I am a big fan of a personal/business coach, Tommy Newberry. He, through his books, CD’s (old school), podcast’s, etc. has had a profound impact on my life, my business and my family. All of these areas are a work in progress, for sure, but his teachings have helped me focus my life around what is important to me based on my goals and expectations for my life and my family.
One of his teachings, whether he coined this or not I do not know, is to “earn your MBA.” Not a Masters in Business Administration, although I am sure that would be beneficial, but a Momentum Building Activity (MBA). As we all make adjustments to our daily work and personal lives, I believe it is incredibly important for us to take time to think and reflect on where we are headed and why.
Several months ago, my business partner and I started looking at the various parts of our business so that we could better understand our true Strengths, Weaknesses, Opportunities and Threats (SWOT). While a SWOT analysis is a great tool to help identify where you stand related to these various aspects of your business, if you don’t use it as a way to build momentum, you may be wasting your time.
We are clearly in unprecedented times in our country and in our businesses. The response to COVID-19 has dramatically impacted all aspects of our lives. It has killed jobs. It has killed businesses. It has slowed MOMENTUM for most of the businesses in the country and required most businesses to take drastic measures (ACTIVITY) in order to survive.
For many of us, the fact is that business is tough. Business growth is non-existent. Incomes are reduced or have completely disappeared. In light of the current reality, what will you do now to begin BUILDING MOMENTUM so that when this passes (and, it will pass) you will be in a position to come out roaring like a lion instead of squeaking like a mouse. In my opinion, a successful outcome starts with you earning your MBA and here are six steps to help you earn your first MBA for your business.
- Do a SWOT analysis of your business. I believe you/your team should be able to complete one in less than an hour in order to begin building MOMENTUM.
- Rank the items gleaned from your SWOT (by category) in order of importance to your business based on your goals and objectives for the business.
- Rank the SWOT categories in order of importance.
- Defending against a threat may be more important than going after a new opportunity
- Shoring up a weakness may be more important to you than defending against a threat
4. Identify who in your organization will take on the top priority for each category. If you are a one-man-band, so to speak, it is even more important that you have a crystal clear understanding of what you want and where you are headed (goals and objectives), because you need to use your time very wisely.
5. Clearly define what is required of the person in charge of a task (or category).
6. Set a deadline in which to accomplish or at least to review the status of the task.
I strongly believe that if you follow these six steps that you will set your business apart from many others and you will put your business on a path to success as we return to normalcy. By the way, if you don’t have goals and objectives for your business, that should be your first order of business and the first MBA you “earn,” so grab a pen and paper and start writing!