Key Advice To Small Business Owners For 2021 By Warren Coughlin

Small Business Canada

Warren Coughlin, Business Coach, Helping Your Build…. A Business That Matters

Warren helps principled entrepreneurs build a Business That Matters.  That is one that delivers to you, the owner, attractive profits, and a fulfilling lifestyle while also creating positive impacts on customers, team, and the larger community.  In other words, it is one that helps make the world – or just your corner of it – a better place.

This requires a combination of solid business skills and disciplines guided by deeply held values.

He’s been helping entrepreneurs do this since 2002.  They have experienced everything from 8 figure exits to 7 figure salaries, from rapid expansion to minimized operational work because of the development of great leaders and high-performance values-driven cultures.

What is your key advice to small business owners for 2021? 

In 2021, your business is likely to be tossed about on a sea churning with both opportunities and risks.  To survive and thrive in these waters, here are some principles and one strategic imperative.

Bad things will happen. Prepare for them. 

Opportunities will arise.  Seize them.

Ideas won’t make you successful.  Great execution of ideas will.

Execution succeeds when you properly allocate resources.  You have 3 resources: time, team, and money.   Use it wisely.

One strategic imperative in 2 parts incorporates these principles.  Plan.  Then execute the plan.

A goal is not a plan.  A plan requires a goal (or goals).  But it needs more.  It needs you to ask hard questions to analyze what’s working, what’s not working, and what might becoming.  It asks that you determine your available resources and capacity.  It requires that you choose an area of focus. If you try to fix or take advantage of everything at once, you’ll succeed at none of it.

It insists that you choose priorities, identifies specific tactics, assigns accountability for the tactics, schedules those activities, and then measure or evaluate the results.

And finally, it absolutely demands that you respect it.  If you write a plan and then stuff it in a drawer or ignore it the first time an unforeseen wave hits, you will be at the whim of fortune, and not in control of your fate.  This means you must execute the plan, course correct when you drift off the plan (because you will), and hold each other accountable for what you have agreed to do and to achieve.

If you do this, you will have more control, experience greater confidence, and produce better results faster, more predictable, and with far less stress.

Smooth sailing. 

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