Business Tip for the New Year

Posted by Tom Locke on January 6th, 2010 filed in Business

With sustainability being front and centre for most business owners in 2010, management/ownership can fall into the trap of spending 100% of their time “in their business”, forgetting  to spend some time “on their business”.  In other words, their focus becomes solely operational on the “now” as opposed to setting aside some time to give some thought to the future and where they want to be at the end of the year or in five years.

Companies that see the value in planning and execution frequently seek outside advice, mentorship and/or coaching.  They are sensitive to the fact that they can be too close to their business. 

It sounds like I am making a case for what I do.  Maybe I am.  But I can tell you that in my day as a President/CEO, the insight that I received financially from my insurance broker (of all people) proved to be invaluable from time to time even though I have an accounting background. 

Simply put, we can get too engrossed in our businesses and end up with blinders on.  If you are in a leadership role in a company, make sure to devote some time “on your business” and to embrace the opportunity to engage knowledgeable outsiders in your planning and decision making.

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