Time to thrive

Tips to take your business to new heights

The challenges of the past three years have probably been the most difficult business owners have faced, affecting both personal well-being and family life. At times, it’s been risky, lonely and stressful, but if you are still in the game, congratulations! Now it’s time to consolidate on this achievement and lead your business through continued uncertain times ahead. The following tools and ideas have worked for me on my own journey.

Compose a vision statement. On one page, write your vision for the business for the next three years. List up to five things you want to achieve (objectives); include the places, products and customers you serve (business scope) and how you will do this operationally (strategy) and behaviourally (values). This will serve as a statement of principles to guide important decisions ahead and engage your stakeholders. Craft it carefully, and remember what made you passionate when you started out.

Measure twice, cut once. The carpenter’s mantra is one of the most important leadership habits to cultivate. Weigh big decisions carefully and always get a second opinion. It doesn’t stop entrepreneurship and is far cheaper than the consequences of costly mistakes.

Create a risk register. List the top 10 risks to the business and prioritize them according to severity of impact. Examples include products, suppliers, competition, legal issues, regulations, data protection, losing key employees and so on. Define practical actions to mitigate each risk, determine who is accountable to manage it (including outside expertise if necessary) and set a timeline. Review this risk register regularly to measure progress.

Focus on yourself. Leadership should not be a lonely task. Find an experienced mentor or trusted confidant to discuss business issues when you need to. Define your primary role in the business— the thing you do best—and learn to say no or delegate tasks that distract you from that core purpose. Invest in your own self-development at least twice a year. Become a forever student.

Organizational health. Your emotional and mental well-being and your team’s well-being are often overlooked. Be visible; communicate clearly, honestly and regularly; and reinforce the business vision with your personal example at every opportunity. Be generous with days off, offer flexible working hours and take the time to say thank you. Smile and be positive.

CAMERON MEECHAN

John Merrigan mentors and advises small-business owners in a range of industries. Based in Chichester, England, he is also a musician, theatre producer and playwright.