How to build a 7-star business that will navigate the uncertain new year – Part two

In the previous publication, we explored the first 4 keys to navigating the uncertain new year. Let’s take it up a notch, with these 3 powerful keys.

Five-Star: Systems

Here’s another buzzword that is yet to be fully optimized in our businesses. To understand systems, let’s look at the human body, a complex design marvel. It runs automatically, on more than 14 inter-dependent and perfectly organized systems. One system is responsible for managing the food we eat. Another, for managing the air we breathe. Another, manages our fight against infections, and so on. A vast number of activities follow a predictable set of patterns in each system, non-stop. Many of these activities, we are not even aware of, except when something goes wrong.

Do the activities in your business systems, follow a predictable set of patterns (Standard Operating Procedures – S.O.Ps)? Do your teams know ‘why’ they do what is expected of them, or are they the ‘yes boss’ type? Do these activities function without your awareness, except when something goes wrong? Many businesses claim to have systems, but their CEOs are apparently Chief ‘Everything’ Officers.

What does the organogram of your business look like? Does each organ (staff) know his/her line- in-command / ranking officer? Or do they bring issues to your desk? More importantly, if you have a matter you want to address concerning a staff member, do you by-pass his/her superiors to communicate with the staff directly, or do you pass the information to the superiors, who then communicate the same to the affected staff ? Information flow is very important in the effective implementation of systems in the business.

Culture is also a very important tool that helps to guide how the systems in our businesses run. Are you and your team, crystal clear on the culture that governs your systems? Do you, personally submit to the culture of your business? Or are you above the culture in your business? Do you have plans in place, to detect and deal with counter-cultures in your business? How well do your customers and stakeholders perceive and understand the culture that governs your business? Being a 5-Star Business is not for everybody. You need to go above and beyond, to stay in the game.

Six-Star: Strategy

This is where future-forward business leaders play. At this level, 90% of your work time is spent on winning strategy and visionary leadership for your business. This is because you have created systems in place, to ensure all other details are taken care of. Let me also note, that you should have systems managers, to enforce smooth running of productive activities, and deliver on set expectations. Your penthouse office is not just for a fancy view of the city. It is for distraction-free thinking, inspiration-channeling and idea-implementing. At this point, your focus is on critical data and stats that will move the needle for your business.

How are you making more profits? How are you saving more money? How are you increasing marketshare? What are your plans for acquisition of new businesses? What are your plans for retention of existing businesses? What are your plans for generating more value for and from existing businesses? How are you building an irresistible and irreplaceable brand? How is your business model faring? Who should you collaborate with? What should you divest from? What business should you invest in or acquire? How is your brand health? Is your business due for a rebranding? Above all, how is any of these questions feeding into your big why?

The objective cannot be overemphasized. That’s the reason I call it the BIG WHY. What is your vision, mission and values? How are these strategic decisions and actions fulfilling your vision, mission and values? Not every good strategy is the right strategy for your big why. From time to time, always recalibrate, to be sure you’re on track towards hitting the mark. When your strategy is water-tight, then you can confidently say that you are a 6-Star Business.

Seven-Star: Stamina

Finally, at the top of your business is not money. It’s not even fame. It’s power. Power gives you access. Power gives you control. Power gives you answers. It takes a great deal of Stamina to get to the level where power is the currency of trade. Power is not an abstract. It is the quantity and more importantly, quality of people you have access and connection to, when it really matters. You cannot face the storm by yourself, you’ll crash and burn. You need a loyal workforce that believes strongly in you. You need confidants as armor bearers, who will defend you, night and day. You need lieutenants who share your vision, and are ready to move at your command. You need a strong and resourceful value chain, who can make deals happen, without a down payment. You need a consortium of bankers, who can facilitate major projects, without breaking a sweat. You need an ironclad legal team, who will indemnify you with the right policy framework, and keep you from trouble. You need a solid media and PR team, to keep your business amiable in the court of public opinion.

That’s not all. How powerful is your Board of Directors? Which of them is your bridge with government and policy makers at high levels? Which of them is your key connect to your industry regulators? Which of them takes care of business with traditional monarchs in the jurisdictions where your business is domiciled, etc? Perhaps you may have to fire some board members in the new year, or hire some board members in the new year. Engaging all these connects is your firm grip on power. Quality relationships are super important. Mind their business, so they can mind your business.

Conclusion

How would you rate your business now? As you close this article, what are the top 5 things you will do within the next two weeks? Remember, some people know what to do, but many people don’t do what they know. You need to commit to an accountability system that will hold you to your next steps, before they fizzle out. Information is free, but real transformation costs money. As you invest in your business, don’t focus on how much it costs, focus on how much it pays.

These 7 Stars can be further broken down, depending on your specific business. Feel free to reach out, let’s discuss.

Cheers to your 7-Star Business.

Coach Dapo Onamusi is a Business Consultant and Sales Coach, based in Lagos, Nigeria. Email questions to [email protected]