In 2023 I had the feeling that my business was on a good path but I also knew I had to figure out what the future vision for the business should be.

As business owners, we often get caught up in the day-to-day operations, making it challenging to step back and see the bigger picture. And I was a bit stuck in my current state and needed to widen my view. So I used this question:

“What would someone change on the first day or within the first year if they took over my business?”

This question forces you to view your business through fresh eyes, identifying areas that may have been overlooked or deemed “good enough” under your leadership. A new owner would likely scrutinize every aspect, from operations and finances to marketing and team dynamics, seeking immediate improvements to maximise success. It is of course similar to the principles that many use when a business wants to scale or sell, as written in the book “Build to Sell”.

Why This Question Matters

• Identifying Blind Spots: We all have biases and blind spots. A new perspective can highlight inefficiencies or outdated practices that you’ve grown accustomed to.
• Challenging the Status Quo: Complacency is the enemy of growth. Questioning existing processes can lead to innovative solutions and improvements.
• Focusing on High-Impact Areas: A new owner would prioritize changes that offer the greatest return on investment. This can help you realign your efforts toward what truly drives your business forward. For me I quickly made the decision to cut out some of the events we were doing that were not replicable and did not show any benefit to the majority of our customers.

Implementing the Insight

1. Conduct an Internal Audit: Objectively assess each area of your business. Where are the bottlenecks? What feedback have you been ignoring?
2. Seek External Opinions: Sometimes, an outsider’s perspective can provide invaluable insights. Consider hiring a consultant or discussing with a mentor which I do on a weekly basis on small or big matters.
3. Develop an Action Plan: Identify the top changes that could have the most significant impact and create a strategic plan to implement them over the next year.

The Most Important Strategy for Next Year

By adopting the mindset of a new owner, you’re positioning yourself to do the things you might be procrastinating that would lead to impactful changes. This approach could very well be the most important strategy you implement next year. It encourages continuous improvement, adaptability, and a focus on what is most important which leads to growth. Stephen Covey wrote in his book “7 Habits of highly successful people” about the principle of putting first things first and I like this quote:
“Never let something that is of less importance come in front of the most important things”

Quick 3 Questions

1. What immediate changes would a new owner prioritize in your business, and why haven’t you addressed them yet?
2. How can you objectively evaluate your business operations to uncover hidden inefficiencies or opportunities for growth?
3. Who can provide you with an unbiased perspective on your business, and how soon can you engage with them to start this transformative process?

—Rickard