Ever felt like you’re trying to be a Hugh Jackman in your business—singing, dancing, and acting all at once? You’re not alone. Most business owners feel pressured to excel in every aspect of their business. But what if I told you that you don’t need to be a triple threat to succeed?
Let’s take a step back and consider how the big shots like Microsoft and Starbucks operate. Do you think they dominate all sectors of their business? The answer might surprise you.
In 2004, Ulrich and Smallwood conducted a study that analyzed the operations of top-tier companies. They found that these successful businesses excelled in only three areas that aligned with their strategic goals, while maintaining competence in the rest.
Here’s the catch, though. The less successful companies were also excelling in their key areas but were falling behind in other basic areas. It wasn’t about them not being the best at what they do that was holding them back. Instead, they weren’t rounded enough.
So, what does this mean for you as a business owner? The answer is simple. You need to excel in a few things that push your business forward and maintain a base level of competence in all other areas.
Let’s say you’re a wizard in sales, understand your product like the back of your hand, and love customer interactions. These are areas where you should shine. But simultaneously, you should also be competent enough to understand the basics of accounting, HR, and other areas. You don’t have to excel in these areas, just understand them.
This approach is advantageous for two reasons. Firstly, you avoid the pitfall of trying to be a jack-of-all-trades, master of none. Secondly, it ensures you don’t neglect crucial areas of your business. For instance, not understanding basic accounting or HR policy can hold you back.
Creating a balanced team is another significant aspect to consider. Your team should excel in those areas where you don’t. You don’t need to bring someone on board who knows everything, rather let them shine in their key areas and ensure they are competent in the rest.
This approach will create a balanced team and, despite any friction that might occur due to different skill sets, it will help your business move forward. Just like a football team, where each player excels in their role, but also maintains competence in basic skills needed for the game.
So, the secret sauce to growing and thriving in your business is not about being a triple threat. It’s about excelling in a few key areas that align with your strategic goals, maintaining competence in all other areas, and building a balanced team.
Start playing to your strengths and ensure competence across the board. Take this practical advice and apply it to your business today.
Remember, you don’t have to be a Hugh Jackman. You just have to be the best version of yourself. And that’s where the true success of your business lies.
- Hugh Reardon
