The Strategy of Living a Balanced (Business) Life

Rick_E_Norris_An_Accountancy_Corporation_The_Strategy_of_Living_a_balanced_Business_LifeOne of my kids, (honorable number one son), is a poet; a comedic poet. He is in graduate school at UC Davis in the creative writing department. He is the first to say that he is disorganized.

Even though he is an artist, that skill does not give him a license to be disorganized.  As an entertainment CPA business manager, I have heard that excuse many times from  clients.  Sadly, what I have found are those who are disorganized in business tend to live an unbalanced life full of stress and “emergencies.”

Whether it is your business life or your personal life, in order to fulfill your potential, you need an organization strategy.  May I suggest the following:

  1. Vision: If you have read my previous articles , you will find that I always ask persons to start with a “vision.”  This is as true in your business life as it is in your personal life.  A vision goes out ten to twenty years.   A good start may be Jim Collin’s hedgehog concept in his book Good to Great.  Read up on his three concentric circles on how a business (and arguably an individual) can become great.
  2. S.W.O.T: Understand your Strengths, Weaknesses, Opportunities, and Threats are to accomplishing your business or personal vision.  Make the difficult decisions to eliminate the weaknesses and threats.
  3. Craft a Strategy to your Vison: This strategy should be a result of working backwards to long-term objectives, or milestones.
  4. Create a System: Every  business and life needs to be organized if they are to accomplish its vision.  In other words, a system.  It may be as simple as doing specific tasks each day or a task on the same day of the week.
  5. Evaluate with metrics: You must know where you are in relation to your vision with some type of measures.  Businesses can have a whole host of measures.  A personal life have on like spending time with your kids all day Saturday or Sunday.  Or maybe, coach a Little League team.

As far as business, there are a couple of books that can help, The E-Myth by Michael Gerber and Predictable Success by Les McKeown.  You may find in going through these steps that you need to adjust your business or personal vision.  That’s OK.  The sooner the better.  If you let your business or your life “run itself,” you are setting yourself up for a disappointment(or maybe midlife crises).

If you visions are limited, e.g., spending a lot of time playing fantasy football, then you don’t have a vision; you have a pass-time.  It “passes time.”  Time is your biggest enemy and ally in a strategy depending how the strategy is implemented.  A balanced business leads to a balanced life.  A balanced life leads to a quality life.

Business Strategy: Don’t Replicate, Innovate

Rick_E_Norris,_An_Accountancy_Corporation_Business_Strategy_Don't_Replicate_InnovateI remember back around 1990 when a film producer client told me about a great script of a kid who foiled robbers. I responded that it sounded like Home Alone.  His eyes lit up and he said, ” That’s why it will be a hit because the Home Alone concept is so big now.”This meeting came back to me when I read Shira Levine’s article, What it will take to become the internet’s next big thing.  It reminds me of so many copy cat product and services.

So many business persons set their strategy in the direction to replicate what a successful business person has already accomplished.  That is not American Ingenuity.  These businesses just ride on the coattails of the creativity of others.

The article lays out some hints.  Here are a few:

  1. Solve a problem: Shira’s article correctly warns against the business strategy that produces a product or service for solutions to problems that don’t exist.  I’ve written about how to prevent that problem using the Blue Ocean Strategy.
  2. Personalize your idea: Catering to the needs of the user is similar.  Business strategies don’t usually look deep enough at the emotional buying triggers of a client.
  3. Make big promises and deliver a big product: Jim Collin’s book Good to Great speaks about being the world’s best at something.  It is one of his three intersecting circles.
  4. Focus on what you want vs. what you think others will pay for: This is another intersecting circle from Jim Collins.  Search for your passion.

There were other points, but the main point is to exercise these ideals with a good view of where you are going, and with metrics along the way to measure how far you have come.

Business strategy does not have to be fancy.  However, it must be well thought out and executed properly.