Killing Your Goldfish?
Do you think of caring for your business like a pet fish? Caring for a goldfish is simple but who among us hasn’t run one off before its time? Are we making the same simple mistakes with the business entrusted to our care?
What does your goldfish need from you?
· Fresh water – Have you identified what your business most needs? Water is the environment in which the fish exists. What are the elements of the environment in which your business exists? If it has had periods of success, then history can serve as an initial guide. What was the original market opportunity? How has the market changed over time in terms of things like consumer preference, competitors or substitutes? Is that pace of change accelerating? Do you have a calendar by which you change the water (your strategic planning process and model adjustments) or do you wait until it’s too murky to see the fish (declining financial results or customer losses)?
· Food – It’s best to feed a goldfish twice per day, but only a small amount. How do you feed your business? Do you advance the culture with quarterly meetings and annual gatherings and hope those are enough? Is it a twice-daily ritual? Do you start every meeting with a tie-in to your broader purpose and ensure every participant understands how the meeting connects to that purpose? Do you check your behavior (values in action) when it doesn’t align to your purpose statement (espoused values)? Force feeding culture in large doses will be counter productive when it doesn’t align to daily actions.
· Adequate sized fishbowl – How much of your revenue stream is from new lines of business and new customers? How much market share do you have and is it growing? How much headroom do you have to keep doing the same thing? What’s the last thing that you reinvented? How about your best Team Members? Is their bowl big enough? Are they challenged and growing or are they “too valuable” to move to a bigger job (you know if you don’t move them up someone else will – especially in this market.)
I try to ask these questions into the mirror every day. We have about 400 locations and 5,500 providers and employees. That’s at least 400 business leaders and 26 market leaders who are asking these same questions of themselves and their businesses.
If we are earnest in asking and answering these questions, then we will retire no fish before its time!
#CelebrateEverydayMiracles
Founder/CEO at RemEDI Technologies Inc.
7 年Big fish in a small pond!. You have 2 options: Get a bigger pond, or become a smaller fish. The status quo is not good. Which option is right for you?
Director of Operations - Passionate Dental Operations Leader - Expert on Strategic Planning and Business Growth
7 年Great message and one that goes a long way for any business. Failure is caused way too often by neglect and lack of best practices and/or a plan well executed!
Founder at legaldifferent
7 年A very appropriate analogy for small business owners. Too often, important tasks necessary to successfully run a small business, not just those that generate revenue, are ignored like our goldfish. Until it's too late and the goldfish (or the business) dies. For many, their business is their most significant asset. Often more valuable than their home. Greater care is usually required to make it thrive, not just survive. Attention is necessarily paid to the tasks and decisions that make money, whether it's making a quality sandwich, conveniently mailing a package or helping a customer get into shape or feel better. But, small business owners should also be prudent in seeking important guidance from experts that could help them avoid events that can cause them to lose that for which they have worked so hard. Events like lawsuits that can be avoided, receivables that can be collected, compliance with legal regulations and laws, disputes with landlords, employees or vendors that can be resolved, all with help from experts like those at insideoutcounsel. Why not get that kind of help, especially if you can afford it. Visit www.insideoutcounsel.com to find out how.
King of Coordination
7 年This is the perfect the to Maslow's Hierarchy of needs! Water and food is needed to stay alive, then shelter/security. Once you establish the base, you go into the deeper things of identifying why you exist. Perhaps the goldfish is there to create joy for the owner so what does the business exist to do. That's why I love our company, bringing smiles to everyone to most sounds like a pipe dream, but I know with the right attitude we can make it happen! Great read Steve!
I got my job @indeed. Senior Client Success Specialist, Dedicated at Scottsdale Indeed.com
7 年Very inspirational!