Tips to boost 3 key business skills: motivation, judgement and planning

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Transcript of Tips to boost 3 key business skills: motivation, judgement and planning

  1. 1. Tips to boost 3 key business skills Motivation, judgement and planning
  2. 2. jpabusiness.com.au+61263600360 2 TableofContents Introduction...........................................................................................................3 Chapter1:Howtomotivateyourselfinbusiness....................................................4 1)Understandyourreasonforbeinginbusiness.................................................................................5 2)Identifyyourstrengthsandweaknesses.............................................................................................5 3)Workoutwhatyou'rereallypassionateaboutandgoodatanddoit...........................6 4)Acceptyourlimits.........................................................................................................................................7 5)Buildasupportteamthatcanhelpachieveyourbusinessobjectives...................................8 6)Rewardyourselfforachievementsbigandsmall...........................................................................9 Chapter2:Howtosniffadealdevelopingcommercialgutjudgement...............11 1)Timeandexperiencethecureforpoordecisions..........................................................................12 2)Beopentoconstantlearning.................................................................................................................12 3)Dontmakethesamemistaketwice....................................................................................................12 4)Decisivedecisionmakingbasedonpatience,analysis,context,sharingandpressure testing....................................................................................................................................................................13 5)Thinkstrategicallybutactlocally.......................................................................................................16 6)Knowandtrustyourcapability............................................................................................................16 Chapter3:Howtobeplannedwhenyourenotreallyorientedthatway..............17 1)Identifyyourbusinessobjectivesandtaketimeforself-discussion......................................19 2)Prioritiseyourshoppinglist...................................................................................................................19 3)Communicateyourplans.........................................................................................................................20 Successfulbusinesspeople:bornormade?.........................................................................................22 Disclaimer: The information contained in this eBook is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent advice before making any decisions or taking any action.
  3. 3. jpabusiness.com.au+61263600360 3 Introduction Comments by James Price JPAbusiness Pty Ltd At JPAbusiness we have the pleasure of dealing with long-held family businesses that have survived and thrived in challenging environments to deliver real value to the owners of the businesses, their employees and the communities they serve. In our last blog we profiled one such business and its former owner, Ross Higgins, as part of our Client Success Stories series. We have another one coming up soon. While reflecting on these blogs, and the clients that have inspired them, I found myself musing about these business owners personal attributes: What makes them different to the ordinary run of business owners? Just how do they do what they do? What can we learn from them? This eBook is going to examine three fundamental attributes of successful business owners: motivation, gut judgement and planning ability. My goal is not just to tell you that you must have these attributes if you want to be successful in business, but instead to help you develop and hone them.
  4. 4. jpabusiness.com.au+61263600360 4 Chapter 1: How to motivate yourself in business Comments by James Price JPAbusiness Pty Ltd Motivation in business is about having a certain drive, determination, focus and consistency in the way you go about your business. We are all wired differently so were all going to have strengths and weaknesses in different areas. In my opinion, there are a number of things you can do to ensure you maximise your motivation. In this chapter Ill present my Top 6: 1. Understand your reason for being in business 2. Identify your strengths and weakness 3. Work out what you're really passionate about and good at and do it 4. Accept your limits 5. Build a support team that can help achieve your business objectives 6. Reward yourself for achievements big and small
  5. 5. jpabusiness.com.au+61263600360 5 1) Understand your reason for being in business I tell people who want to motivate themselves in business to figure out what is the single most important thing they want to achieve. Focus on that and allow it to motivate your involvement in the business. 2) Identify your strengths and weaknesses Key to motivation, in my view, is to know what you are really good at and what you are not really good at. Weve spent a lot of time in the past talking about these things in the context of a business strengths and weaknesses, but Im talking here from a personal perspective as a business owner or leader. Critical to understanding yourself as a person, and therefore what motivates you in business, is to understand your areas of strong capability versus your areas of weakness and challenge. For example: Im really good at selling, at developing business, at developing relationships with people. Im a really good verbal communicator. Im not very good at process, paperwork and managing peoples performance. You need to have a mental discussion with yourself to figure out those things and then acknowledge them jot them down. Be honest with yourself. If you have been in business a few years and youve been pressure tested by life experience, you will know what youre good at and what youre not so good at. You could also pressure test whether your assessment is correct ask someone who knows you well for their opinion.
  6. 6. jpabusiness.com.au+61263600360 6 3) Work out what you're really passionate about and good at and do it We all know as individuals we are much better at doing things were passionate about and good at than things we simply can do. So, if you want to turn up the motivation dial to 100 per cent as a business owner, do the following: figure out what youre passionate about; figure out what youre really good at; focus on those tasks; ensure you have a team and processes around you to cover off on other key responsibilities. Micro-managing dilutes motivation Now some business owners with healthy egos may think: Im good at everything in this business I need to do everything or it wont survive. I know business owners of very large, multi-million dollar businesses who hold that opinion, and good luck to them. In my opinion, however, this sort of attitude results in business owners spreading themselves too thinly and, ultimately, doing their business a disservice. By spreading themselves too thinly, they are also spreading too thinly the motivation, drive and passion that they bring to the business and which should be having the maximum impact on clients, employees and suppliers. Trying to do everything and be everything dilutes your motivation and your impact. Understand where you add the most value and focus on that.
  7. 7. jpabusiness.com.au+61263600360 7 This leads us to the next point 4) Accept your limits Understanding your strengths and weaknesses gives you a feel for what your limits are. You will know what stresses you out big time, versus what is a breeze for you. As a result you will need to think about the support team you have around you that covers off on those weaknesses and complements your strengths. Again, Im talking about your personal attributes here, but in the context of running the business. For example, if youre not a good salesperson, youre not good at business development and or developing relationships, you need someone in your team who is. If you dont have that person, your business will not be successful and youre not going to be motivated to get up every day and go to work. I dont know anyone who finds repeated failure motivating.
  8. 8. jpabusiness.com.au+61263600360 8 5) Build a support team that can help achieve your business objectives Building a supportive team is key to maintaining your motivation. This team doesnt have to consist solely of individuals who work in your business. It may include: external team members, such as your accountant, business advisor or solicitor, and other business people; mentors, both formal and informal. These are all people in your network who are good at things youre not so good at. Relying on a support team adds to your motivation because, ultimately, motivation is about feeling complete and content with your challenges, as a person or in business. If you feel you have the building blocks to cover off on all the different aspirations, risks and issues you will face in your business, you will feel more confident and confidence leads to motivation. If you feel overwhelmed, you will take a dive in the motivation sense. If you dont have a good network of support mechanisms, as weve discussed in the context of a team, then the risk is your motivation is a bit like a tidal wave and that can have very negative impacts on the business and the people around you. Heres an example: You and your team are very good at business development, sales and relationships. However you have significant gaps and weaknesses in attention to detail and processes. You have been driving sales and orders are coming in, but the team has not been following up debtors and creditors, or