What are Triple Crown businesses?
In 2014, thoroughbred race horse, California Chrome, ran the final leg of the Triple Crown, as I watched excitedly. So I was a little saddened to see this horse and owner come up a bit short. Nevertheless, just the fact that this horse had the opportunity to make the historic run, is a monumental accomplishment.
No doubt, long hours of strategic and systematic training and planning must have taken place!
With the Triple Crown in mind, I thought to blog about the main “legs” that make up a thoroughbred business. Winning or placing in these legs is what separates a business from the rest of the herd of standard-run businesses.
What constitutes “Triple Crown Businesses”?
The owners of most thoroughbred businesses have a vision for where they want it to go. They envision how that business will look and operate, but they are more than visionary planners. They execute what they plan and are not side-tracked as they compete in the three legs of what I call “Triple Crown Businesses.”
In thoroughbred horse racing, the three legs of the Triple Crown are The Kentucky Derby, The Preakness and The Belmont Stakes. Apparently, the Belmont Stakes is the toughest, simply because it is the longest race, and horses tire while training for and running in the first two leg. Moreover, less than a dozen horses have won all three and received the coveted prize. The stakes are high, and the competition is meant to be tough!
So, what are the three legs that make up “Triple Crown Businesses?”
The First Leg
1) THE FIRST LEG involves completing a detailed Operations Manual of how the business runs. Specifically, from the starting gate in the morning, until the day or final shift is finished. A thrown-together book of documents and other forms does not constitute an Operations Manual. A business without a written, detailed Operations Manual may find itself disqualified to run; unable to compete with other businesses.
For FREE information on building a great Operations Manual, read our BOOK, or visit our Website www.system100.com. It took us many years and thousands of hours to achieve and win the first leg toward running Triple Crown businesses. This leg of the race is laid out in great detail in my book.
The Second Leg
2) THE SECOND LEG of the race is obtaining a STABLE of moral employees with servant’s hearts. Well-trained, these have been provided the necessary tools to do their jobs without constant supervision. They can complete their work load in the estimated time, cost effectively. These type of employees don’t require someone riding their backs, whipping them to make them go the distance!
Many owners hire and attract staff similar to their own personality and habits, which in some cases makes for a less-than-average stable of good employees. Many owners have had the experience of seeing great employees hired, only to see them looking over the fence and then leaving for greener pastures in short order.
From my experience, most thoroughbreds don’t like living or working in chaos or dirty stalls. They perform much better in clean and peaceful environments.
Again, our book or Website has information on what makes up a pedigree employee, and how to create the right environment to compete effectively.
Our print business has many great employees; however, we’re still training and developing the talents of others. We have won many races and contended for many more. To be honest, at this writing I can’t say we’ve received a crown for this second leg of the race although our employees have been with us an average of ten years.
The Third Leg
3) The Third Leg of the run is the SALES a business generates. Like the Belmont Stakes, it’s also the toughest leg of a winning business, as far as I’m concerned, because it’s a long race with many unforeseen pitfalls and obstacles.
For most businesses owners, the SALES race is their main concern and it’s ALL they focus on. They believe if they can win or place high in the SALES race, somehow all of their problems will be solved. That’s why so many books and blogs are written about sales, sales management and tactics, salespeople, sales solutions. SALES, SALES, SALES!
I went into much detail on sales in our book: “System Busters; How to Stop Them in Your Business.” Although SALES is thought to be the main leg of a business and “the only race that counts,” I believe that winning only this leg of the race will NEVER make for a true, thoroughbred business.
Fear of the Sales Race
Many owners are afraid of the sales race, thinking they might fail to perform as they ask for new business. Other owners just don’t like the process of selling. Owners must come to grips with the fear of selling. that sales is a process that can be systematized, just like any other process.
No one likes to hear the word “No.” Some owners avoid the experience at all cost, even to watching their business being dismembered right in front of them, for lack of sales.
The crash in 2009 decimated many businesses that were not in a position to sustain the bad economy. Customers ran with foreign competitors and Internet competition. They replaced printed materials with downloadable documents, just as many businesses thought they were in the stretch.
We all felt it, and it has been a painful time for many. In fact, the printing industry has lost over half of its establishments. This not-so-perfect storm knocked our own printing business out for a time, trying to compete in the “sales race.”
There’s good news about the “sales leg” of Triple Crown businesses. If you run well in the other two legs, and/or place in the “Sales race,” you can have thoroughbred business. But, who knows, you may still achieve that “triple crown!”
Did I mention? Great systems work!
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