10 Steps to Building Your ROAD Map to Success
“Daddy, are we there yet?” Sound familiar? That would be your child in the back seat wondering just where is this place called Disney World! Unlike you, they have not read the map, written down the directions, and calculated the time it would take to travel the 250 miles – allowing for traffic of course. That is to say, they have no point of reference, no idea where they are compared to where they want to be.
Unfortunately, as small business owners we often find ourselves with the very same ambiguity in regards to the direction of our business – or even worse – what our final destination was in the first place! Is this you? Let’s find out!
Why are you a small business owner?
What should your business be doing for you?
What’s your business destination?
How do you get there?
Are you there yet?
If not – where are you now?
Are you advancing in the right Direction?
Why or why not?
If not – how do you get back on course?
How did you do? Did the answers come easily or are you surprised at being stumped by a few, or even all of them? If the latter, you are likely attempting to navigate the business world using only your gut and instinct as a compass. Please don’t misunderstand, I am not bad mouthing guts and instincts – they will get you far, but I am sure I am not the only one who has headed South when I felt like I was heading North!
Okay, so you get the point – you need to know where you are going, the best way to get there, reference points along the way, and how long it should take – basically a ROAD (Result Oriented Action & Direction) Map to your Business Destination. Here are 10 steps to get you started on your journey to success:
1. Write down your Vision & Values (at least three of each). You will find this is your Lifestyle – and it answers the questions, “Why are you a small business owner?”, and “What should your business be doing for you?”. It defines what “success” is for you – living your vision while promoting your values!
Exp: Vision: More time for family
Values: Integrity
2. Evaluate where you are now in comparison to your Lifestyle as described above – are you there yet? Are your current Actions moving you in the Direction of your desired Results? If not, you simply have a job working for your business. The objective here then is to turn the tables and get your business working for you (i.e. fulfilling your lifestyle)!
3. List the Problems/Challenges preventing you from reaching your destination. These are your roadblocks, wrong directions, traffic congestion, etc
Exp: Money going from my personal account to business account
Haven’t had dinner with my family in months
Employees tell me what to do!
4. List the inverse, or Opportunity, of each Problem/Challenge. These are now the Mile Markers along the route to your destination.
Exp: Money goes from business profits to personal account
More time with my family
I delegate to my employees – and they do it!
5. Rank order the Mile Markers along the path to your destination. It’s impossible to arrive at every marker at the same time so you need to determine which is the most crucial – which one most secures your lifestyle? This will be Mile Marker One! Then list the rest accordingly (don’t worry – this isn’t written in stone – it can, and likely will change).
6. Draw your route to Mile Marker One. The Problem/Challenge is your starting point and the Opportunity is your destination. How do you go from here to there?
Exp:
Starting Point = Personal Money Transferring to Business Account Destination = Business Profits Transferring to Personal Account
a. You first have to understand why you are that starting point versus the destination.
Exp: Personal Money transferring to Business Account due to Lack of Profit Planning, Undercapitalized, Decreased Sales, etc.
b. Invert your answers to understand what you must do to arrive at the mile marker.
Exp: Plan for Profit, Obtain Financing, Increase Sales, etc.
c. Rank these tasks in the order when they should be done.
Exp: Plan for Profit 12/15/05
Obtain Financing 01/05/06
d. Describe how each task should be done.
Exp: Develop a Monthly Budget, fix my expenses, calculate my Break Even Point, etc.
e. Match each task with the individual who will/can accomplish it.
Exp: Business Owner, Controller, CPA, Banker, etc.
7. Monitor progress and/or completion of each task required to reach the Mile Marker.
8. Stay flexible but don’t lose sight of your destination. Reroute, delay, speed-up, etc. as necessary when new or unforeseen roadblocks are placed in your path. Just make sure to always get back on course towards your destination.
9. Do it all over again for each Mile Marker!
10. Review, Reassess, and Reaffirm the Vision and Values you are committed to (Step 1), on a monthly basis (and I do mean plan it in your calendar). This will help you to continuously – Regain your Vision, Renew your Passion, and Reinvigorate your Will & Commitment.
Guts, instinct, fire in your belly, etc. are all great and desired traits for an entrepreneur, but are you willing to bet your lifestyle on them? How much more powerful would those traits be if you added “clarity of direction” and “focused action” to your repertoire? Increase the odds of reaching your Business Destination by building your ROAD Map today!
Mark A. Sandate is the Managing Director of MASSolutions, LLC – a small business advisory firm, and an accredited Executive Associate of the Institute for Independent Business (IIB). For more information and to inquire about a free, IIB sponsored, 4 hour consultation please email mas@mas-solutions.biz.
