A good friend of mine, Peter Caruthers, always said that in order to have a successful business “you should take time out of your business day to steer the ship”. Steering the ship involves introspection of the current direction of your business, your products, services, customer relations and basically any aspect related to the overall management of your company. Through constant reflections on your business ways, you are more in tune with what needs to be changed, improved or left alone.

In today’s competitive market, it is so easy to be swayed by industry norms and with what the opposition is doing that a company can lose sight of what is really necessary. Things like trends, consumer behavior and technology will influence some changes in your business but you need to distinguish between what is really needed and what will be a waste in the long run. In order to develop and enhance a business to its full potential, you need to look at what your corporation has to offer as an outsider. Would you do business with your company? Seek out any problems or potential problems and rectify them.

Why is steering the ship so important?

1. Products and Services:
A company that is steered effectively will have products and services that oozes of great management and efficient planning.

2. Customers:
Without great products and services, you won’t have something spectacular to sell and you will therefore struggle to attract clients. If you want return business from your customers, your company needs to provide products and services that will encourage them to do so.

3. Employees:
A well steered ship will have products and services to boast about and great client relationships. Such a business will find it easier to attract and keep excellent employees. The more efficient a company’s staff members are, the better their products and services will be and this will reflect positively on customers as well.

In essence, the right approach to steering the ship will enhance a company’s circle of growth. Improving your products and services will lead to more customers which will indirectly lead to an increase in employees whose job it is to further improve your products and services.

"Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion." Jack Welch

I would like to change just one part of his statement: Good business leaders create a vision, articulate the vision, empower their employees to passionately own the vision, and relentlessly drive it to completion.