In such volatile and uncertain times we find ourselves in, understanding the shape of your enterprise is pivotal.
Just as a ship’s captain needs to know the condition of their vessel before setting sail, entrepreneurs must comprehend the strengths and vulnerabilities within their business. Donald Rumsfeld, former United States Secretary of Defense, famously coined the phrase “unknown knowns” to describe the aspects of reality that we are unaware of but exist nonetheless. This concept can be applied aptly to the world of business, where unseen risks can have profound consequences if left unaddressed.
Every business, regardless of size or industry, operates within a framework of known and unknown variables. The knowns encompass tangible assets, market trends, and established processes. These are the elements that businesses often prioritize and actively manage. However, it’s the unknowns—the “unknown knowns“—that present the greatest challenge. These are the hidden vulnerabilities, blind spots, and unforeseen risks lurking beneath the surface.
The Risks of Ignorance
Failing to acknowledge and address the “unknown knowns” can lead to a myriad of consequences. Consider a scenario where a business overlooks cybersecurity vulnerabilities in its IT infrastructure. Without proper safeguards, the company becomes susceptible to data breaches, financial losses, and reputational damage. Similarly, neglecting to diversify supply chains could leave a business exposed to disruptions caused by geopolitical events, natural disasters, or economic downturns.
While it’s impossible to eliminate all unknowns, proactive measures can mitigate their impact. Conducting comprehensive risk assessments, scenario planning, and regular audits can help uncover hidden vulnerabilities and prepare for potential threats. Embracing uncertainty doesn’t mean succumbing to fear; rather, it involves cultivating resilience and adaptability in the face of adversity.
One notable example is the British multinational automotive company Jaguar Land Rover (JLR). Not so long ago (and before the UK government decided to back with huge subsidies for their new electric plant) faced significant challenges due to uncertainties surrounding Brexit. Particularly regarding trade agreements and regulatory changes. With a substantial portion of its manufacturing operations based in the UK, JLR’s exposure to potential disruptions in supply chains, tariffs, and regulatory frameworks posed a considerable risk to its business.
Despite efforts to mitigate these risks through contingency planning and diversification strategies, JLR still experienced adverse effects. For instance, uncertainty surrounding Brexit contributed to a decline in consumer confidence, leading to decreased sales and profitability for the company. Additionally, fluctuations in currency exchange rates impacted JLR’s cost structure and financial performance.
This real-world example underscores the importance of understanding and addressing unknown risks in the business environment. By highlighting the challenges faced by a prominent UK manufacturing company like JLR, you can better grasp the potential consequences of overlooking vulnerabilities in your own business. It serves as a cautionary tale, emphasizing the critical need for proactive risk management and strategic foresight in today’s complex and uncertain business landscape.
Drawing on the case of Jaguar Land Rover (JLR), completing the #ADDAZERO Scaleup audit could have provided invaluable insights for the company, enabling a better understanding of both hidden opportunities and vulnerabilities. This comprehensive audit, tailored specifically for conscientious business owners seeking sustainable growth, serves as a powerful tool for transforming unknown unknowns into known knowns.
Through the #ADDAZERO Scaleup audit, businesses gain a holistic view of their operations, finances, and strategic objectives. By systematically assessing key areas such as market positioning, operational efficiency, financial health, and risk management, entrepreneurs can uncover hidden opportunities for growth while identifying potential vulnerabilities that may threaten their success.
For JLR, conducting such an audit could have revealed the extent of its exposure to Brexit-related risks, allowing the company to develop targeted strategies to mitigate these challenges. By quantifying the potential impact of regulatory changes, supply chain disruptions, and market volatility, JLR could have proactively adjusted its business model, diversified its sourcing strategies, and strengthened its market positioning to weather the storm more effectively.
Furthermore, the #ADDAZERO Scaleup audit facilitates strategic decision-making by providing actionable insights based on data-driven analysis. By leveraging the findings of the audit, businesses can prioritize initiatives that drive sustainable growth, optimize resource allocation, and enhance overall performance. This proactive approach not only minimizes the likelihood of unforeseen setbacks but also positions companies to capitalize on emerging opportunities in the marketplace.
In essence, completing the #ADDAZERO Scaleup audit empowers businesses to navigate uncertainty with confidence, turning unknown unknowns into known knowns. By gaining a comprehensive understanding of their strengths, weaknesses, opportunities, and threats, entrepreneurs can chart a clear path forward, driving sustainable growth and resilience in today’s dynamic business environment.
Just as Donald Rumsfeld urged policymakers to confront the “unknown knowns,” entrepreneurs must be vigilant in uncovering the hidden risks within their enterprises. By embracing uncertainty, conducting thorough risk assessments, and remaining adaptable, businesses can navigate choppy waters with confidence and resilience.
Understanding the shape of your business isn’t just about knowing what you know—it’s about acknowledging what you don’t know and taking proactive steps to address it. As the renowned management consultant Peter Drucker once said, “The greatest danger in times of turbulence is not the turbulence itself, but to act with yesterday’s logic” In a rapidly changing world, staying ahead requires embracing uncertainty and charting a course guided by foresight, vigilance, and adaptability.
You can join the 119,000+ other business owners who have already accessed and benefited from their #ADDAZERO report. CLICK HERE
Unravelling the Mindset for Business Triumph in 2024 with My TrueNORTH’s #ADDAZERO Methodology
Embarking on the entrepreneurial journey requires more than just a business plan; it demands a profound exploration of the mindset that propels the journey. In this extensive blog post, we’ll delve deep into the intricacies of the entrepreneurial mindset, discussing the transformative process of challenging and reshaping it. Our focus will be on crafting a comprehensive and implementable roadmap for business success in 2024, with special reference to My TrueNORTH and the groundbreaking #ADDAZERO Methodology.
Complexities of the Entrepreneurial Mindset
Research has long highlighted the pivotal role of the entrepreneurial mindset in shaping business outcomes. Traits such as resilience, adaptability, and risk-taking propensity are often considered essential. However, the landscape is nuanced, with entrepreneurs frequently grappling with self-imposed barriers and outdated beliefs. Recognizing and addressing these mental roadblocks is foundational to unlocking untapped potential.
Diving into the #ADDAZERO Methodology
At the forefront of pioneering transformative change is My TrueNORTH, the UK’s Ethical Coaching Company. Their #ADDAZERO Methodology is a holistic approach that transcends conventional business strategies. It revolves around authentic and honourable growth, aligning with the ethos of leaving a lasting legacy rather than a race for immediate riches.
The methodology’s core lies in meticulously examining the entrepreneur’s mindset, challenging existing beliefs, and fostering a paradigm shift towards growth-oriented thinking. Moreover, it places a strong emphasis on ethical business practices, intertwining with principles such as #BCORP, and #B1G1, and a commitment to the #ESG and #CSR agenda.
Unveiling the Power of Mindset: Research and Statistics
To underscore the profound impact of mindset on business success, let’s delve into a more extensive exploration of relevant research and statistics:
The Power of Growth Mindset
Stanford psychologist Carol Dweck’s extensive work reveals that individuals embracing a growth mindset are not only more likely to confront challenges but persist in the face of setbacks, leading to heightened success across various endeavours.
Ethical Practices and Business Performance
Deloitte’s ‘Purpose’ survey goes beyond the surface, emphasizing that businesses committed to ethical practices not only attract customers but also foster a positive work culture. This, in turn, enhances employee satisfaction and retention.
Mentoring for Success
The Federation of Small Businesses (FSB) sheds light on the positive correlation between mentoring and business success. Businesses with mentorship programs tend to experience higher revenue growth and overall sustainability.
success is often attributed not only to strategic acumen and market insights but also to the mindset that underpins an individual’s approach to challenges. One particularly influential concept is the “growth mindset,” as extensively researched and popularized by Stanford psychologist Carol Dweck. This blog will explore the transformative power of a growth mindset in entrepreneurship, shedding light on Dweck’s groundbreaking work and its relevance to business success.
Let’s now spend some time, looking at each of these in more detail…
The power of the Growth Mindset
A growth mindset, as conceptualized by Carol Dweck, is the belief that one’s abilities and intelligence can be developed through dedication, hard work, and perseverance. In contrast, a fixed mindset hinges on the notion that abilities are innate and unchangeable, leading individuals to avoid challenges to maintain a sense of competence.
Persistence in the Face of Challenges
Dweck’s research reveals a compelling connection between a growth mindset and the ability to confront challenges. Individuals who embrace a growth mindset view challenges as opportunities for learning and growth, fostering a resilient attitude that propels them forward.
Overcoming Setbacks with Resilience
Perhaps one of the most profound aspects of a growth mindset is its association with resilience. Those with a growth mindset are not deterred by setbacks; instead, they perceive them as temporary obstacles and use them as stepping stones for improvement.
Heightened Success Across Endeavours
Dweck’s extensive studies consistently demonstrate that individuals with a growth mindset are more likely to achieve heightened success across various endeavours. Their willingness to embrace challenges, learn from failures, and persist in the face of adversity positions them for long-term success.
Exploring Dweck’s Research
To delve deeper into the transformative impact of a growth mindset, it’s essential to explore Carol Dweck’s seminal work. Dweck’s research, particularly her book “Mindset: The New Psychology of Success,” provides a comprehensive exploration of the concepts surrounding fixed and growth mindsets.
In her book, Dweck delves into real-world examples, case studies, and empirical evidence supporting the idea that mindset significantly influences achievement and success. By adopting a growth mindset, individuals can cultivate a love for learning, embrace challenges, and ultimately unlock their full potential.
Applying a Growth Mindset in Entrepreneurship
Now, let’s explore how entrepreneurs can apply the principles of a growth mindset in their endeavours:
Embrace Challenges as Opportunities
Cultivate a mindset that views challenges as opportunities for growth and improvement. Instead of shying away from difficulties, approach them with the belief that overcoming them will lead to enhanced skills and knowledge.
Learn from Setbacks
Rather than viewing setbacks as failures, consider them as valuable learning experiences. Analyse what went wrong, extract lessons, and use that knowledge to refine your approach in future endeavours.
Foster a Culture of Continuous Learning
Infuse your entrepreneurial journey with a commitment to continuous learning. Stay curious, seek out new knowledge, and encourage your team to embrace a growth mindset collectively.
Within entrepreneurship, a growth mindset is essential as a powerful catalyst for success. Carol Dweck’s research illuminates the transformative impact of believing in the potential for growth and development. By adopting a growth mindset, entrepreneurs can not only navigate challenges with resilience but also cultivate a mindset that propels them towards sustained success. As you embark on your entrepreneurial journey, consider Dweck’s insights as a guiding force, empowering you to overcome obstacles and unlock your full potential.
Deloitte: Unveiling the Impact of Ethical Practices on Business Performance
In recent years, ethical practices have evolved from being perceived as mere regulatory compliance to becoming critical components that influence overall business performance. This blog explores the profound impact of ethical practices on business success, drawing insights from a Deloitte survey that highlights the connection between ethical commitments, customer attraction, positive work culture, and enhanced employee satisfaction and retention.
Ethical practices encompass a broad spectrum, from fair labour standards and environmental responsibility to transparent governance and community engagement. The Deloitte survey delves into the intricate relationship between these ethical commitments and the overall performance of businesses.
Attracting Customers through Ethics
The Deloitte survey underscores that businesses committed to ethical practices hold a distinct advantage in attracting customers. In an era where consumers are increasingly conscious of the impact of their purchases, ethical considerations play a pivotal role in shaping purchasing decisions.
Fostering a Positive Work Culture
Beyond customer attraction, ethical practices contribute significantly to the internal dynamics of a company. A workplace built on ethical principles fosters a positive work culture, creating an environment where employees feel valued and engaged.
Key Findings from the Deloitte Survey:
Businesses that prioritize ethical considerations tend to create workplaces with higher morale, collaboration, and a sense of purpose.
Ethical practices contribute to building trust between employees and leadership, fostering a healthy and transparent organizational culture.
Enhancing Employee Satisfaction and Retention:
The link between ethical practices and employee satisfaction is a cornerstone of the Deloitte survey’s findings. Employees increasingly seek workplaces aligned with their values, where ethical considerations are integrated into the organizational fabric.
Statistics from the Survey:
Organizations with robust ethical practices report higher levels of employee satisfaction.
Employee retention rates are positively influenced by a workplace that prioritizes ethics, leading to lower turnover costs.
Deloitte’s comprehensive survey serves as a valuable resource for understanding the impact of ethical practices on business performance. Conducted on a diverse range of businesses, the survey provides real-world insights into how ethical considerations can be a strategic advantage in today’s competitive market.
The survey analyses responses from businesses across industries, exploring the correlation between ethical practices and key performance indicators.
Applying Ethical Practices in Your Business
Based on the insights from the Deloitte survey, here are practical steps to integrate ethical practices into your business for enhanced performance:
Define and Communicate Ethical Values:
Clearly articulate your company’s ethical values and communicate them to both internal and external stakeholders.
Integrate Ethics into Decision-Making:
Make ethical considerations a fundamental part of your decision-making processes, ensuring alignment with your company’s values.
Employee Training and Engagement:
Provide ongoing training to employees on ethical practices and their importance. Foster a workplace culture where employees actively participate in ethical discussions.
Ethical practices have transcended mere compliance to become integral components of a brand’s identity. This blog will take you on a comprehensive journey, exploring the principles and impact of three key ethical frameworks: BCORP, B1G1, and the ESG/CSR agenda. Let’s delve into each of these pillars, understanding how they go beyond superficial considerations to shape a business’s core values and contribute to societal well-being, ultimately fostering customer loyalty.
BCORP: Redefining Business Success
BCORP, or B Corporation certification, represents a transformative approach to business that extends beyond profit margins to consider environmental, social, and governance (ESG) factors. Achieving BCORP certification requires businesses to meet rigorous standards of social and environmental performance, accountability, and transparency.
Key Principles of BCORP
Social Impact: BCORP-certified businesses prioritize positive impacts on employees, customers, communities, and the environment.
Environmental Responsibility: These businesses actively reduce their environmental footprint, championing sustainability and responsible resource management.
Legal Accountability: BCORPs legally commit to balancing profit with purpose, ensuring long-term positive effects on society.
Impact on Brand Identity
BCORP certification transforms ethical practices from a checkbox to a brand-defining characteristic. It signals to consumers that the business is committed to a higher standard of corporate responsibility, instilling trust and loyalty.
B1G1: Business for Good
B1G1, or Buy One Give One, is a global initiative that intertwines business success with social impact. It operates on a simple premise: for every product or service sold, a business gives back to a cause, creating a ripple effect of positive change across the globe.
Core Tenets of B1G1
Micro-Giving: B1G1 encourages businesses to make small, impactful contributions with every transaction, making giving an integral part of their everyday operations.
Diverse Causes: Businesses can choose from a wide array of causes, allowing them to align their giving with their values and engage customers in the process.
Transparent Impact: B1G1 emphasizes transparent reporting, enabling businesses to showcase the tangible impact of their contributions.
Brand Identity Transformation
B1G1 transcends traditional corporate philanthropy by seamlessly integrating giving into business operations. This approach transforms ethical practices into a customer-engaging strategy, fostering a sense of shared purpose.
ESG/CSR: Navigating the Triple Bottom Line
Environmental, Social, and Governance (ESG) criteria and Corporate Social Responsibility (CSR) represent a holistic approach to business that considers not only financial performance but also social and environmental impacts.
Components of ESG/CSR
Environmental Impact: Businesses focus on sustainable practices, energy efficiency, and reducing their ecological footprint.
Social Responsibility: Prioritizing fair labour practices, diversity, and community engagement to ensure a positive impact on society.
Governance Standards: Upholding ethical governance practices, transparency, and accountability to stakeholders.
Elevating Brand Identity
Adopting ESG/CSR principles goes beyond compliance, transforming businesses into socially conscious entities. This not only attracts socially conscious consumers but also contributes to long-term brand loyalty.
The Deloitte survey sheds light on the multifaceted advantages of ethical practices, from attracting customers to fostering positive work cultures and enhancing employee satisfaction and retention. By incorporating ethical considerations into your business strategy, you not only contribute to a more responsible and sustainable business environment but also position your company for long-term success in an increasingly conscientious marketplace. The link to the Deloitte survey provides a valuable resource for those looking to delve deeper into the intricate relationship between ethics and business performance.
And, that the integration of BCORP, B1G1, and ESG/CSR principles into business operations signifies a commitment to ethical practices that go beyond surface-level considerations. These frameworks redefine business success, fostering a brand identity deeply rooted in social and environmental responsibility. By embedding these principles, businesses not only contribute to societal well-being but also cultivate customer loyalty by aligning with the values of an increasingly conscious consumer base. The journey towards ethical business practices becomes a powerful narrative, shaping a legacy of positive impact and responsible entrepreneurship.
The Power of Mentorship: Accelerating Small Business Success
Over the last 2 decades, the role of mentorship has emerged as a transformative force, fostering not only guidance but tangible impacts on revenue growth and overall sustainability. The Federation of Small Businesses (FSB) has conducted extensive research, shedding light on the positive correlation between mentoring programs and small business success. This blog explores the key findings from the FSB, delving into how mentorship can propel businesses towards higher revenue growth and sustained success.
Understanding the FSB’s Insights
The Federation of Small Businesses serves as a crucial resource for small businesses, providing insights, support, and research that illuminate the path to success. One of the pivotal findings from the FSB highlights the profound impact of mentorship programs on the growth and sustainability of small businesses.
Positive Correlation Between Mentorship and Revenue Growth
According to the FSB, businesses that actively engage in mentorship programs experience a notable uptick in revenue growth. This correlation is not merely coincidental but reflects the strategic advantages that mentorship brings to the table.
Key Statistics from the FSB
Small businesses with mentorship programs report, on average, X% higher revenue growth compared to those without mentoring support.
The impact is particularly pronounced in the first few years of operation, showcasing the immediate benefits of mentorship.
Enhanced Overall Sustainability
Beyond revenue growth, the FSB’s research underscores the broader implications of mentorship on the overall sustainability of small businesses. Sustainability here encapsulates not only financial stability but also factors like adaptability, resilience, and long-term viability.
Insights into Sustainability Metrics
Small businesses engaged in mentorship programs demonstrate a higher rate of survival and resilience during challenging economic climates.
Mentorship contributes to the development of robust business practices, ensuring sustained success over the long term.
The Dynamics of Mentorship
Mentorship facilitates the transfer of experiential knowledge from seasoned mentors to business owners. This knowledge encompasses not only industry-specific insights but also practical strategies for navigating challenges.
The mentor-mentee relationship opens doors to valuable networking opportunities. This not only broadens the mentee’s professional circle but also introduces them to potential clients, partners, and collaborators.
Mentors provide strategic guidance, helping small business owners make informed decisions. This includes everything from financial planning and marketing strategies to navigating legal and regulatory landscapes.
Based on the FSB’s insights, here are practical steps for small business owners to implement effective mentorship programs:
Identify Potential Mentors
Seek out mentors with relevant industry experience and a willingness to guide and share insights.
Establish Clear Goals
Define specific goals and objectives for the mentorship program, aligning them with your business’s growth and sustainability objectives.
Foster Open Communication
Create an environment where open communication is encouraged. This includes regular check-ins, feedback sessions, and a willingness to learn from both successes and challenges.
The Federation of Small Businesses research underscores the pivotal role of mentorship in driving small business success. From accelerating revenue growth to enhancing overall sustainability, mentorship programs offer tangible benefits that extend far beyond traditional support structures. As small business owners navigate the complexities of entrepreneurship, embracing mentorship emerges not only as a strategic choice but as a transformative journey towards sustained success. The insights provided by the FSB serve as a beacon, guiding entrepreneurs toward the profound advantages that mentorship can bring to their businesses.
Crafting an Elaborate 2024 Business Plan
Let’s now dissect the process of seamlessly integrating the #ADDAZERO Methodology into your 2024 business plan:
In-Depth Mindset Analysis
Begin with a comprehensive assessment of your entrepreneurial mindset. Pinpoint limiting beliefs and areas ripe for growth, aligning with the overarching principles of authentic and ethical business practices.
Comprehensive #ADDAZERO Integration
Embrace the #ADDAZERO Methodology as a guiding force in your business strategy. This includes delving into 1:1 mentoring, leveraging group coaching dynamics, and tapping into valuable resources like the #ADDAZERO Podcast and the #ADDAZERO Institute for unparalleled training and coaching experiences.
Embedding Ethical Practices
Go beyond the surface of ethical considerations by deeply embedding principles of BCORP, B1G1, and the ESG and CSR agenda into your business operations. Ethical practices become not just a checkbox but a fundamental part of your brand identity, contributing to societal well-being and fostering customer loyalty.
Transitioning to Legacy Building
Shift the focal point from short-term gains to long-term legacy building. Consider how your business can be a force for positive change in the community, contributing meaningfully to the mission of eradicating unemployment in the UK.
As a budding Entrepreneur, constructing a business plan for 2024 isn’t just a recommendation, but a necessity. Our business planning when done correctly transcends traditional approaches. It necessitates a deep dive into the entrepreneurial mindset, a process underscored by My TrueNORTH’s #ADDAZERO Methodology. This transformative approach aligns seamlessly with ethical practices and legacy building, providing a robust and reliable roadmap for conscientious business owners seeking not just growth, but a meaningful impact. By integrating these principles, you lay the foundation for a successful and fulfilling entrepreneurial journey, ensuring sustained success for years to come.
Tom and Jerry is a classic cartoon series loved by many, but what if we look at it from a different perspective?
What if we see Tom as the ‘fat cat’ within us all, chasing Jerry (money) relentlessly?
In the cartoon, we see Tom trying everything in his power to catch Jerry, but no matter how desperate he becomes, Jerry always finds a way to avoid capture. Similarly, in real life, we often chase after money, believing it will solve all our problems and make us happy. But just like Jerry, money always seems to elude us.
The moral of the story is not to fixate on chasing money. Of course, we all need money to survive, but when we make it the sole focus of our lives, we risk losing sight of what matters. Instead of constantly chasing after money, we should focus on building meaningful relationships, pursuing our passions, and finding joy in the simple things in life.
Tom’s endless pursuit of Jerry reflects our own never-ending pursuit of wealth and material possessions. We convince ourselves that if we just had more money, we would be happier, but in reality, the pursuit of money can be a never-ending cycle of disappointment and frustration.
It’s important to remember that money is not the end-all-be-all. It can provide comfort and security, but it cannot buy us happiness or fulfilment. As the saying goes, “Money can’t buy happiness.” True happiness comes from within and is cultivated by our relationships, experiences, and the sense of purpose we find in our lives.
We should also avoid comparing ourselves to others and their material possessions. Like Tom, we may envy others who appear to have more money or better things than us. But this envy only leads to a negative mindset and a never-ending cycle of comparison and dissatisfaction.
Instead of focusing on what we lack, we should focus on what we have and be grateful for it. Gratitude is a powerful tool that can shift our mindset from one of scarcity to one of abundance. When we appreciate what we have, we realise that we have enough and feel content.
Furthermore, we should aim to find fulfilment in our work and passions rather than solely in the money we earn. When we enjoy what we do and find meaning, we feel a sense of purpose and satisfaction that money cannot provide.
When we focus on making a positive impact in the world, money comes to us naturally rather than us chasing after it.
In today’s world, consumers are increasingly conscious of businesses’ impact on society and the environment. As a result, there is a growing demand for businesses prioritising social and environmental responsibility. By becoming a business for good, companies can attract these socially conscious consumers and create a positive reputation for themselves.
In addition, businesses that prioritise social and environmental responsibility may also be able to attract and retain top talent. Many employees today want to work for companies that align with their values and make a positive impact in the world. By prioritising social responsibility, companies can create a workplace culture that attracts and retains these employees.
Furthermore, businesses can differentiate themselves from their competitors by focusing on making a positive impact. Businesses that stand out for their social responsibility in a crowded marketplace may have a competitive advantage.
Therefore the story of Tom and Jerry teaches us a valuable lesson about the dangers of fixating on money. Instead of endlessly chasing after wealth, we should focus on building meaningful relationships, pursuing our passions, and finding joy in the simple things in life. By doing so, we can find true happiness and fulfilment.
Becoming a business for good can be good for business. By prioritising social and environmental responsibility, companies can attract socially conscious consumers, create a positive workplace culture, and differentiate themselves from competitors. Ultimately, by focusing on making a positive impact, businesses may find that money comes to them naturally rather than them having to chase after it.
What is a Business for Good?
A business for good is a company that prioritises social and environmental responsibility and makes a profit. The primary goal of a business for good is to create a positive impact in the world while also generating revenue and sustaining the business.
Unlike traditional businesses that prioritise profit above all else, a business for good aims to make a positive difference in society and the environment. This can include reducing carbon emissions, promoting fair labour practices, or donating a portion of profits to social causes.
Businesses for good can take many forms, from small startups to large corporations. Some businesses for good may have a specific social or environmental mission, while others may integrate social and environmental responsibility into all aspects of their operations.
One way businesses for good can measure their impact is through social and environmental performance metrics, such as the B Impact Assessment. These assessments measure a company’s impact in governance, workers, community, environment, and customers.
There are many reasons why we should consider becoming a business for good. Here are a few:
Making a positive impact: By becoming a business for good, we can create positive change in society and the environment. We can use our business as a force for good and contribute to the betterment of the world.
Attracting socially conscious consumers: Consumers today are increasingly conscious of businesses’ impact on society and the environment. By prioritising social and environmental responsibility, we can attract these socially conscious consumers and create a positive reputation for our business.
Creating a positive workplace culture: By prioritising social responsibility, we can create a workplace culture that attracts and retains top talent. Many employees today want to work for companies that align with their values and positively impact the world.
Differentiating ourselves from competitors: Businesses that stand out for their social responsibility in a crowded marketplace may have a competitive advantage. By prioritising social and environmental responsibility, we can differentiate ourselves from our competitors and appeal to consumers who care about these issues.
Future-proofing our business: As the world becomes more socially and environmentally conscious, businesses prioritising these issues will likely be more successful in the long run. By becoming a business for good, we can future-proof our business and ensure its sustainability.
Balancing a business for good with sustainable profitability can be challenging
But it is essential for the business’s long-term success. Here are a few ways to achieve this balance:
Prioritise social and environmental responsibility without compromising profitability: It is important to remember that a business for good still needs to make a profit to sustain itself. Therefore, it is crucial to prioritise social and environmental responsibility while also making sure that the business is financially sustainable. This may involve reducing costs, increasing efficiency, or developing new revenue streams.
Measure impact and profitability: To ensure that the business achieves social and financial goals, it is important to measure impact and profitability. This can be done through social and environmental performance metrics, such as the B Impact Assessment, and financial metrics, such as revenue, profit margins, and return on investment.
Innovate to create new revenue streams: To balance social responsibility and profitability, it may be necessary to innovate and create new revenue streams. This could involve developing new products or services that align with the company’s social mission or exploring new and underserved markets.
Engage stakeholders: Engaging stakeholders, including employees, customers, suppliers, and investors, can help to ensure that the business is achieving both social and financial goals. This can involve communicating the company’s social mission and impact, soliciting stakeholder feedback, and involving them in decision-making processes.
Continuously improve and adapt: Balancing social responsibility and profitability is an ongoing process that requires continuous improvement and adaptation. It is important to regularly assess the company’s impact and profitability, identify areas for improvement, and adapt strategies as needed.
Overall, becoming a business for good can benefit society, the environment, and our business itself. By prioritising social and environmental responsibility, we can create a positive impact, attract socially conscious consumers and top talent, differentiate ourselves from competitors, and future-proof our business.
The most popular answer I hear when I ask this question is FREEDOM!
Freedom to do what they want, when they want. And not to have to worry about work, or money in order to be able to do whatever it is they want to do.
So why is it, so few have ever really planned for what that might look like!
Sure, we all have a vague notion of “life after work” or “retirement” but how much time, effort, and consideration have you put into determining exactly what that will look like, and when you wish to achieve that?
One of the ‘4 Killer Questions’ I ask every client is:
“One what date are you going to successfully sell your current business? and be able to retire?”
Now, to be clear; I’ve not SAID retire, I’ve simply asked BE ABLE TO retire?
In response, I often hear people frantically working out in which year they are going to turn 65. And then shaving a few years off, to ‘reward’ themselves for having owned their own business! So they are somewhat taken aback when I ask “And what would you do in the interim if you were able to achieve that in the next 5 years?”
You see, once you have achieved your ENOUGH? number, and have the ABILITY to retire – Everything changes.
Working because you WANT to, not because you HAVE to
Doing WHAT you want, not what OTHERS want of you
Being, doing, having, all becomes possible
And all of that is possible in a far shorter timeframe than you may first think possible – Through the application of a different mindset and beliefs!
I’m a firm subscriber to the concept:
Your future shall ultimately be determined, by the quality of questions, you learn to ask, of yourself.
Therefore, if you want a better future, it starts by learning to ask better questions.
Our ethical business mastermind groups, are specifically designed and managed to ensure bigger, bolder, brighter, more challenging questions are asked AND ANSWERED, not only to change but transform you and your business, the perception of what is possible and the means to achieve it.
In today’s video, I’ll pose the 4 most DIFFICULT questions you are ever likely to have to answer! But in doing so, will fundamentally change the way you think about, work and operate within your business!
13 reasons your business is suffering (if you don’t already have a coach)
Whether you’ve ‘bitten the bullet’ and quit, been made redundant, inherited or otherwise. You’ve made the shift from employee to the business owner. Congratulations, you’ve just joined the ranks of individuals who will become successful entrepreneurs — or failed ones.
Naturally, once you’ve established your start-up company, the question becomes:
“How can you maintain an amazing organization as a new entrepreneur?”
Being an experienced professional in one’s field is one thing; being a professional and successful business owner is another.
We’ve spent over 7 years surveying over 117K Businesses to identify the most common risks (and how to avoid them) along with the hidden opportunities so many miss sight of.
Business owners often believe they know everything and no longer need anyone to look after them. At the same time, as their businesses get larger and more prosperous, successful entrepreneurs seek new guidance and more accountability. That’s fantastic if your start-up is performing well. Be mindful, however, that new accomplishments will bring new challenges.
In any event, a decline always sets in beyond a certain point. It is impossible to reach the top without help from others. The situation occurs all the time. Simply think of it as a phase in a start-up’s life.
Entrepreneurs face a range of issues that require a variety of answers. If you lack a clear goal and plan, you will be distracted and challenged at every turn. The most important thing you can do for yourself as an entrepreneur is to connect with others, either through a peer-to-peer support group, or better still a coaching/mentoring program. A coach/mentor can help you expand quickly and support you to oversee your business’s growth.
Why do you need a coach?
The best athletes in the world, the top performers, actors, musicians, and political leaders all hire coaches to help them succeed, so why wouldn’t you? Adter all, it’s the only way to discover what you’re capable of is to be pushed out of your comfort zone.
Here’s why you should consider hiring a business coach to do just that.
As the business owner, who holds YOU accountable? Who determines the speed and direction of travel, and ensures ALL the decisions, time, energy and investment made, is directly impacting the goals and aspirations you desire?
We can ALL suffer from SOS (Shiny Object Syndrome) and so without an accountability partner, you are already being drawn off course, and away from achieving ALL you are capable of!
A business coach will enable you to see your potential so you can leverage your talents and abilities, but they will also hold you accountable. We all do better when we must answer to someone for our actions. If you start to get side-tracked, a good coach will make sure you follow through on what you said you would do. They will motivate you while also keeping you accountable and tracking your progress.
I often refer to this as Shiny Object Syndrome (SOS) Those great ideas or opportunities that we all face, often take us just one degree off course, but prevent us from ever achieving what we first set out to achieve!
Through our commitments section within the #ADDAZERO Methodology, we agree on what you will and won’t be doing and held to account for the agreed actions you and I shall be taking to activate and accelerate the growth of both you and your business.
2. Attainable/Stretch Goals
Whether you are ready to admit it or not, the majority of business owners ‘play it safe’. You might ‘think’ you’ve set some pretty ambitious goals? But, the fact that only 1% of Start-up businesses ever SMASH their original goals, shows that the mass majority fail to achieve their (or the businesses) FULL potential.
Your coach will help you visualize and reach your goals, working with you step by step to define what you want and how to achieve it. I don’t subscribe to SMART objectives (and neither should you as an entrepreneur), instead, we agree on a set of BFHAG DUMB goals, and set about to achieve those instead. Whether it’s evaluating your schedule, prioritizing your tasks or helping you to manage your time more efficiently, we will work together to make sure you get more of your goals accomplished in both business and life.
The Vision/Values and Goal setting element of the #ADDAZERO Methodology identifies exactly what you want to achieve in life, so that you can both live and leave a legacy, then ensures both you and your business are aligned with being able to achieve this, quickly and efficiently.
How much time do you spend PLANNING in your business? How much time do you spend IMPLEMENTING? and how much time do you WASTE? As a business owner, it’s easy to get overwhelmed by your day-to-day tasks. It’s so typical of owners to fall into the trap of BUSYness, at the expense of growing an effective Business!
As a business owner, it’s easy to get overwhelmed by your day-to-day tasks. With a business coach, you’ll get the structure and organization necessary to run your business like a well-oiled machine. We help you implement and maintain systems and structures for success. We shall provide you with effective time-management plans, as well as tips and strategies to enhance your performance based on your work style and personality.
By determining what you want to achieve, and the parameters you wish to work within, we can review the model, structure and strategies employed to ensure you and the business are working as efficiently as possible, in pursuit of your goals.
4. Business plan
Our research, (into more than 177K businesses and what causes them to fail) showed the NUMBER ONE reason a business fails, is the lack of an up-to-date, shared and followed business plan!
No matter where you’re at in your business, a skilled coach will guide you on how to craft the perfect business plan and help you implement and maintain systems for success. From clear and specific objectives to strategic action steps, you’ll learn the essential elements of a successful business plan.
Trust me, a Business plan is not just for funding. It’s the roadmap on which successful entrepreneurs use to map their journey to success. It becomes a living document to which all major decisions are made, and enables us to map the journey to which we shall take to #ADDAZERO.
5. Marketing ideas
If you always do, what you’ve always done? Then you’ll always have (at best) what you have already!
So many people get marketing WRONG. They either do the same as everyone else and hope for a different result or do the right things in the wrong order and then wonder why it has little to no effect?
Whether you don’t have the time to develop a marketing plan or you’re not sure how to produce a valuable one, a business coach will help create a personalized, easy-to-implement marketing strategy. You’ll learn how to attract new leads, and convert more into a profitable business while adding value to your current client relationships.
Having a better understanding of your ideal target client audience, and how to attract them is key to maximising efficiencies across the business. And our 17-step Marketing Management has been specifically devised with this in mind.
6. Unbiased insight
It was Donald Rumsfeld that is recorded as having said
“We don’t know, WHAT we don’t know“
and how right he was.
As the business owner, you are intrinsically linked to the business. It’s yours, you know it inside out, and you are passionate and committed to its success.
Yet when did you stop to learn as much as you know about what it is you do, about Marketing, Sales, Finance, Infrastructure, Systems, Processes, Automation, People, Recruitment, Retention, Remuneration, Pricing, Packaging and everything else that running a successful growing business demands?
With a business coach, you get unbiased, constructive feedback. Your co-workers, friends or family members (whether you like it or not) are biased in their opinions. In contrast, when you hire a business coach, they will be able to offer you insights that other people in your circle may not be able to. They can often uncover solutions that those close to you or your business may overlook.
“You don’t know, what you don’t know” and yet it is often that which is the greatest hurdle to making the biggest progress both you and the business are capable of. Your business coach/mentor has the ability to determine how best to overcome/address this and works with you to support you in both personal and professional development.
Whether it’s the fear of failure, the fear of success, the fear of getting it wrong, or simply the fear of the unknown? At some stage in your business’s growth journey, you’re going to stop, because the fear holds you back! When you’re working toward your goals, it can feel like you’re not where you want to be.
A business coach will be there to help you see how far you’ve come and what you’ve achieved. They’ll provide support and encouragement, so you’ll eventually learn to lead with confidence and overcome challenges. They will also remind you to celebrate your wins.
Whether it’s a fear of failure, fear of success, or fear of the unknown, we all face uncertainty, and yet it is often this, that prevents us from making the big decisions that make the biggest difference to both us and the capabilities of the business. We’ll work together to review what causes these limiting beliefs and how to overcome them. (Our 18 ways to become unstoppable, is a great way to review and address this).
8. Fresh perspective
It was Einstein who suggested the definition of Insanity, is doing the same thing, again and again, and again, still hoping for a different outcome! And yet, so many business owners are still doing what they did last year, the year before, and the year before that, still hoping that “This time next year Rodney, we’ll be millionaires”
When you’re too in the weeds of your business, it can be easy to overlook the obvious. The fresh perspective of a business coach can help you identify problems and solutions that you would have never thought of. They will increase your self-awareness and point out your blind spots, so you can perform at your best.
The benefits of a coach that has both a breadth and depth of knowledge come into their own here. Coaching (done well) is one of the most treasured positions, whereby we get to support you in a way no other can. By bringing knowledge, experience and perspective gleaned from years within both our own businesses and that supporting countless others. We can bring consideration that no other will have the ability to do so.
Too many business owners get to a certain level of Turnover, or a certain level of personal income, and then take their foot off the gas!
They somehow think, that to grow a business more, determines MORE hours, MORE effort, MORE risk and have become so comfortable with where they are, that the thought of doing any MORE is the last thing they want to do!
Perhaps your income has remained the same year after year, or maybe you haven’t increased the quantity or quality of your leads. If you’ve hit a plateau, a coach/mentor can take your business to the next level by assisting you in creating a strategic, business-boosting plan. They will help you sort and qualify your database so that you can clearly determine how best to generate the kinds of leads that result in substantial growth.
Our #ADDAZERO methodology has not only been implemented successfully in thousands of other businesses but has also been recognised nationally and internationally with awards for its impact on businesses. It’s also seen no less than EIGHT of our clients as National Entrepreneur of the Year finalists, and countless others winning both regional and industry awards for growth.
But beyond this, it’s enabled them to buy their ‘forever’ dream home, take extensive exotic holidays with their family, and fall back in love with their business because of the reward it now provides for their continued efforts.
Surely, the whole point of growing your own business, is that it provides handsomely for you, your family, and your employees. Whilst providing a great quality of life, and the freedom to do more of what you want, where you want, when and with who you want?
Then why is it, so many business owners admit to “working harder than they ever have done before”
The right business coach will teach you how to balance your professional and personal life. As a business owner, you can often fall into the habit of devoting all your time and energy to work. Your coach/mentor will encourage you to take a break to indulge in an activity you enjoy or spend time with loved ones. When your mind is sharp and your attitude is positive, your business will thrive.
After all, it’s all about you and your achievements, and what the word success means to you. We support you to both set new heights and achieve them. Whilst creating a legacy for others to follow, that as you exit there is a continued succession plan, that others strive to follow, creating a sustainable business, that provides for both you, and your employees long after your last working day.
With the right business coach/mentor. you gain a trusted advisor who will guide you on your path to success. They will put things in perspective and provide you with invaluable ideas and strategies. Whether you’re just starting out or looking to scale your business, investing in a coach is one of the best ROI decisions you can ever make.
How to identify the right coach/mentor
You have now recognized the value of hiring the right coach to help you with your business. Now let’s see how to pick the right one:
1. Employ a coach who has been where you want to go
Whilst there are numerous people who can read from a crib sheet and advise you on the theory of what is possible. You might consider finding someone who has experience in owning, growing and running a successful business, as your mentor or coach. As an entrepreneur, you ought to be mentored by someone with an established track record, of knowing how to apply the theory in practical terms that get real results.
You can bet there are hundreds of so-called business professionals operating “scam” geniuses. With some copywriting magic, anyone can convince you that he or she knows what he or she is talking about. But that doesn’t mean that person actually does or has any real experience of implementing those decisions and working through the impact they have.
How can you determine whether a coach is real? You should first do your research and make sure the person has a track record of success. Do they have any case studies or testimonials on the website, is there the option to speak with/meet existing customers? Can you ‘sample’ their coaching before signing up for an extended programme?
2. Meet other entrepreneurs who are dealing with similar issues
Entrepreneurship can make you feel as if you’re stranded on an island, cut off from the rest of the world and with no one to turn to for support.
For that reason, enrolling in a coaching program alongside others can offer significant advantages; beyond the directly obvious. These programs bring together entrepreneurs from other companies to deal with similar challenges and can help you figure out which mentors or programs are worth your money and time.
3. Make connections with successful business owners
When you join a coaching program or hire a coach/mentor, you also want to network with other entrepreneurs. Not only will these connections potentially help you identify the best direction to take your business to the next level, but your network is an invaluable tool in its own right.
Your network determines your net worth. Whether you like it or not, the people you spend the most time with will impact you the most. By spending time with successful small-business owners, both your learning and earnings are likely to increase.
Today’s top entrepreneurs spend tens (if not hundreds) of thousands of pounds on coaching, even when their businesses are doing well, because coaching/mentoring helps people accelerate both themselves and their businesses, beyond the realistic and possible, to new heights otherwise unreachable alone. It gives you the confidence and competence to do new things, and bot the support network and accountability required to exceed individual capability.
So, now you know both why and how to select the right Business Coach: are you ready to #ADDAZERO?
Jay Allen is the Chief ScaleUp Sherpa within My TrueNORTH, The Ethical Coaching Company, and Founder of the #ADDAZERO Business Challenge.
Having spent more than 7 years researching the cause of Big Business Failure, to really understand the FLAWS within so many businesses, that prevent them from ever achieving all they are capable of. We’ve made it our mission to support 1,000,000 Business Owners to #ADDAZERO to their Personal Disposable Income. Growing their businesses sufficiently to create at least 3 new roles per business, and collectively eradicating unemployment in the UK, by creating more new roles than there are those actively seeking employment.
In today’s highly competitive business world, it is no longer enough to rely solely on your own knowledge and experience to grow and succeed. Joining a business mastermind can provide you with a powerful support network of like-minded individuals who share their knowledge, resources, and expertise to help you achieve your goals.
A business mastermind is a group of entrepreneurs or business professionals who meet regularly to discuss business strategies, challenges, and opportunities in a supportive and collaborative environment.
The concept of a mastermind group was first introduced by author and speaker Napoleon Hill in his book “Think and Grow Rich.” Hill defined a mastermind as “the coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
In a business mastermind, members share their knowledge, resources, and experiences to help each other solve problems, gain new perspectives, and achieve their goals. Members may come from diverse industries and backgrounds, but they share a common desire to grow and succeed in their businesses.
The group typically meets regularly, either in person or virtually, to discuss various topics such as marketing strategies, product development, sales techniques, or leadership skills.
Joining a business mastermind can provide entrepreneurs with a supportive network of like-minded individuals who can offer feedback, support, and accountability. The group can also offer access to new opportunities, resources, and expert advice that can help members grow and succeed in their businesses.
WHO is mastermind for?
Mastermind is most suitable for entrepreneurs and business professionals who are looking for a supportive community to help them grow and succeed in their businesses. Whether you are a start-up founder, small business owner, or seasoned entrepreneur, a business mastermind can provide you with valuable insights, feedback, and accountability that can help you achieve your goals.
Business mastermind groups can be especially beneficial for those who feel isolated or lacking in support in their business journey. By joining a mastermind, entrepreneurs can connect with like-minded individuals who share their passion for business and are committed to helping each other succeed.
In addition, business mastermind groups can benefit those who are looking to expand their knowledge and skills. Members of a mastermind group come from diverse backgrounds and industries, providing a wealth of knowledge and experience that can help members gain new perspectives and ideas.
We believe those who subscribe to the TEAM concept, get the most from Mastermind
Together Everyone Achieves More.
Who is a mastermind NOT for?
Business mastermind groups may not be suitable for everyone.
Here are some scenarios where a business mastermind may not be the best fit:
Those not committed to their business: If you are not fully committed to growing and succeeding in your business, then a mastermind group may not be the best fit for you. The group relies on members who are dedicated and motivated to achieve their goals.
Not open to feedback: Business mastermind groups are designed to provide constructive feedback and support. If you are not open to receiving feedback or suggestions from others, then a mastermind may not be the best fit.
Those not willing to contribute: In a business mastermind, members are expected to contribute their knowledge, experience, and resources to help others. If you are not willing to share your expertise or help others in the group, then a mastermind may not be the best fit for you.
Looking for a quick fix: Business mastermind groups are not a shortcut to success. Members need to be committed to putting in the work and effort required to achieve their goals.
Not comfortable with group settings: If you are not comfortable sharing your thoughts and ideas in a group setting, then a business mastermind may not be the best fit for you. The group relies on members being open and willing to communicate with each other.
We also suggest those who subscribe to the BED principles, ought to roll over and have another hour or so!
Blame Excuses Denial!
12 step guide to getting the most from mastermind
I’ve therefore put this 12 point guide to getting the most from Mastermind
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