Most entrepreneurs have a clear vision. Their problem is that they don’t communicate it well. And while that may go unnoticed in good times, it leaves employees feeling uncertain, and leaders feeling frustrated when the going gets tough.
And the going is sure to get tough…
That’s because companies grow in spurts, hitting a series of ceilings along the way — each one, a by-product of growth, marking a natural limit in your resources.
So, what do you do when you hit a ceiling?
Well, either you adjust your current state to break through to the next level, or you start losing traction…
Imagine your business stuck on a muddy incline… the wheels are spinning furiously, mud is spraying everywhere, good are people bailing, and gradually your sliding backwards.
The good news is that your business can regain traction through a process that starts with clarifying your vision.
Here’s how to start…
First, you need get your vision out of your head and onto paper. Once that’s done, you must share it with your team so that everyone can see where the company is going — and decide if they want to go there with you.
It’s only when everyone is committed and going in the same direction, that you’ll find problems get solved much faster.
A technology company I worked with had hit a glass ceiling….
For twenty years, they had dominated their market and enjoyed healthy margins. Suddenly, their products began losing market share to the competition; their target market had evolved; new cloud-based solutions had emerged; revenue was slipping, and cash flow was tight.
There ended up being many reasons for their situation, but the critical factor was a lack of vision. The leadership team was feeling frustrated and employees were feeling uncertain about their future.
At the time the company was maintaining numerous different products. Every sale required professional services. And some products hadn’t generated revenue for years. Because the development team was tied up supporting legacy products, there were no resources for new product development — leaving the company in their competitors’ dust (or mud).
The leadership team came together and clearly defined their vision. Deciding who they were, what they wanted to do, and where they wanted to go in the coming decade.
With a clear vision, they quickly simplified the business and freed up resources by immediately shedding two products. Giving their product team the ability to focus on enhancing a specific product, and allowing the sales team deliver on their promises.
Not surprisingly, they’re once again beginning to grow, and, as a result, are on track to double revenues.
Your vision isn’t just about you. It has to define something more significant that points the way to a greater good. The sooner you and your team clarify your company’s vision, the sooner you’ll be in a position to make better decisions that contribute to building a thriving business.
Originally published at emergestudio.net.