1. Not having a vision for your business, or for yourself.
Do you have a personal vision?
What do you want out of your life?
What is important to you?
Do you exist outside of your business?
Have you connected your vision to your business goals?
Is your business accomplishing what you want, personally?
Have you matched your business goals to your personal vision?
2. Lack of financial management.
Do you have current numbers at all times or do you wait (nervously?)
until year-end for your accountant to tell you how you did – and what you owe?
Do you measure each division separately?
Should you? Do you look at your costs regularly?
3. Putting up with mediocrity?
Do you hold your own people accountable?
How many people do you have who you should have fired at least a year ago?
Who are they?
Why have you kept them?
What are you going to do about it?
4. Failing to see DELEGATION as a critical element of successful leadership.
How many direct reports do you have?
Are you maximizing the time you spend to capitalize on your strengths?
5. Failing to allocate TIME for yourself and your family so you can have a life beyond your business.
How many hours a week do you work. How many would you like to work?
What are your hobbies now? What did they used to be before you got busy?
List those things you would like to find more time to do
6. Not having a SUCCESSION PLAN or EXIT STRATEGY – and not knowing the difference.
How long would the business survive if you had an illness that incapacitated you?
Do you have a partner or nominated successor who could replace you?
Do you know how you will exit?
How would you spend your time if you did?
Do you view the business as an asset that will be sold, or as a cash-flow generator?
What changes would you make if you were planning to sell the business?
7. Assuming that because you are good at some skill or trade, you’re automatically qualified to run a business.
How many of the following areas do you handle yourself?
Rate your strength in each on a scale of 1 (low) to 10 (high) and indicate whether they could be delegated or outsourced.
SALES: (rate 1 to 10)
Strength ________
Delegate
Y
N
Outsource
Y
N
MARKETING:
Strength ________
Delegate
Y
N
Outsource
Y
N
HUMAN RESOURCES:
Strength ________
Delegate
Y
N
Outsource
Y
N
FINANCE:
Strength ________
Delegate
Y
N
Outsource
Y
N
OPERATIONS:
Strength ________
Delegate
Y
N
Outsource
Y
N
* From Allen Fishman’s seminal book, “7 Secrets of Great Entrepreneurial Masters”
and from Steve Davies, Nassau Chief of The Alternative Board.