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3 Inhibitors to Building a Successful Business

 Three key inhibitors to management's ability to building a successful business:

1.    They believe that their circumstances are unchangeable and therefore don't act

2.    They do not set milestones for their journey

3.    They do not reevaluate along the way

Those are the three key big points that are very often passed-off as just something that most already know. But in today's business world is far more complex and competitive, knowing and understanding are completely two different notions. You may "know" something but not understand it. For instance, we know that Columbus sailed in 1492, but may not understand why he sailed or what he was doing.

Karl Stark and Bill Stewart featured Inc 5000 have precisely illustrated Three Key Inhibitors further. Key take-away that I read with great interest which I find completely relevant to small and mid-size businesses are summarized below:

Key Inhibitor 1

  • There are always options and choices
  • Dynamic ways to address customers,  employees, or  goals which in turn are business variables that can be changed
  • Pay close attention to the facts, options and flexibility will present themselves clearly

Key Inhibitor 2

  • Milestones are business maps. Unsuccessful businesses will not identify what success "looks like" and will not create the metrics that measure their successes.
  • Growth and profitability alone are not sustainable without milestones.
  • Identify where you want the company to be in five years, based on metrics tied to the drivers of value creation. Reverse engineer the process to facilitate outlining the important steps and achievements that need to happen along the way
  • Celebrate each milestone achieved
Key Inhibitor 3
  • Reevaluate regularly making it top priority
  • Rethink your plan and make whatever changes are required to get back on track

Read full article at 3 Habits of Highly Unsuccessful Businesses