As written in previous blogs, I have become a fan of author and entrepreneur Mike Michalowicz. His Business Hierarchy of Needs hone in on the essence of why business owners go into business. The top levels of the hierarchy, Impact and Legacy, speak to our purpose - our values and ethics as people and business owners. Many entrepreneurs yearn to spend the majority of their time in that space, giving back and providing value after working so hard to get the business in the first place.
If COVID-19 has taught us anything, it is to not take any sustained success for granted. Many businesses have been thrown to the bottom of the BHN to troubleshoot the vital need of Sales again. There is no shame in this, but if we’re going to fix a problem, then let’s fix the problem that is indeed your biggest need by truly analyzing your business instead of going with your gut. So, you’ve identified the lag in your business on the hierarchy. You’ve come to understand the vital needs that Michalowicz’s lays out as a road map to bridging gaps between one tier and the next. If you desire to climb back up that ladder now the challenge becomes fostering a relationship with accountability and repetition. Michalowicz believes too often that business owners “set it and forget it.” Team members use S.M.A.R.T goals, but then the ball gets dropped because tasks weren’t delegated and outcomes weren’t evaluated and nurtured. Progress must be tracked, and using that data to adjust the team’s approach to solving the problem is how a business fosters a relationship with accountability and repetition. Michalowicz suggests tracking business goals with his O.M.E.N technique Objective - What is the result you intend to achieve? Measurement - What is the most straightforward way to measure your progress toward your outcome? Evaluation - With what frequency will you analyze your measurements? Nurture - If necessary, how will you tweak the objective and/or measurements? I highly recommend reading Fix This Next by Mike Michalowicz or jumping in on a Discovery Call with me to discuss how The 25th Hour can adapt similar methods to solve your business’ needs and move you through the hierarchy! OBMs are trained to keep a team on track, and I believe following best-practices create higher engagement between the client and their OBM. #OBMSuperPower #businesshierarchy #FixThisNext #OBM #accountability #SMARTGoals