3 Key Points in this Episode:
- The key to transitioning your business from where it is today into a purpose-driven business that is pursuing your dream is communication.
- You need to identify the gaps of where you are to where you need to be.
- You must create an action plan with your employees and customers feedback.
Welcome to episode 80, I’m excited to complete the Build a Better Business – Leaders That Dream three-part mini-series today.
To build a better business I believe that leadership is the foundation. I also believe that leaders must pursue big dreams of making a real difference in the lives of the stakeholders in that business and the community it is a part of. We covered this in part-1 of the mini-series in episode 75.
I also believe that in order to successfully become a leader that dreams and build a better business you must pursue a dream that resonates with your ideal customer and you may also need to adjust your viewpoint on the purpose of your business and how you view return on investment. We covered this in part-2 of the mini-series in episode 78.
Today, in part 3 we are going to talk about specific actions you must take to successfully build a better business that is focused on achieving your dream.
There are three key things you will learn in part 3 of this mini-series:
- You will learn that the key to transitioning your business from where it is today into a purpose-driven business that is pursuing your dream is communication.
- You will learn how to identify the gaps of where you are to where you need to be.
- You will learn how to create an action plan with your employees and customers feedback to close those gaps.
Let’s get started.
Making the Transition
The key to transitioning your business from where it is today into a purpose-driven business that is pursuing your dream is communication.
But communication with whom and how do you go about doing it effectively?
According to a global 2013 survey, the success rate of major change initiatives is only 54%. The costs are high when change management is ineffective and those costs surpass just the immediate financial impact of wasted resources and lost opportunities.
As you can imagine the impact on your customers and employees can range from confusion and diminished enthusiasm for your business to anger and the total abandonment of your business if you fail to successfully transition your business.
Here are three guiding principles to help you transition your business to a purpose-driven business pursuing your dream:
First and foremost, you must start internally by communicating with your leadership group, managers, and employees. Everyone must understand clearly what the dream is, how you intend on achieving the results that dream is designed to achieve, and finally why it is so important.
Second, you must communicate externally with your customers, suppliers, and other partners. They must understand what your dream is, how it will impact them, and why they should care. You can use the same approach as we discussed in the Blueprint of a Great Business Series in episode 63 where we discussed the importance of providing emotional reasons and rational justification.
Third, you must develop a system for measuring results and adapting to new information. This involves ongoing communication with all the stakeholders in the business so that when the inevitable problems occur you work through them together.
Transitioning to a purpose-driven business pursuing a dream is no easy task especially if you have deeply ingrained habits and ways of thinking and doing things prior to the introduction of this new way of doing business, this new reason for being in business altogether.
Engaging with everyone involved and communicating effectively is of supreme importance if you want to be successful. Other than communicating though, what other things must you do?
We will talk about identifying the gaps and creating an action plan after we hear from our sponsors.
Before the break, we talked about how important communication is when trying to transition your business from where it is today to where you need it to be to realize your dream and have the impact you desire to have on your most important customers.
But, if your all talk, you will fail no matter how well-intentioned. There is a level of action that is required. The first thing you must do is identify the gaps.
Identifying the Gaps
The process of identifying the gaps is straightforward.
Let me illustrate it this way:
Imagine that you are trying to learn how to become a better tennis player and you have hired a coach to help you. The first thing a coach would do is take you out on the court and play a game with you.
This would allow the coach to observe you in action. Those observations would give the coach a good idea of your strengths and weaknesses. The coach would be able to see when your techniques were good and when they were not, and the coach would be able to assess your overall athletic ability or lack thereof.
You need to be just like that coach.
You need to observe your business in action and take careful note of when your business and your people are doing things that are moving you towards your dream and when they are doing things that are moving you and your business away from that dream. You should also get someone credible to observe you as the leader in action and make those same notations.
Once those observations are noted, and I do mean noted as in fully documented you will be ready to move to the next step.
Creating an Action Plan
As a team, you and your employees must review the areas that you are currently succeeding and the areas that you are currently falling short. You need to then develop an action plan together.
Remember, this would not be happening without you being there, but the fact that you are there is insufficient to fully realize your dream. Your people, your managers, and your employees must be fully on board and engaged in the process.
A note of caution: Don’t be too serious when you are going through this process. Of course, it is serious business, but don’t take all the fun out of it by being domineering or a micro-manager. You will know you’re on the right track when everyone is working hard, but they also are having joy in the process of pursuing this dream, the dream that is no longer your dream alone but has become their dream as well.
Once you have an action plan in place and everyone agrees with the assigned tasks, objectives, and contingencies, the final step is to validate one last time, that what you propose to do, the dream you have and the way you plan on achieving it resonates deeply with your ideal customers. My advice is to go to your top 3 customers and discuss your plan with them and seek honest feedback. Once they have given you the green light you can start the process.
I want to conclude by saying this, “I am proud of you, the fact that you have listened to the entire Leaders That Dream mini-series means that you are a Greatness Seeker and I am very grateful that I can play a small part in your journey to become a Leader That Dreams. Once you have done everything recommended in this mini-series and you are ready to pursue your dream, I want you to do so with everything you’ve got!”
This concludes part-3 of this mini-series.
On Tuesday, in episode 81 I am going to introduce you to Daniel Francavilla. Daniel is going to talk about the importance of creating a personal brand that compliments but is separate from your business.
Have a great weekend and if you take any value from this podcast, please share it with one person and give us a 5-star rating and review. This podcast can be found at jamieirvine.ca, Apple Podcasts, Google Podcasts, Spotify, Stitcher, and TuneIn Radio.
This episode sponsored by:
If you are hiring a new employee, I highly recommend that you use the Screen2Fit recruitment platform by Pro.File.
I use FreeeUp to find high-quality freelancers to help me run my business and you should as well.
Thank you for listening and I look forward to working with you soon.