Business Drivers, Treadmill Operator, and Pathfinder Stage Notes

Vocabulary flashcards reviewing the 6 drivers of business, the treadmill operator stage, hiring components, KRAs, and the 5 components and challenges of the Pathfinder stage.

Personal (Business Driver)

Developing as a leader and continuing to learn, recognizing that the business only grows as much as you do.

Purpose (Business Driver)

Establishing a clear vision and mission.

People (Business Driver)

Hiring and developing the right people to create a unified culture.

Plan (Business Driver)

Creating clear goals and strategies to drive the business to long-term success.

Product (Business Driver)

Providing a high-quality product or service.

Profit (Business Driver)

Managing the finances, sustaining operations and fulfilling growth.

Signs of Treadmill Operator

A business owner works in the business more than on the business, cannot take time off without stopping operations and revenue, and is at risk of burnout.

Four skills to get off the treadmill

Time management, delegation, budgeting, and hiring.

Treadmill Stage (Difficulty)

The hardest stage of business because the owner is responsible for almost everything, making it difficult to focus on growth and causing stress and burnout.

Components of a good hire

Integrity, competency, passion, cultural fit, coachability, and strong work ethic.

KRA

An outline of the main responsibilities and expectations for a specific position that establishes clear expectations, allows employees to focus more on their duties, and defines how success is measured.

Pathfinder Stage (Signs)

A stage characterized by high employee turnover, a team that is not aligned, and a team that does not demonstrate the values that originally created the business.

Pathfinder Stage (Frustrations)

Feeling uncomfortable not being needed after delegating tasks, being unsure what to do with your time, and making more money than before without knowing how to invest it in the business.

The biggest issue with Pathfinder

Learning to lead and delegate rather than doing it all yourself.

Mission (Pathfinder Component)

Defining the purpose of your business and why it exists.

Vision (Pathfinder Component)

Describes where the business wants to go and hopes for the future.

Core values (Pathfinder Component)

Beliefs and standards that guide the business and culture.

Role clarity (Pathfinder Component)

Ensures everyone knows their responsibilities, expectations, and how they fit into the business.

Communication (Pathfinder Component)

Making sure employees know the values and mission so everyone works toward the same goal.