How do you lead a company from good to great?

In today´s blog post, I will explain what differentiates a good company from a great company. I will also share a personal story that illustrates how I went from good to great in my former bicycle-racing career. And finally, I will share 12 Powerful Principles to help you make the leap from a good to great company.

In my previous blog post (January 2020), I shared how to handle setbacks positively. In this post, I will share Element #4: Be willing to go from good to great. This is the next critical element for entrepreneurs to master for a thriving business.

Summary

  • My story
  • What differentiates a good company from a great company?
  • How can you develop your own greatness?
  • 12 Powerful Principles

My story

As a teenager, I was very passionate about cycling and won several school competitions. This is what I would refer to as a good result. Later on, I competed at the local city level and I won! This would qualify as a great result.

My coach noticed my talent and abilities and invited me to train for the statewide competition. Every day after school, I practiced cycling under his supervision. He helped me improve my cycling skills very quickly and in the competition three months later, I came in third and won a bronze medal. What an amazing feeling! I was so proud of myself and my ego was huge! Now I wanted to compete in the Tour de France!

A week later, the head of the German cycling organization asked me to train for the nation-wide competition, with the long-term goal of competing in the Tour de France. Wow, my dream was going to come true! The same day, my coach asked if I would like to attend a sports school to become a professional cyclist. He said the school would accept me right away. I felt unbeatable!

However, unexpected challenges quickly threw me off this course and I never made it to the Tour de France. This dramatic setback took me years to overcome.

On the other hand, this experience of being at the top of my game and then having a major setback sparked my interest in self-leadership and my search for the right mindset to deal with obstacles in an empowering way.

Let’s now move back into the world of business and apply these lessons there.

What differentiates a good company from a great company?

A good company achieves satisfactory results but remains in the mediocre realm.

A great company always strives to offer the best products and services. Google is a well-known example of a great company.

These companies often differ in their mindset and beliefs, i.e. what they think is possible.

In order to achieve great results, you need a positive mindset, an excellent strategy, the right beliefs and habits, and self-leadership in order to deal constructively with the daily challenges and setbacks. At the same time, the company needs to focus on its long-term vision in order to lead the company to the top and keep it there.

How can you develop your own greatness?

I see a lot of entrepreneurs with great dreams and aspirations but they end up settling for less than great.

The following statements are meant to inspire you to strive for your own greatness:

  • Your potential to become great can be developed.
  • Your current negative mindset, beliefs, habits, and your insufficient strategies can be changed positively.
  • Your company´s greatness is an outward expression of your employees’ greatness and your skills as a leader.

 

12 Powerful Principles

Based on my experience and knowledge as coach, consultant, and entrepreneur, I’ve combined a few principles of Jim Collins’ model[1] and several other concepts into my own methodology of 12 Powerful Principles to help companies make the leap from good to great.

For ease of use, I’ve further divided these 12 principles into three parts:

Part 1 encourages you to embody several powerful qualities.

Part 2 motivates you to take powerful action.

Part 3 guides you to meet challenges in a powerful way.

Part 1: Embody powerful personal qualities

Principle #1: True passion

  • What are you passionate about?
  • If you aren´t pursuing what you are passionate about, your motivation will likely fade away before you can achieve greatness with your company.

Principle #2: Accept change

  • Change is inevitable and part of your business development.
  • To become great in anything, you will need to embrace change and to adapt.

Principle #3: Be honest

  • Admit that you don´t know everything, and be honest about the things you do and don´t know.
  • By admitting your weaknesses, you can find the resources to overcome them.

Principle #4: Stay focused

  • Focus your time and energy on one goal at a time.
  • Avoid getting pulled away by distractions.

Part 2: Take powerful action

Principle #5: Seek improvement

  • Ask yourself:
    • What company do I admire and consider to be great?
    • What makes this company the best?
    • What can I do differently in my own company to achieve greatness?
    • What goals are achievable? Within what timeframe?
  • Give your team better tools and resources to be successful.
  • Look for and accept feedback from your employees and customers.

Principle #6: Set SMART goals

  • These goals are Specific, Measurable, Achievable, Relevant, and Time-bound.
  • Create milestones to help you determine if you are still on track.

Principle #7: Build your support system

  • You can achieve greatness more easily with a support system.
  • Mentors and coaches can guide you and your team on the path to greatness.

Principle #8: Inspire your employees

  • Inspire your team to greatness every day.
  • As the leader, it is your job to instill confidence in your employees so they can aspire to their own greatness.

Part 3: Be prepared for challenges

Principle #9: Expect challenges

  • Great companies are not discouraged by setbacks.
  • The leaders of great companies enthusiastically meet challenges as they arise and use them to their advantage.

Principle #10: Use a role model

  • Identify what great looks like, and use it as your role model.
  • Take for example Google, Tesla or Apple.

Principle #11: Choose the right team

  • Leading a company to greatness requires a team of passionate and smart people who are motivated to find the right solutions.

Principle #12: Develop a true growth mindset

  • Be open to learn, improve, and grow as a person and as a leader.
  • Have a big vision and embrace self-transformation
  • Be self-confident and take calculated risks.

Summary of the 12 principles

Part 1: Embody powerful personal qualities

  • Principle #1: True passion
  • Principle #2: Accept change
  • Principle #3: Be honest
  • Principle #4: Stay focused

Part 2: Take powerful action

  • Principle #5: Seek improvement
  • Principle #6: Set SMART goals
  • Principle #7: Build your support system
  • Principle #8: Inspire your employees

Part 3: Be prepared for challenges

  • Principle #9: Expect challenges
  • Principle #10: Use a role model
  • Principle #11: Choose the right team
  • Principle #12: Develop a true growth mindset

Supporting you

Are you interested in leading your company from good to great?

If so, contact me for a complimentary 30-minute consultation:

https://nextlevelcoach.as.me/schedule.php

Coming up next month…

In my next blog post, I’ll start a new Business Mastery series. In this new series, I will shed light on several aspects of how to build a successful business.

Stay tuned!

 

[1] Jim Collins. (2001), Good to Great.

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