Do You Measure Up?

Running a business is a skill... separate from everything you think you know about your business.

And many talented people fail to achieve the bigger rewards in business because they don't realize the importance of this skill.

After all, simply because you are good at a particular technical skill –– creating software, building bridges, making donuts, and so on –– doesn’t necessarily guarantee your success in running a business in the real world.

But here’s a quick self-scoring test that will help you see where you are… and how you measure up.

First, take out a piece of paper. Then, make a list down the left-hand side that includes all aspects or departments of your business. Your list may include marketing, sales, employee motivation, finance, bookkeeping, shipping, receiving, and operations. The list can go on and on… and it will be different from one industry to the next.

Then, in a second column, put a plus (+) next to each item that you’re truly very good at. And put a minus (-) next to those activities that you really wished you didn’t have to deal with personally.

Second, think about this: If you started your business with a technical skill, there is a good chance that you can be successful and take a company through the early stages.

However, unless you have a strong business background –– coupled with experience, training, and a formal education in business — you may want to consider hiring someone that can take your business to the next level.

Even if that means hiring a president or a general manager and taking less income out of the business for a period of time, your business could have a higher value once you have completed that process.

Third, analyze your “business bus!” Let me explain. The example I use most often is for business owners to think about their company as a bus –– a city bus or a school bus, it doesn’t matter.

The key is that you want to put the right people on the bus in the first place… and then you want to put those people into the right seats.

When you do –– when you put the right people on your bus and put them into the right seats –– your company will be very successful. When you don’t, your bus could be heading for disaster: a course that takes you in the wrong direction and that ends in a dead-end.