I have been meeting business owners regularly. They have great experiences and knowledge of their domain. But all are not equally successful. It is not the lack of knowledge or drive to succeed that is holding them back. I found a strong pattern that is fundamentally built on three pillars that are missing most of the time:
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1. Skilled, cohesive and collaborative team
The most important factor for building long-term equity in a business is having a team that skilled, focused, motivated, collaborative, and performing. If the owner is the smartest person in the organization then it will go so far only.
2. Quality systems and processes
Most of the time I found no system or ambiguous systems with silos and islands of operations that do not allow any kind of operational excellence but rather create a bureaucratic environment that stifles innovation and promotes chauvinism.
3. Right avenues to investment
It is an old saying “Money breeds money”. But what I found is businesses lack the appetite to invest in quality and proper avenues. Due to lack of funds many good initiatives of the organization fail. Also, they end up spending more because of inefficiencies and incapabilities breed in. Taking away the most crucial element of success that is time more than money. Time spent on an unproductive project is the biggest limiting factor in the growth of an organization.
I hope we all do the right things with the right people and the right investments to achieve success which is our fundamental right. You may have come across many more factors other than the above ones. Please be open with your thoughts and suggestions at sachinpialniwala@gmail.com. Happy weekend!
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