Take Control of Your Business in 2020

Stressed and frustrated? Having a hard time figuring out what to focus on next and how to engage the right help? Not reaching the goals you’ve set for your enterprise? Or are you reaching the goals, but they’re not providing the return and growth you’d anticipated? Do you feel like there is never enough time, and that you’re not making the impact you had hoped? Or you feel like you’re on a hamster wheel, constantly running, but going nowhere? Did you think you would be 5-20 times further along by now? So, what is it going to take to gain back control of your business in 2020?

A recent study featured in Inc. found that the average small business owner, and their key executives, are wasting an average of 21 hours per week on activities that contribute little, if anything, to the business. The same article referenced studies showing entrepreneurs and executives spend an average of 72 hours per week at work. Wow! What happened to life outside of work? Furthermore, these leaders are spending just 10-20% of their time working on the priorities that truly produce income for their business and support the ability to scale. They are spending 80-90% of their time on “things and stuff” that are filling their schedules, but not filling their bank account or their heart. 

How We Lose Control

As small business owners and key enterprise leaders, we have a lot on our plate. These responsibilities seem to increase as the business grows, with many of the responsibilities outside of our wheelhouse. Yet we keep piling on more because we’re limited financially or we believe that if we want it done well, we must do it ourself. There is no doubt we’re trying to make it happen, but the reality is we cannot take responsibility for seeing every action of our business through to completion. When we become task-focused, we easily lose sight of the larger picture. 

What’s more, when we become completely weighted down with professional endeavors, we drown out too much of ourselves and ultimately kill the engine that gives us the Mojo and energy for everything else. As a result, we may stop investing in the relationships that give meaning to our lives. We forego exercise or leisure activities that are needed to fuel our overall well-being. We cultivate a negative mindset, one dominated by stress, anger or even personal victimization.

What Happens Once We Lose Control

Once we’ve crowded our calendars with all the activities we should have delegated or aborted, we’ve left the proverbial driver’s seat abandoned. Our business growth stalls. Our personal freedom dissipates. Our stress rises. We get stuck. Weighted down. We gain ‘analysis paralysis’ on making decisions that will help us change our course and when we do delegate, it’s often out of desperation and incomplete, yielding poor results. And then, our fear of failure rears its ugly head.

Worst case, our business or division spirals out of control. But equally as bad, we may become stuck in a purgatory where we’re running from crisis to crisis, treading manically but barely keeping our head above water. Running on a hamster wheel, spinning faster and faster, but going nowhere. Our income dwindles. Our relationships falter. Our lifestyle becomes one that is singularly focused on a business concept on life support. We’re exhausted. Depleted. Empty. Angry. Sound familiar?

How We Take Back Control

Remember the 10-20% figure mentioned in the beginning? That’s key. And the 5 core steps below, when done with intention, will change the trajectory of your business, relationships and life. These steps provide a blueprint for building a scalable business and taking back our time.

1.    Get Grounded

Importantly, it should be no secret that the number one priority for each of us must be our self. We must become grounded before our business, relationships, health and lifestyle can soar. Because when we’re grounded, we’re mentally and emotionally stable. We make good decisions and we don’t say stupid things. As a grounded human, we act calmly in a crisis. We’re not talking about a younger human who is ‘grounded’ for a punishment, but we’re actually talking about the effect of being grounding. And the effect is significant. When we’re grounded we’re given the opportunity to slow down. We’re given the chance to reflect and take stock. We’re afforded the opportunity to contemplate our previous actions and devise a plan for change. We focus our mindset.

Getting grounded includes activities to maintain a healthy, productive growth mindset. Resilience. Continual learning. Opportunities to receive actionable feedback. Getting grounded helps us eliminate the biggest fear for the business leader – the fear or failure. 

2.    Gain Vision Clarity

Taking the time to get clear on your Vision can be life changing. When done thoughtfully, it will be one of the most significant gifts you can give your business and yourself...for today and for your future. Having a clear vision means that you begin with the end in mind. Stephen Covey, author of The 7 Habits of Highly Effective People, identifies this as the second critical habit. The idea behind beginning with the end in mind is based on the principle that all things are created twice...first in your imagination and then when you physically make it happen. A solid vision helps you focus your time, energy and resources on what will grow your business and support a fulfilling life. 

The fact that creating a personal vision is an inside job is the reason why so many people don’t

do it. It seems scary and oftentimes, we don’t know where to begin. Or we put everyone and everything before ourselves. But when we define where we want to go and why it’s important to us, everything gets clearer...including how we prioritize, what we say “no” to, and how we spend our time. Our freedom and happiness increase. 

3.    Identify your Income-Producing Power Priorities & Activities

Once a clear vision is established, it’s important to identify your company’s Power Priorities and Income-Producing Activities. The reality is, if we identify the priorities that drive our income – the “Power Priorities” – we’re halfway back to control. In fact, identifying the right Power Priorities will help you increase your revenue 5-10Xs faster, focus you and your team on what matters most to the growth of your business, create strong employee engagement, and it will make it easy for you to walk away from ‘things and stuff’ that don’t support your professional and personal growth.

Once your Power Priorities are solidified and owners and leaders align their activities, they have the potential to change the trajectory of their business and life. This critical alignment is often overlooked, and the consequences can be tremendous because the reality is, as a business leader, if you aren't focused on Income-Producing Activities for yourself there is a 100% chance your team isn't either. To achieve your vision and that of your company, you must focus on what truly matters most...and that includes the right Power Priorities and an increased focus from the CEO and other business leaders on Income-Producing Activities. 

4.    Take Focused, Quality Actions…Execute

A focused execution strategy effectively defines the right objectives and tasks that tie to the ultimate vision and the Power Priorities. It’s important to note that regardless of how amazing a company’s vision and priorities may be, without strong execution that aligns, these businesses will become stagnant at best. Mindless execution wastes time and resources and quickly drains the motivation of employees and business owners alike. Without focusing on how you can execute your priorities to reach your vision, your company will fail - if not now, eventually. “It’s actions that lead to success. In those moments of action, having clear direction is crucial for building momentum.” (Steven Robbins, Inc).

Strong execution requires leaders to effectively delegate. When this does not happen, it leads to CEO and team burnout and a lack of engagement. In fact, recent studies identify that 87% of employees are not engaged at work, costing US companies $450-$550 billion annually. 

Regardless of the type of organization/business you are, failure to thoughtfully align and empower talent with the right focus to drive business growth leads to low engagement, retention and performance. The small number of companies with engaged employees outperform those without by 202%. Providing clarity and properly delegating will increase a business's ability to succeed.

Finally, aligning financial goals and budget to everything that is being done in the company is crucial. Many companies do not thoughtfully plan where their dollars are being spent, leading to non-value driven expenditures. Overspending is a tremendous problem because it spreads resources thin and quickly depletes cash-flow. Synthesizing (work and financials) across the business is imperative to ensure the company is positioned for scalable growth and success. 

5.    Identify Your Growth Tribe

Importantly, our blueprint for success must include forming tribes for support. We cannot do it alone. Yes, we need individuals who are aligned with our vision, mission and values and who are dependable and committed – whether they are employees or partners. Yes, part of our tribe is our family, friends and loved ones. And yes, having the right accountability partner to help us stay true to our bigger picture plan and our values; someone who sees our potential at a much higher level than we see it our self; someone who challenges us to be our best and never give up – although often overlooked and non-existent to many – the accountability partner is crucial to helping us grow and evolve more quickly and effectively, while staying true to who we are.  

Let’s Do This!

Make 2020 your year to Get Grounded for Good. Get Clear on your Vision. Identify your Power Priorities and Income Producing Activities. Take Focused Quality Actions and Execute like a pro. Identify your Growth Tribe. There is no time like the present to take control of your business and life.

Jill Miyamoto is passionate about helping purpose-driven, entrepreneurs, business owners and future thinking leaders make a broader impact! Are you ready to make 2020 the year you truly exceed your expectations? Join Jill Tuesday, February 25, 2020, at 1:00pm EST for her live training event: ‘Get Grounded for Good.’ …and take Control of Your Business and Life in 2020.