Minding the Store

I had a very interesting conversation at an event this weekend, it was with three colleagues that all have their own businesses. Most of what they were saying concentrated on the financial side of their business and when I said ‘is that all you guys concentrate on?’ the response was, in concert, ‘what else is there?’
Well, there is the ‘machine’ that utilizes resources, consumes cash and generates income. “you remember, that thing you started that became a business that you are so busy running that no one is minding the store”.

Who is minding the store while everyone is doing the ‘important’ work?

Some things to consider, keep in mind or at least glaze over during the course of the week.

- Where is the business going? Not just $$$ or lack of $$$ in the bank or sales in the funnel but where is the business going – new products, old products, new markets to enter, current markets to exit, channels, offerings, service…..
- Why are you doing what you are doing? Are you making decisions based on the market conditions – what about your plans, your strategy, did the market turn ‘eat up’ all the risk mitigation that was built into the plan?
- If you are making changes be sure you can give them time to stick (assuming they were the right decision). Be sure they are in line with the overall plan.
- Is management behind all the initiatives (don’t answer – ask someone on the factory floor).
- Are you pooling your team together and utilizing the talents and experience of your staff. Maybe there is someone new or young that has some experience that should be capitalized on. Don’t think that the core group has to come up with all the ideas.
- As the leader are you creating the right atmosphere. The rumor mill is working overtime these days, speculation can generate a number of very ‘believable’ scenarios….are you spending time and effort on ensuring the right message is getting out.
- Keep in mind that what you believe is happening, what you implemented some time ago, what people say is being done may not be….keep a list of key initiatives and ask about them regularly, to different people at different levels within the organization.

Take some time to reflect and plan. Times like these have people running on the need to the latest information, don't get overwhelmed, step back, reflect and validate your plans.