3 Key Principles to Help Your Business Grow
Recently, we received a post from EntreLeadership Master Series alum Brian Staley, owner of ITG in Ocala, FL. He shared two notes he received from his accountant—one before the EntreLeadership event and one after.
March 2011: I just finished reviewing the March financial statements and I don’t really think you guys want to meet with me about them. They don’t look good.
March 2013: I just finished reviewing your January and February statements. All I can say is, what a couple of slackers! You only increased revenue about 300% over last year. What have you been doing with all of your free time.
Brian said the reason for the growth is that he took the EntreLeadership lessons he learned and slowly applied them to his business. He’s not alone. There are thousands of Master Series alum whose companies have been transformed. To help inspire a transformation of your own, we asked a few alumni to share some of their favorite takeaways and how they employed them.
1. Lesson: The Relationship Between Great Communication and Great Companies
Action Step: One easy-to-implement communication tool is the weekly report. The one-page summary is filled out by each team member and answers the question, “Why should my leader be glad I work here?” It also includes a low and high point of the week that can be personal or related to work. “It’s the best way to get immediate feedback from my team,” said Craig Libis, CEO and managing partner of Executive Recruiting Consultants in Dell Rapids, SD. “And I always make sure I read them, hear their stories, and react. If there is a problem, I address it.”
2. Lessons: People Matter Most and Compensation Plans That Fire People Up
Action Step: Part of letting your team know they are important to you is to show appreciation for a job well done. Brent and Cassie Gallagher, owners of West U Fitness in Houston, TX, built a successful sales campaign based on that principle. Pursuit 100 was a team goal to gain 100 new clients. Every time 10 clients were added, the team celebrated. The team hit 100 in less than seven months. “We had a grand celebration with an all-expense-paid trip to the Cayman Islands,” Brent said. “It was great, and the excitement still goes on!”
3. Lesson: To Grow Your Company, You Have to Grow Yourself
Action Step: Jon Krupa, owner of Sports Management Associates in Butler, WI, has made learning a priority. No matter how crazy his schedule, he sets aside 30 minutes every day to read. “There’s a better way to do things, and I don’t always have all the answers,” he said. “To be an effective leader, I need to work at learning every day, so I read, read and then read some more.”
No matter if your company is big or small, the above principles can help. So one day, you can make lack of success … none of your business.
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