE 4 BUSINESS ESSENTIALS