Why I love this episode...it covers the gamut of all key aspects of a business that a business owner should consider. Listening to Ed speak about what a Real Business should be is enlightening. If you are a new business owner or a business owner that feels like your business is not reaching its potential, this is a must listen to episode. Here are a few of the highlights...
A Real Business
A real business is one that is focused, strategic and has low risk. It is a business that has all the fundamentals of a great business, however can identify clearly its sustainable competitive advantage. In other words, a real business adds values, is solid financially and has some unique characteristics.
Systems and Processes
You have heard many times that the key to a business are the systems and processes. In our conversation with Ed, this was emphasized yet again. A sustainable business can only be maintained with solid systems and processes in place. Of course, the business also has to have great people in the right roles as well. The key is having both in place, as the people and processes support each other.
This may seem like an interesting characteristic of a real business, however in the competitive landscape our businesses are in today, it is necessary. Having the courage to focus and be polarizing to the point that you attract your customer as much as you are unattractive to those you don't want to serve is important. Trying to serve everyone means you will likely do a fair job. By focusing deep on your ideal clients and setting your business systems and processes up to serve them, means you will do a fantastic job with those clients. That is a key to growth.
I am so glad Ed and I discussed strategic planning, because it is underutilized by most small business owners. The large corporations are known for spending countless hours and dollars on strategic planning, however in small business we see the gross underutilization of this skill. One of the most powerful tools for the business owner is to go through the strategic planning process. It will align your energy, actions and team toward your Vision Story.
For more information from Ed, he can be reached at http://www.theeppleygroup.com/.
Ed's book Let's Be Clear is a great read and will provide additional information.
Enjoy the Journey!
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