Every business owner is unique, and consequently, every business is unique. Companies that have endured the start-up and are currently growing successfully have either produced a product or service that is unique to the market, or have taken a product or service that is already saturated in the market, but through their exceptional service and excellence, have beaten the competition. Either way, they have distinguished themselves in the marketplace because of their unique offering or the excellent way they do business. However, for those companies to continue to endure and reach their full potential, they need to become well-rounded. We know what this means when it comes to individuals. A person can be exceedingly strong in one characteristic but practically an utter failure in another that limits their potential. A well-rounded individual develops physically, socially, intellectually, and spiritually. Only then can one reach his/her full potential. The same is true with businesses. What are the signs of a well-rounded company? I believe there are at least four attributes as follows:
- A Strong Management Team– A company’s potential will only be as high as its people and that starts with those in positions of leadership. As Gino Wickman stated, “As goes the leadership team, so goes the company (Wickman, p.17).”
- A Well Diversified Customer Base– A business built on just a few customers or where one dominates the majority of sales may be giving the company good profits now, but that company’s growth is distorted. A well-rounded company’s sales are spread around to a larger customer base and is not too dependent on any one customer.
- Systems and Processes that Fit the Business– A well-rounded company has a system and processes in place that give the company the information it needs to make intelligent decisions timely. The system also enhances customer service and efficiencies through effective automation that matches the businesses product and service offering.
- Consistent Earnings and Positive Cash Flow– All business’s experience inevitable ups and downs of earnings and cash flow over time. Well-rounded companies are extremely consistent and produce positive results in these areas over and over. Extreme variations indicate a potential problem and must be researched and corrected.
A company that is well-rounded will reach its full potential and value. Set the goals accordingly.
*Wickman, Gino, (2011), TRACTION Get A Grip On Your Business