Less

Discover what your business is capable of at Business Mastery

< Back to all stories

Business Mastery

How you are setting your business up for failure

Find ultimate success with a business map

Posted by: Team Tony

“The only true competitive advantage in today’s changing market and economy is not having a business plan, but a business map that can take you from where you are to where you want to be.” – Tony Robbins

The world today is changing at a pace like never before. Strategies and technologies are outdated within a year and accounting for the future is tougher than ever. A business plan is no longer enough to give your business the certainty of long-term success. Disruptive technologies or unexpected competitors can come along and displace your business overnight. How do you position your business in this hyper-competitive environment? You create a Business Map.

This is force #1 of the 7 Forces of Business Mastery: Create an Effective Business Map.

To create an effective business map that will put you on the path to success, you need to understand where your business is right now, identify current opportunities and create a strategic vision for your future.

To help you answer these questions, you need to determine where your business stands in each of the 5 Fundamental Areas of Focus:

  1. Goals

What is the current focus and goals of your business? Have you clearly defined them? Have you effectively communicated them your team? Is everyone working towards the same goals?

  1. Management Style and Structure

Who has the responsibility and authority? What is the structure of the decision-making process? Is this structure working?

  1. Growth or Decline of Revenues and Profits

Are your revenues and/or profits growing or declining? For how long? What is the cash position?

  1. Problems

At each stage in your business, there are three types of problems that may arise. They are:

  1. Normal
    Normal problems you readily encounter, solve and learn from as you grow. These problems are expected in any business and any stage of growth.
  2. Abnormal
    Abnormal problems are ones you believed were solved, but continuously reappear in a new form. They can trap your business and limit its ability to grow.
  3. Pathological
    Pathological problems are abnormal chronic problems with dire consequences. If left undetected or untreated, they can threaten the survival of a business.

To be an effective leader, you need to identify which problems demand your immediate attention and work towards finding a swift resolution.

  1. Types of Rewards

What are the reward systems that are required to get to the next level? Which reward systems will destroy you at each level?

It is normal for your business to go through different stages as it grows, innovates and changes. At each stage, you need to shift your focus to ensure lasting success. Understanding these 5 fundamental areas will allow you to determine where your focus is and where it needs to be to reach the next level.

Discover what your business is capable of at Business Mastery