Verlynda and I have been working hard over the last few weeks at starting our lifestyle business. I’d like to share a little of how we came to that decision with you.
As I see it, there are two primary considerations when starting a business. If you do not get very clear on both of these, you are unlikely to succeed. The first is what type of business you want to start. The second is who your target market is.[featured-image single-newwindow=”false”]Image courtesy of Doonvas under the Creative Commons license.[/featured-image]
Learning is a wonderful thing. One of the ways we often measure the significance of what we have just recently learned is through a comment that sounds something like, “Wow, I wish I had known that 5/10/15/20 years ago!”[featured-image single-newwindow=”false”]Image courtesy of Jack Hargreaves under the Creative Commons license.[/featured-image]
For me, the past couple months have been a season of new discoveries, often christened with this same phrase. Since this recent education in the school of life is going to be impacting the content and direction of this site, I’d like to share a little of it with you, albeit in a very summarized fashion.
As a business leader, you are well aware of the myriad of issues competing for your attention. Yet, despite the busyness of it all, you know that one of the elements of success you must always be intentional about is the formation of corporate culture.[featured-image single-newwindow=”false”]Image courtesy of @HarvardBiz as posted on Twitter.[/featured-image]
Corporate culture is the elephant in the room. It is always there and everyone is aware of it but your team rarely will address it directly. One of the things that you need to do as a leader is make sure that you and your team give visibility and voice to the culture you are creating so that you can be intentional about shaping it.
In this post, I want to focus on how Netflix has done an outstanding example of this. With over a billion dollars in revenue, this is one company worth keeping an eye on. As the image above illustrates, Netflix’s focus on talent is a perfect case in point of how hiring is so critical to culture.
You know that as a business owner or leader you can quickly overwhelm yourself with a thousand different ideas about what drives profitability and growth. But there’s just One Thing you must focus on that trumps all other factors. Businesses that succeed at this increase profitability by 22%, productivity by 21%, reduce safety infractions by 48%, turnover by 65%, absenteeism by 37% and quality defects by 41%. Furthermore, only 1/3 of the workforce claims to experience this One Thing: so if you and your team can master it, you’re going to walk all over the competition![featured-image single-newwindow=”false” alt=”Employee Engagement Drives Profitability”]Image by Christian Ferrari.[/featured-image]