You’re leading your practice or business because you know your stuff. But as a leader, you didn’t necessarily sign up to become an expert at every aspect of running it. So, it’s likely that you are overlooking or deliberately avoiding some aspects of your operations. You may not even realize this is happening but, it turns out, what you don’t know can hurt you.
 
We at Lumina Business Solutions find that many otherwise gifted business owners have blind spots, leading to overlooked issues in such areas as human resources, financials, compliance and antiquated systems. We also see that, too often, those leaders neglect to celebrate their organization’s achievements. 
 
Managing people isn’t high on any business owner’s list of fun things, but face it: your staff members are your most valuable resource, and must be treated as such. It pays – literally and figuratively – to recognize this and take care of the people who take care of you and your business. We probably all remember the fallout when Clark Griswold’s boss in National Lampoon’s Christmas Vacation pinches pennies at bonus time! A strong leader takes great pains to keep the troops happy and provide development opportunities or guidance when needed.
 
You’ve likely heard of Management by Walking Around. Talk with your front-line employees – they may see your operations and challenges in a completely different light than you do. Do not dismiss their ability to provide valuable insights and make important contributions to your company.
Do you have a management manual? Creation of (and adherence to) this essential tool ensures consistent management practices across departments and business units. Employees should not be subjected to different rules and basic expectations depending upon who they report to.
 
Is financial oversight something you shy away from? That blind spot can lead to unfortunate altercations! For example, we once found $384,000 worth of savings for a firm in just a few months simply by reviewing its accounting records and revisiting a practice that existed simply because it had always been done it that way. The business owners assumed their accountant, a CPA, was handling their bookkeeping properly. But, because the owners lacked expertise in this field, they were not capable of verifying this, nor should they have. 
 
The same holds true for compliance matters. Paying attention to requirements and standards isn’t fun, and it requires a significant investment of time on your part, or on the part of a trusted associate. But reading the fine print and mastering the complexities of laws, regulations and best practices related to your organization will save you from legal problems in the future.
 
The six most dangerous words in a business leader’s lexicon are “We’ve always done it this way.” Add to that a possible lack of comfort with technology, and that blind spot is keeping your organization from needed changes that will result in greater efficiency, better access to good information, and new ideas that can generate growth.
 
Meanwhile, you are doubtless doing many things right! If you’re like me, taking credit for your accomplishments is a blind spot. We are good at our jobs and expect that will be enough. However, prospective clients will be interested in how your firm has solved problems for clients who share similar problems. Track those wins! 
 
Need a fresh set of eyes? We at Lumina Business Solutions can take a close look at your operations, identifying and addressing any issues that have been overlooked.