Having a Holistic View of Your Business
Posted on: June 4, 2018
As business owners and managers we can sometimes get too focused on one part of our business. It's usually the part that we believe needs work. We see it as being non-productive or wasteful or maybe we see it as just being weak and needs some strengthening in some way. "We see" has been a key phrase in the last two statements. Our perspectives on our businesses are, of course, very important but perseverating (a word I learned from my wife and means to overly focus on one thing) on just one perspective of our business can cause our business to be unbalanced. Essentially, there are three main perspectives of a business:
- The Model - The products and processes that we create and form to serve our customers needs.
- The Market - The customers. The folks who need our products and processes.
- The Motivation - The Why of our business. What gets us up in the morning and drives us to provide excellent products and services to our customers.
Our tendency as entrepreneurs is to focus on the Model (the products, the creation). It's the "our baby" part of our business. We believe that if we build it, they will come. Well, sometimes they do and sometimes they don't. All of us parents know about babies. Our own babies are always beautiful to us but not so beautiful to others, right?
So, how do we avoid a myopic view of our business? Know that all three perspectives are equally important and need to be viewed from each other. What do I mean by that? View these three perspectives as a triangle with each corner looking at the other two corners; your Model and your Market have to be viewed from your Motivation. In other words, "is the reason I'm getting up in the morning providing a great product or service for a willing and needy customer?". Coincidentally, your Market view has to look at your Model and your Motivation, and lastly, your Model viewpoint has to look at your Motivation and your Market.
Keeping these three perspectives in balance will keep your business in balance.