10 Absolute Truths in Business

My 30-year’s plus experience in management and executive management, both as an employee and consultant in both small entrepreneurial and Fortune 100 companies, has convinced me that there are at least 10 Absolute truths engrained in all businesses.

1. People who Set Goals are more Productive and Successful.

2. Information = Power ; Acquiring, organizing and effectively disseminating pertinent information accrues definite Competitive Power advantages and higher probability of sustained Business Success. People who share knowledge, gain exponential Power & Capability together.

   An associated factor in this truth is that to improve a process, service, or product, you must measure and analyze its performance (Measurements & Analysis is a Key Principle in Quality Management Systems).

3. People who Plan before they Act are more Efficient.
4. People who act as a Team are more Effective.
5. People who search for Opportunities will Find IT.
6. People who offer solutions for problems that they address, gain allies for solving them.
7. A Good Process will produce Desired Results.
8. Engagement of the First-Line Supervisors in the Strategic Goals is crucial to the growth and success of the company.
9. Those who continuously do the same things over-and-over-again, but somehow expect to get different results are frustrated Fools (Albert Einstein defines this concept as “Insanity”).

10. As businesses grow, new levels of Management Skills and Organizational Development are required to maintain profitability and competitive strength. These skills need to be developed and incorporated.

    At a certain point in Sales and Operational Transactions volume, the capabilities that got you that far (even if successful to that point) become ineffective and sometimes outright detrimental. For example, you can only dedicate so many hours of personal effort in a given day to manage your business. It becomes impossible to track the larger volume of information without technology improvements (software) or getting more eyes on the activities and data.

The failure to advance the organization’s capabilities and control of the added complexities is one of the reasons that many successful businesses suddenly fail after a rapid growth spurt.

A related subject is the prevailing Characteristics of a Business Entrepreneur.

In my observation, Entrepreneurial Business Owners became one, for one of three reasons (or combination thereof):

• They believe they are right and nobody knows better – they don’t want to listen to anyone else and they want to control everything. Another take on this, they can’t work for anyone else peacefully, so they start their own business.
• They realize they can build a “Better Mouse Trap” and they are on a mission to build it. Again, they want to control all facets of their baby.
• They have an overwhelming desire to serve their community, and they need a venue and environment that allows them to fulfill their vision. Since it is difficult for employees to fully understand their concept (as they do) and commit to it whole-heartedly (as they do), again, they want to control (or at least be involved in) everything. Many of this type of entrepreneur tends to be more idealistic than pragmatic and therefore struggle with the realities of People Management and competitive requirements of their industry environment, therefore struggle to move forward.

However, there is a reality that many entrepreneurs are held back by – There are only 24-hours in a given day! For most entrepreneurs, the first inclination is to solve problems by putting more (personal) time into it. As their business succeeds or grows, they run out of hours in their day because they want to control everything. They can’t keep up; their strategy no longer works, and their business begins to suffer.

Do you see a common element here? I do; I see a bit of myself in there. So, what is the issue that most entrepreneurs must grapple with? Letting go! You must let your baby mature and flee the nest in order to flourish. Yes, you must Delegate, and trust your team (But, do you have the right team? – a whole other story for another time).

Successful entrepreneurs have learned to develop Empowered employees who don’t need babysitting, because they are engaged in the Strategic Goals of the business, and they are focused on achieving those goals. These entrepreneurs also lead a more balanced lifestyle overall, because they don’t have to control everything directly and they have trusted help to meet the needs of the organization.

So, you say, “…easier said than done!” That’s true. But if you institute a true Quality Management System, in an organized and systematic manner, you’ll not only earn the trusted help that you need, you’ll accrue a loyal group of Satisfied Clients and also gain a great deal more free time. What ‘Time’ you ask?

• Time to focus on your business, not just work in it.
• Time to create a real Balance in your Work and Personal Life.
• Time to focus on the truly important facets in life.

Do you, or someone you care about, need an Entrepreneur Intervention? Although some may have been merely lucky, obviously, there are entrepreneurs that have figured these issues out. Those who have gained this pivotal epiphany make the difference between those destined to remain small regardless of effort (usually at the cost of grueling hours and continuous struggle) vs. those who achieve profitable growth and a balance lifestyle.

Don’t we all need help at critical moments in our lives?

10 Fundamental Principles of an Effective Quality Program

• Principle 1 Customer Focus Must Be the Prime Factor
• Principle 2 Secure Effective Leadership
• Principle 3 Engage People, Share Information Extensively
• Principle 4 Implement a Process approach
• Principle 5 Develop a System Approach to Management
• Principle 6 Institute Continual Improvement
• Principle 7 Apply a Factual Approach to Decision Making
• Principle 8 Seek & Develop Mutually Beneficial Supplier Relationships
• Principle 9 Measure & Collect Data, Organize Records, & Share Analysis
• Principle 10 Master Quality Tools such as Process Definition & Analysis, Flowcharts, Checklists, Cause-Effect Diagrams, Idea Generation, Problem Solving, Data Collection & Analysis, Bar Graphs, Gantt Charts, etc.

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