In last week's blog I discussed business success and how to tackle business growth.
Whilst writing that blog, I was reminded of some great research undertaken by a past colleague. She interviewed Directors of almost 250 small software and technology businesses. Some were fast growing and others crashed and burned. Some were great innovators others simple 'me too' offerings. There was only one correlation between winners and losers. It wasn't the technology, nor the sector nor the innovation. It was the quality of the management team.
The winners shared common ambition, motivation and inspiration and led an enthusiastic company. This wasn't achieved by some freak of nature. There were three characteristics all winners demonstrated,
- A strong collective desire to achieve a common business goal. Not a personal goal but a business one.
- Acceptance of their strengths and limitations. Recruiting strong managers to support them in areas of personal weakness.
- Working with external Experts to help them. This would include a non-executive director, a mentor or an executive coach.