“To have a better business, you need to be a better business owner”
It got me thinking.
It’s naturally an undeniable quote—if you want to be better at basketball, then you need to be a better basketball player.
Yet when it comes to growing/improving our businesses, how often do we look ourselves in the mirror and recognize that in order to run a better business, it’s entirely our responsibility to improve our skills as a business owner?
My question to you is, How much time or energy do you spend focused on improving your skills as a business owner?
And when I say that, I don’t mean learning about new products or working IN the business, but actually focused on improving your skills as a business owner.
Less than one hour per week? None?
Well, in this article, I want to share three things that you can do to start improving your skills as a business owner that are all in your control…
#1—Traffic Light System: Sharpen Up Your Weaknesses
Being a great business owner takes a number of skills, and often they’re skills that don’t specifically go hand in hand with each other.
Six of the most notable skills include:
- Financial Management
- Time Management
- Strategic Planning
If you had to use a traffic light system to measure your skills against each one of these disciplines, how would you rank? If green was good, amber was “needs work,” and red was “little to no skill”—what would be the prominent color?
A great starting point is to move any reds that you may have to amber before starting to strategically move ambers to greens.
How do you do this?
Well, I’ll give you a very transparent oversight of how I believe I rank:
I feel my weakest area is my financial-management skills—therefore, what could I do to move that to amber?
Well, first of all, I’ve paid for a “Basics of Accountancy” program, which is going to require me to attend online classes before taking an exam at the end. This will get me in the game. I have also ordered Mike Michalowicz’s Profit First book to read.
These two things combined will move me into amber.
This little exercise may feel a bit alien, as no category is focused on your audiological skills, but these six areas are crucial skills to operate/grow a business. Rating yourself and addressing your weaknesses is a surefire way to improve!
#2—Attending Non-Industry-Related Events
I attended a physiotherapy business growth event last year. It was so interesting, and it gave me so many ideas to apply to the world of hearing care and even our business.
Would you benefit from attending a non-industry event?
Whether a marketing event, social media event, or even an event for a completely different industry? Understanding what is working for others will give you ideas/inspiration that you’ll likely not find at any hearing care event.
#3—The Superpower of Podcasts
This is by far the biggest and best hack.
Although you 1000 percent need to listen, subscribe, rate, and love the Business of Hearing podcast (pretty please), there is no shortage of great podcasts that will help you to become a better business owner.
A personal favorite right now is called The Game by Alex Hormozi as he documents/shares lessons from growing a $1 billion company. It’s insightful, it’s interesting, and I walk away with so many practical ideas.
Another personal favorite is Diary of a CEO, which interviews successful business owners and interesting people—all focused on getting deep into the lessons behind who they are, their journeys, and their successes.
Every time I drive, go to the gym, or do anything that gives me a little peace—my earphones go in and I listen to a podcast!
The Lesson To Take from This.
The easiest way to improve your business is to improve your business skills.
In the same way that you look to improve your audiological skills, give consideration to sharpening up your financial skills, your leadership, your marketing, and your strategic planning.
The best business owners are usually the most successful, and becoming a better business owner is 100% within your control.