Running a successful company is a continuous struggle. I was recently reading an article in Inc. in which Robert Herjavec stated on running a great business, “there’s no point that you get to and say, ‘Aha! I have arrived.’ Shark Tank has taught me that any business is a continuous uphill battle( Herjavec, p.41).”
This is true of anything in life that is worth achieving. It is not easy but the rewards are worth every ounce of effort. There are certain areas, however; that make running a company much more of a struggle than it should be. If these areas receive attention and are made strong, the road to success becomes much easier. Below are three areas that make the struggle difficult.
- Lack of Knowledge– It is amazing how many owners attempt to run their businesses without adequate up to date knowledge. Those who are looking to purchase and give top dollar to companies want to know that the owners of those companies know the key margins and metrics of the business and can answer questions accordingly. It is a sign of a well run company. Herjavec says, “you also need to be an operator-someone who can read key vital signs on a daily, weekly, and monthly basis( Herjavec, p.41).”
- Very Little Structure– Growing companies simply cannot continue to succeed without putting systems and structure into place. Companies without structure and systems will cause owners to become distracted, and distracted owners will see their companies fail. I highly recommend to every business owner that you acquire, read, and digest two books, Scaling Up and Traction. These books will help you and your team to set up proper systems and control your company.
- No Mentor– It is lonely at the top. There is no need for company owners to fight the battle alone. Once again Herjavec gets it right when he says, “it’s really hard to grow and succeed if you don’t have someone to look up to. How do you build a million-dollar company if you don’t know anyone who has already done it? Or a $10 million company( Herjavec, p.40)?” There is value in organizations such as Vistage and EO. Tap into it and learn from others and mentors.
Don’t make the struggle more difficult than it should be, know the vital signs and monitor daily, put structure into place, and tap into the knowledge of mentors.
*Herjavec, Robert, As told to Liz Welch (Inc. July/August 2016) How Shark Tank Has Made Me a Better Entrepreneur