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High Performance Decision Making: The 5Ms

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American Express
Summary

There are several mistakes that many business owners make. Here Shweta Jhajharia from ActionCOACH, shares five core aspects of strategy that every business owner should address, gleaned from her more than a decade of experience training entrepreneurs and business owners.

      This year’s Business Show featured presentations and panel discussions with experts from across the industry. We’ve collated our highlights for those who missed the event.

      1. Mindset

       ‘Are you a small business owner or a big business in training,’ says Shweta. You need to think, behave and act big from Day One.

      2. Mission

      Define your mission and write a 12-month plan. Share this with your team, as it’s important they are aligned with the company’s mission.

      3. Money

      No matter how great your company is, without effective marketing and sales your company is at risk. Don’t do something and hope for the best, Shweta says. Instead, you need to know that for every pound spent you are returning more. Decisions should be made whilst considering not only the financial status of the business, but also the current economic climate. 

      4. Management

      Sourcing the right talent, managing that talent and creating an environment where your business and team can grow, is so important. Many companies look to their own networks for recruitment. But if you really are a big company in training, then you need to hire the right talent and formalise a recruitment process, says Shweta.

      5. Methodology

      ‘A successful business is a profitable entity that can run without you,’ says Shweta. This means understanding what parts of your business can be systemised so that you can scale. Don’t let yourself be the bottleneck of your business!

      Key Takeaways

      • Think big and don’t let yourself be the bottleneck of your business.
      • Clarify your mission and get your staff behind it.
      • Trust your gut but look at the numbers first.

      Published: 13 August 2019

      Updated: 04 May 2023

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