I often hear, “Our sales are down…we have to hire a trainer, coach, consultant to increase our sales.” “Our sales are up…we are doing good…look at that revenue pouring in; we don’t need any help.” If you are basing the health of your business on your revenue, sales, or profit, you may be making a mistake. Hopefully, you want to grow your business, and commonly that is measured in sales and profit. You don’t have to sell more to make more profit. There are other things you need to focus on first.
Over the last several years a lot of people have made a lot of money telling business owners and leaders that to effectively manage the modern workforce you must manage the generations differently. Why? They claim these generations are all different, have different values, work practices, and motivators.
In the immortal words of my father…Horse pucky.
I am sometimes a bit surprised when I hear from Business Owners that they do not want to grow their business. I can be fairly competitive, and hearing someone say that they are happy with their business at the size it is now causes me to stop and wonder. Why would any business owner not want to grow their business?
Business is about outcomes. Outcomes produce products or services, which in turn produces revenue. Even revenue is an outcome. Some struggle with creating outcomes. To address this management develops incentives to drive better outcome production. The belief by management is that the incentive will satisfy the worker who in turn, will accomplish the desired outcome. In other words, management is taking advantage of their perception of the relationship between satisfaction and outcome; they believe that satisfaction drives outcomes.
Does this work?
If you don’t want to plan your exit from your business then don’t. It’s that simple. However, that doesn’t mean you shouldn’t work on your business. Work on your business to make it more productive, more efficient or as I like to say, help make it recession proof. Being prepared is part of being successful at business.
With Baby Boomers owning most US Businesses it is understandable that the focus of many business consultants is to focus on helping them transition their businesses to others. Why wouldn’t they, with roughly 10 trillion dollars of business involved it only makes sense. But Baby Boomers don’t own everything, and not all Baby Boomers are thinking of retirement. We are living longer than our parents and Grandparents so staying in the business longer also makes sense. The youngest Baby Boomers are about 53. They could have another 20 or 30 years of working life left if they choose. Their businesses need to do things too.
If you don’t want to plan your exit, what should you do?