Being business savvy isn't a catch cry like 'hustling' or 'killin' it.'
I've observed by working with many people who own their own business a new set of skills that are changing the way we do business. And it's time we brought more of this to the forefront of our businesses.
Being business savvy to me, means having an understanding, set of behaviours and ability to make decisions in the business arena, generally in a way that shows you are aware of the overall direction or goals of a business while understanding the details that help it all function smoothly.
These skills help ensure the people, finances and operations of the business are upheld in a positive way.
Note: when we choose to disregard the business savvy definition of the people who do business 'the old way', which is the -- make money at any cost, facts over emotions, money before people or planet -- we can then find confidence in our own business skills and decisions.
Okay, so with my own (made up) definition (and your welcome to also come up with a definition that is meaningful to you) here is a list of some of the traits I've noticed in business savvy business owners in the hope that you can recognise some of the qualities in yourself.
Allowing for discernment in their decision making
This means, they create space, time or energy to make a judgement that is in line with their values. It doesn't mean making the easiest decision. Or following someone else's cue or idea. It is when a business owner has scouted the situation or scenario and is using their intellect and intuition to come up with the solution.
Generosity with boundaries
This is where a person is generous but not to the detriment of others, themselves or the planet. For example, giving a discount to be generous but to the detriment of yourself is not business savvy. Or by providing such a low price point that your business can not uphold it's great quality, that is not business savvy.
Looking for the win-win-win solution
This is an idea I heard from Leonie Dawson. She doesn't just look for the win-win in a situation. Or believe in a win-lose situation. She likes to go one more step and make sure all parties involved can walk away as happy as possible. To me, this feels like negotiating and problem solving with everyone's best interest at heart. This may include ensuring your business also doesn't 'go without'. That your suppliers or employees are looked after in the problem solving. Or that you choose to ensure your environmental impact or societal impact has been considered. This is upping the ante when it comes to negotiating.
Self-awareness and Self-leadership
Self-awareness is thrown around quite flippantly nowadays. And is at times has been missing from traditional business savvy people. Self-awareness helps us to take our reactive nature to past experiences and beliefs our of the picture so we are not letting them 'run the show'. I've seen business owners struggle to be business savvy when their past experiences are guiding the future plans. This doesn't always go well.
Self-leadership on the other hand is more to do with accountable, to yourself for what you say and do. So often we say we want something to be a way other than what it is. But are not accountable to creating the change. If you want to be more business savvy, you need to follow through with action. And being a self-leader is one way to do this.
Profit aware instead of profit driven
Profit at any cost is soooooo old skool. This is not how the modern day business owner works. Being profit aware is about understanding how we use profit to be the vehicle for our business and lives to thrive. Because when we as business owners thrive, our community thrives and we can make choices that are good not only for ourselves but others. When we are in survival mode, and not profiting in business we start to compromise our values. When we are profit-driven we aim for profit at the expense of anyone and anything. Being profit aware is the 'sweet spot'.
Balancing logic and intuition
I'm sure you know a person who sees the world as black and white. There are the facts and therefore from those facts you take this prescribed action. Some may say if you have very low profit product, you just cull it. Or you have an under-performing team member, you fire them. But in being business savvy you start to feel and see the nuances in not necessarily only following fact and logic (even where there's spreadsheets involved.)
I've seen many times where that unprofitable or very low profit product is actually the largest marketing vehicle for a business. It may not make much money, but it spreads like wildfire and people talk about it. Or that staff member may appear to be underperforming, but they are the reason why half the clientele come back to the store. Being business savvy is about melding the seen with the unseen aspects of business.
I think that's a good start on the business savvy entrepreneur of the modern day. What do you think? What traits would you add?
Have you been thinking about the class on offer to sort out all those 'shitty little finance tasks?'
This is the last chance to let me know if you're interested. This one hour class will take you through all the cash touch-points and help you discern the best way forward when it comes to making them efficient and effective.
This will bring a lightness to your business finances to clear all those annoying little things before the end of the year. And you will join a small group for only $40 AUD. I will be engaging with you to work through any hiccups or stumbling blocks in your financial processes and strategies.
I guarantee this will be an enjoyable and cheerful way to move forward with being the financial leader in your business.
This is also the most economical way to work with me. So please respond to this email quick-smart if you're interested. Dates are penciled in for the 31st Oct and 14th Nov depending on interest.
Helping business owners design sustainable and profitable businesses.
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