When you have a business, it is only natural that you try to examine it. We all know that the more information you have about something, the more significant your chances of making correct decisions for the business.
Entrepreneurs scan their business often, even though many already know their ventures like “the back of their hands.” When you think about it, the cliché “knowing the back of your hand” is a bit false.
In fact, only a few of us know how the back of our hands really looks. We just think we do because we see it every day. However, we also take that view for granted, and very few of us can honestly say that we have memorized every detail of the back of our hands.
The Business Case
How does that connect with how entrepreneurs look at their businesses? Well, most entrepreneurs nowadays want to believe that they know every detail of their ventures. But the truth is, very few do. You see, there are disadvantages to being the boss.
You have to be the Chief Everything Officer. Yet, in reality, there are plenty of details that can slip by while you handle other, more pressing matters.
Heard It Thru the Grapevine, Or NOT
For one thing, the boss always seems to be out of the grapevine. The boss hardly ever gets wind of any trouble that goes on in the workplace. It also means that there may be some problems that the boss will not be able to know unless the entrepreneur scans his environment.
So how should entrepreneurs scan their environments? Well, a good idea is not to act like a drill sergeant and start shouting down your employees to get the answers you need.
For one thing, it shows that you mistrust your employees and this would only keep you out of the loop, as it were. Another thing is that you cannot expect to get the information you want this way. With intimidation, you only get the information you want to hear, not the information you need.
You should let your employees feel that they can trust you. Be one of the team. However, be sure that you do not cross the professional boundaries that exist in every workplace. [for more on building team trust click here]
You should show your employees that you are the kind of person whom they can come to for any problem. Remember that any small issue of your employees can affect the way you do your business.
Further, you need a systematic accountability process. You must inspect what you expect.
Now, you know the proper way entrepreneurs scan their businesses through the employees. But there are, of course, other factors to consider so that your business is the best it can be.
You also need to assess yourself. What kind of entrepreneur are you? What are your strengths and weaknesses? How well do you handle the business and everything else that the world throws at you?
Remember that sometimes, we are not the best judge of our character. We tell ourselves a story about who and what we are. That becomes our sense of identity. But what we do and how others perceive us becomes our reputation. It is the reputation you must change, not your identity.
Most entrepreneurs scan their characteristics by getting an outside opinion. This opinion, of course, should not be biased to be helpful to you (your spouse is not a good source). You need to have someone tell you to your face all of your faults and give you credit for your abilities.
Entrepreneurs should also scan their environment. What are the potential markets available for their business? What threats out there can affect their business? Entrepreneurs examine the situation around them because it is one factor that they cannot control.
All you can do when something in the environment, whether opportunity or threat, takes place is to adapt to it. The change means that you have to be able to prepare for any contingency. It is necessary to plan to succeed. But you know that, right?
Entrepreneurs scan the market for any signs of behavioral changes that could mean the collapse of their business. Why do you think that chips and sodas develop different flavors all the time? People change all the time. One example is a change of preference. If a market gets tired of your product, you would be in considerable trouble.
Be Sure to Adapt
You need to adapt your product to the trends of the present. Anticipate future changes and do your best to prepare. However, you also need to remember your past. Sometimes, people dislike changes that a company or product goes through and, as a result, takes their business elsewhere. Ensure the continuing legacy of a good product if you think you have one.