Part of what makes entrepreneurs successful is their vision – they are naturally excited by new ventures and opportunities, by new ideas and perspectives, and by raw possibility. Like all strengths, however, there is a counterpoint weakness: the propensity to get easily distracted.
A CEO client of mine found himself profitable but with no clear sense of mission or direction. His head was swimming with new ideas, but he handicapped the business by giving his time to operational minutia instead of intentional vision. Recognizing him as a visionary, Hedgeway was able to help him hone and focus the business direction, create accountability, and implement sustainable systems that freed our client to operate from his strengths. The support of a fractional integrator provided scaffolding for him to build his business on purpose.
Our client knew that distractibility has a cost. To determine if it might be problematic for you or your business, ask yourself:
- Does my company lack clearly defined, written goals?
- Are my goals regularly unmet?
- Is my leadership team divided?
- Does the lack of a business roadmap frustrate my employees?
- Are my objectives constantly changing?
- Do new ideas complicate or confuse my vision?
If you answered yes to any (or many) of those questions, it’s likely that you are sabotaging your own success.
As an entrepreneur, how can you limit your liability while continuing to pioneer?
- Identify your goal (for each project/investment), write it down and communicate it to your team. This will naturally expose your motivations, help you craft strategy and provide accountability. Make your goals measurable.
- Hire and empower the right people. If you are naturally a dreamer, you need to hire a team of do-ers. Your employees should not only be able to execute your vision, but they should have the freedom to help you course-correct when you neglect that vision.
- Reflect on your successes. If you cannot identify why you were successful, its impossible to intentionally employ those same tactics to ensure future success. Risk-taking becomes less risky when you understand the processes necessary to generate growth.
- Get help. If your business isn’t ready for a full-time Integrator, COO, Hedgeway Group provides Fractional Integrators in the SME space that can help bring clarity, sustainability and profitability.
