Profitability: Leadership & Strategy
In order for any business to be profitable, it needs two core things: leadership and strategy. Many founders focus on the tactical aspects of their business and neglect these two essential pieces. Without strong leadership and a clear strategy, your business will not be able to reach its full potential. In this article, we’ll discuss how you can elevate your profitability by revolutionizing your approach to your business.
Profitability is a cyclical process between strategy and leadership. Businesses, for example, need to be strategic about when they invest in growth and when they pull back. If you’re not strategic about this, you will quickly find yourself in a downward spiral. Strong leadership is also essential in order to make the tough decisions that are necessary for profitability. Without strong leadership, you risk being erratic in your decision-making, poorly forecasting your calculations, and risk the long nights of angst.
There are three main ways that you can Revolutionize your approach to profitability: Clarify, Regulate, and Execute.
Clarify your starting point. You need to Name Your Circumstances, that is, what’s in front of you right now that is creating distress, issues, or a stagnation point? In essence, what’s holding you back? Once you’ve done that, Identify Your Themes and prioritize. What themes continue to present themseves? The clearer you are on this, the clearer you can be on the solutions needed to break the pattern loop. Once you’ve established this clarity, prioritize in terms of what needs to be looked at now and what can wait until later. Lastly, you’ll need to Establish Your Benchmarks. Here, you begin the visionary process of establishing the foundations for your mapping out of your plan. Allow yourself to expand the experience, where are you right now and where are you headed? What Key Performance Indicators will help you get there and what Key Performance Results will help you know you’ve arrived?
Regulate the experience. Once you’ve completed the Clarify process, you’ll be feeling optimal but, we’re not there just yet. You need to ensure you build the stamina you need to endure the climb and the strategy you need to create ease. Initiate Your Priming to find the endurance and growth practices that work right for you then, and only then, Develop Your Plan, your strategy. When developing your plan, think of it as a map. I’m a big fan of mapping it out. Take each step and break it down. This will give you insight into what needs to be done, allows you to find anything overlooked, and assign the key players who’ll help you with execution. You may also find redundancies that you can then eliminate to create more efficiency. Within this whole process, you’ll have resistance that comes up for you. Sometimes you don’t entirely understand it, and other times, you knew it was coming. “New level, new devil”, they say. Instead of ignoring your trigger points and reactions, we work to Reveal it All. Leaders who know and understand themselves, their triggers, and their reaction points are far greater leaders in execution.
Execute on all that you’ve built. At this point, you’ve created the foundations for your leadership and your strategy, now you Unleash Your Potential. As a leader, you Commit To Your Process and move forward on executing towards profitability. Through this process, create an evaluation point to measure your progress and to adjust as necessary. Then, Rinse & Repeat.
THIS is the true way to create profitability.
In fact, the Revolutionize Process is not just for a quick fix but, for long-term, sustainable success. You’ll see the results show up on your ledgers, in your culture, within your organization and reach, and within you and your innovation.
Bottom line, you do not have to sacrifice aspects of your business or self to painstakingly create profitability. By creating a solid foundation, you can build upon and grow both rapidly and over time. It’s simply about leadership and strategy, done right.
What’s your experience with profitability? Are you where you want to be? If not, what’s one area you’ll focus on from the steps above? Let me know in the comments below!
If you’re not where you want to be in profitability, click below to get started so we can revolutionize your profitability.