Mastering your business

The first stage of growing any business requires “mastery”.

Mastery is about making sure the business delivers profitably, productively and with enough information to make great decisions. It’s about building a good foundation and the owner taking back control.

At ActionCOACH, we focus on 4 areas of mastery: Destination Mastery, or defining wants; Money Mastery, or knowing how to collect, track, save and spend money the business earns; Time Mastery, or finding ways to build owner and team productivity; and Delivery Mastery, or making sure the business can make, buy and deliver its products and services with consistency.

Destination mastery...
Many business owners start out with a great idea, a unique product, or a service they have developed to fill a perceived or actual need.

As the business grows, however, more strategic decisions need to be made if the company is to grow and prosper over time and in the face of competition.

Most owners go into business knowing what they don’t want. Part of being in business for yourself is often a matter of elimination. Someone didn’t want to work for wages anymore. Someone else didn’t want to work for a boss or in a corporate environment. Another person didn’t want to travel away from home as much.

The reverse of that is knowing what you do want. Destination Mastery defines where an owner is now and where he or she wants to be. Only then can you build a business plan that makes sense for both the owner and the business.

As an ActionCOACH works with owners through Destination Mastery, an owners focus is directed to vision, goals and the underlying reasons why the owner is working so hard to build the business.

A lot of the Destination Mastery system is built around an individual owner’s identity, values and beliefs – which are different for every owner. The goal is to get owners moving toward the goals they are really after – using their business to enable them to achieve their dreams.

Rate your business on the Destination Mastery checklist.

Goals – Yes / No
1. I have full clarity of where I am going and where I am driving my business
2. I have a business plan that I regularly refer to.
3. The business plan outlines milestones that I plan to achieve.
4. I have a life plan that I refer to regularly.
5. My life plan outlines milestones that I plan to achieve.
6. I have a documented vision for the business.
7. I have a documented purpose statement.
8. I have a documented values (culture) statement for the business.

If you answered “no” to two or more of the above statements, contact me for a free business coaching session.

Next blog... Money Mastery