Resources: Successful entrepreneurs marshal the best resources to achieve desired objectives. You must hire and match the best people to jobs within your companies and manage financial projects adroitly. Purchasing the right assets will help you support customers and employees. You must then monitor the performance of all resources to achieve optimal return on investments.
Processes: Great leaders have learned and developed the various steps to complete numerous company tasks, from beginning to end. To be great leaders, you should write these steps down, teach and monitor them, and they’ll then be integrated throughout your organizations in a seamless manner. Then you can more easily note and correct any aberrations. If you’re thoughtful, you’ll watch these processes carefully to ensure compliance and improvement.
I recommend these key components be part of a daily dashboard so they are never forgotten or neglected. Just like a car dashboard reports performance elements such as fuel consumption, oil level and speed, a business leader can monitor company performance to assess the health and well being of the organization. The key is to carefully watch what’s being reported and make swift corrections as needed.
As an old baseball coach used to tell me, “Alan, if you want to hit a home run, don’t take your eye off the ball.” This axiom is fundamental to a flourishing business as well.
Alan E. Hall is a cofounding managing director of Mercato Partners, a regionally focused growth capital investment firm. He founded Grow Utah Ventures, is the founder of MarketStar Corp. and is chairman of the Utah Technology Council.