What’s holding your business back?

For many businesses it’s a challenging time. However, we are coaching businesses who are thriving in virtually every industry sector.

How is it that some businesses are able to navigate through these challenges and continue to prosper while others seem to experience the brunt of the economic forces? What are the constraints that hold even well-established businesses back from reaching their potential? Is it lack of capital, lack of technology, lack of skilled employees, increased competition, changing market conditions… even recession? No business is immune to these challenges yet some manage to overcome them and thrive.

When we look deeply at the differences between thriving and struggling businesses there are some common gaps. Thriving businesses possess greater clarity of vision and goals across the organization, more effective resource alignment, and a deeper drive for excellence. These traits are typical in extraordinary businesses.

Is it just a matter of focusing more on quality, service and excellence? Many businesses desire to deliver quality, service, even excellence but even as they attempt to focus on these virtues their efforts are buried in the myriad of daily fires, weekly challenges and regular crises. Yet thriving businesses seemed to have found a way.

What single variable overrides all of the other business challenges, and constrains the business from reaching its potential?

That variable is that of the leader. Ultimately, the leader is the one that must provide organizational clarity, resource alignment and driving excellence.

We recognize this instinctively in a family. As the leader goes, so goes family. As a leader goes, so goes a nation and certainly this is the case for a business. If the leader of a business is stuck, everyone below him is stuck. He is the organizational lid. One that keeps the organization stuck at an obsolete milestone.

How does a leader, especially an experienced leader hold back his own business? By living off the fumes of yesterday’s experience.

When a leader operates with a belief that what he had learned in years past, business operations he had established, and his leadership practices are adequate for the challenges of today and the future. So instead of pressing for higher excellence and innovation, settling for stale narrative of past successes. When we coast, we go in only one direction… down. If things are not going well, it’s easy to point to the economy or underperforming employees as the culprits when the cause may be a self-induced organizational lid.

The good news is that the lid can be lifted.

How? The leader can grow in his effectiveness by going on a leadership journey. If the leader will take steps to grow, the lid will rise with him.

How would one begin this journey? I recommend these three simple steps:

• Reality check — seek feedback on your leadership style, tendencies and blind spots from loved ones, your team and even peers in the community. Improve your self-awareness by utilizing the Joharis window model.

• Leadership excellence — set aside time weekly to work on your business and gain clarity on the long-term vision, goals and plan for implementation. Meet with your team regularly for clarification, focus, accountability and to celebrate successes.

• Be a learner — read at least 1 leadership book a month, and attend leadership or business classes/seminars regularly to elevate your self-leadership.

To advance, it isn’t enough to read or to attend. True growth as a leader comes from the exercise of leadership. Apply the learning immediately. The good news is, when the leader grows the leadership quotient of the organization rises as those below him get a lift up.

Leaders, may you lead with all diligence!

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Bill Jhung is the director of the Idaho Small Business Development Center at North Idaho College. The NISBDC offers resources and training, no-cost business coaching, and serves the five northern counties of Idaho. Its mission is to accelerate business in the community through business resources, training and no-cost, one-on-one coaching in leadership development, strategic planning, financial management, and more. Reach us at 208-665-5085 or nisbdc@nic.edu.