From The President
You should always be able to provide an answer to these questions: Am I on track with my goals? Am I growing or shrinking? Am I profitable? If you know these answers, you are positioned to thrive.
58 Mobile Electronics May 2021
CREATING A BUSINESS WITH PURPOSE Building a solid foundation is never an accident— it’s a strategy. Let’s get back to the basics. I still take time to reflect on core values and foundational elements that bring me back to what first sparked my achievements. Many of us focus on passion-thinking that propels us forward regardless of whether or not we have a real plan. While passion is essential, it’s seldom enough to establish a future-proof business. To achieve success, you must first define what your success will look like when you get there. A true foundation for your business should be your creation, not a copy of someone else’s accomplishments. Take caution when you spend time on social media admiring those who are seemingly successful. When you find a truly successful business, the reality of it may surprise you. A solid foundation is important. Make sure you review the basics before you attempt to measure your own success or the success of others.
Define Your Purpose First, define guiding principles that drive your business. Ask the hard questions: Are your mission statement and goals still relevant? What about the vision for your business? Does your business measure up to what you defined? Are you still growing? If not, take the time to find out what you need to do to improve, then make the appropriate corrections. Make sure to communicate these changes to your team and, where appropriate, to those with whom you do business.
Review Your Operations Take a closer look at policies, procedures, position titles, and responsibilities to define areas for improvement. Your operational guidelines should be written and shared with your team. Make time to research new technologies and business processes. You can find great pearls of wisdom with a small amount of effort. Should you find a great idea, try it in your own business and see if
it produces a better result than your current procedure.
Get the Word Out You may be working toward being the best in your market, but this might not be enough. What will you do to get people calling, emailing and stopping by? Your participation in local events, charities and community groups should be a priority. There are many marketing tools available, so research and implement what works best for your business. It’s great to have vision and purpose, but neither will benefit you if you have no income. This is where you should take time to review what you sell and why. How much will your business profit when these items are sold? Defining the perfect product mix should be in line with your goals. Make sure your services are properly valued and priced accordingly.
Make Time for Education and Goal-Setting Continued education should be an important part of your strategy. Take the time to attend local vendor trainings when available, and take classes at KnowledgeFest and other relevant trade events. Speak with other business owners for ideas. Join and participate with industry associations focused on your business. To know when you’ve achieved your defined level of success, you need to be able to track your progress. Define your goals and what it will take to reach them. Are you on track with your goals? Are you growing? Are you profitable? If you know the answers, you are positioned to thrive. It’s a good practice to review your vision, mission and goals on a regular basis. Put it on your calendar and make it a priority. Always do you best to drive your business and don’t let it drive you. Don’t lose focus on the fundamentals that define who you are and what you do. You’ll be glad you made the effort.
