Good to Great in 2023

Jim Collins in his book Good to Great, studied what causes good companies to become truly great ones. He found they were not headed by bigger than life people at the time of transition – they were people who combined humility with strong professional will. What do you think that means?

There are five keys that he found to explain that statement. Of course he was dealing with large corporations that often times changed leaders. As small business owners you are often working alone. It will take recognizing that you cannot build a business when it is focused on your ego, but rather you must be able to channel your focus solely on the company. The other four keys, give you a path to work from.

Always face the brutal facts. Good to great companies infuse “the entire decision-making process with the brutal facts of reality.” How often do you look critically at your own biases or limitations? To take effective action it calls for you to be able to turn a critical eye on your own thinking and behavior. Having systems and measurements in place, help to uncover what isn’t working. Collins calls them “red” flag mechanisms. These are areas that help weed out what constraints are affecting business growth and get the highest and best return possible for your time, money and effort.

As the business owner you are charged with having a clear understanding of what you want the business to be the best at, what drives your economic engine and what you are passionate about. When you are clear about these concepts you will have a template for judging what you will do or not do. “…the challenge becomes not opportunity creation, but opportunity selection.”

Collin’s last key deals with technology “When used right, technology becomes an accelerator of momentum, not a creator of it... You cannot make good use of technology until you know which technologies are relevant.” How can technology ignite your businesses transition from good to great? Or can it? There are so many new technology advancements, you must be discerning and not caught up in technology that does not support your vision, mission and goals. What are some of the technologies you are considering?

All of the keys suggest that you, the business owner, take time to do some introspection. What do you need to stop doing to become great? What processes can you use to maintain focus?

The Challenge: Hammer out or review your Vision, Mission and Values, they are great templates to begin the process of going from good to great!

Barbara Eldridge has built a solid reputation as a Results strategies specialist, within industry and business over the past 40 years. Her unique message, since starting Mind Masters 30 years ago for entrepreneurs and small business owners, continually stresses vision, purpose and values as the key elements of business philosophy. www.mindmasters.com