Taking the Next Step
On the heels of the Chamber’s South Florida Good to Great Awards®, now is the perfect time for business leaders to look in the mirror and see how we can challenge our organizations to grow further, embracing the concepts in Jim Collins book.
Miami is a city that has been built on the entrepreneurial spirit and small businesses growing exponentially to make our destination the business hub it is today.
Speaking with Danette Gossett, chair of the Business Excellence Committee, we had the chance to discuss what has defined those businesses that have demonstrated “Greatness” and her advice for organizations looking to continue down a path of success.
Christine: What are you seeing local companies do to make the jump from Good to Great?
Danette: Over the last several years it has been amazing to watch our various Good to Great (GTG) companies grow and hear their stories of success. We’ve also heard from many of the finalists that going through the GTG process was so eye-opening that they realized they still had a ways to go before they thought they would be Great.
One of the more obvious signs I’ve seen for companies making the biggest leap was the tremendous engagement with their employees. I have to admit that the “greatest” companies made you wish you worked for them. They were incredibly aware of the varied needs of their multi-generational workforce and made sure each had a plan for personal success, which of course will lead to overall company success.
Christine: What do you believe makes South Florida the entrepreneurial capital of the world?
Danette: I truly believe it’s our openness as a community. We are so diverse and that leads to an acceptance that not all communities share. Our global diversity gives us such a unique perspective on so many areas of business development that leads to great learning and mentoring opportunities.
Our entrepreneurial attitude is very strong and supported by each other as well as the larger businesses in our community. I think we all realize that we must continue to support that spirit to prosper as a community.
Christine: What’s the most important tip to give businesses looking to grow?
Danette: Plan. Plan. Plan. I have seen so many companies lose the growth battle because they failed to plan appropriately. It may seem like a good time to buy extra inventory, but what if it sits too long? What will that do to cash flow? If you want to grow through acquisition, have you really done your due diligence? If growing organically, do you have the systems, processes and personnel in place to help you succeed?
Unfortunately many small entrepreneurs forget to run their business as if it were a large business – developing sales and revenue goals monthly/quarterly/annually. They just “run” their business and don’t get out from behind the day-to-day so they can plan their growth.
So my biggest tip would be to take the time away from the day-to-day and step back and look hard at your business, what’s working, what’s not and then develop a comprehensive plan for your growth. Then follow it (and change it when necessary).