Anchors and Nooses - Two Big Drains on your Business
- Tend to the business. We operate our business daily, tend to the issues and the pressing needs as they arise.
- Prune the business. At times we all need to prune. Whether it is a process, a product or a person, this is a needed part of ensuring that you obtain the best result and investment is made in what is best in your business.
- Grow the business. We continually need to look for ways to grow our business. This can be growing your core business or sowing new seeds.
All businesses are unique, however, we find a few things in common. We find most businesses have anchors and nooses. Let me explain.
Anchors hold businesses (and people) back. They are wide and varied but the common ones are listed here.
- A business relationship that takes too much resources relative to the level of business.
- A product line that the business has emotional investment in, but is now not providing the return for it's current level of investment.
- A team that is failing to see the link between sustainable business and their positions.
The biggest part is to be able to identify the anchor and work through a process to cut the chain.
Nooses are, similarly, an impediment to business growth, but this time the business is impacted by a tightening pressure. Often this is due to the following:
- Unreasonable supplier or customer terms creating unnecessary pressure on cash flow.
- Inadequate planning, be it business, financial or marketing which pressure ongoing investment in these areas.
- Constant complaints from customers on service or product quality.
- Pro-bono or special consideration business taking resources away from your best customers.
We work with clients to build strategy to help them gain control and bring growth back to their business. Once awareness is gained from the business owner, the strategy starts to form. Having a fresh set of eyes helping you through this maze.
Some businesses simply don’t ask for help. Often it’s a lack of awareness of the situation and of a feeling of normality, as they have become comfortable with the situation.
It is important to gauge the situation, once you have become aware of it, with a set of fresh eyes. In the words of Einstein:
Don’t be afraid to ask for help. We do see pride get in the way with some businesses. Don’t be the proudest person in the morgue.
“We cannot solve our problems with the same level of thinking that created them”
Tony Curl is the founder and owner of Think and Grow Business, proud partner of the Chamber of Commerce and Industry Queensland. He offers coaching services, Business Masterminds and Leader Roundtables to support the growth of leaders and the business in they build. Contact for a free business diagnostic by emailing firstname.lastname@example.org or by phoning 1300 824 287. Think and Grow Business www.tagb.com.au