“As an entrepreneur, you have been given the platform to influence countless others and to do it on a permanent basis.” Mike Michalowicz makes this powerful point in Chapter 8 of Fix This Next. Do you think about the power you will have once you master the other levels of the Business Hierarchy of Needs? The power you will use for the greater good? If this appeals to you, then make sure you take the Fix This Next Assessment to understand where you are today in the hierarchy and then learn about the Legacy Level below.
The Top Level of The Business Hierarchy of Needs Pyramid
Known as the Legacy Level, this is where the business is linked to the mission and purpose of the organization, not the founder. While as the founder, you may have had a mission when starting your business, over time the business embraces the mission and it will carry on without you. As you might have guessed, the five core needs at the Legacy level have everything to do with leadership as the business owner realizes they are a steward delivering this business to the next generation of leaders.
5 Core Needs of the Legacy Level
- Community Continuance – Do your clients fervently defend, support and help the business? I know at bookskeep, our clients are eager to test out new products and help us create a better offering for our entire client base. This helps not only existing clients but those that learn from our webinars and blogs. These clients are a part of our community and we love their willingness to learn and grow with us.
- Intentional Leadership Turn – Is there a plan for leadership to transition and stay fresh? The business will continue to have impact regardless of who the leader is. Taking a month off at the Order level is good practice for those in your organization. Typically, in your absence, leaders rise to the occasion and stand out when you return because they have grown and want to continue to grow. Cultivate these employees because they will be crucial in the Legacy Level.
- Heart-Based Promoters – Is the organization promoted by individuals inside and outside the organization, without the need for direction? What can you do to build a “fanbase” of folks that love you and your products across generations? How can you shower your customers with love and affection so that your business will continue on for generations? For ecommerce clients, this is taking reviews to another level; you not only want 5 stars, you want raving fans.
- Quarterly Dynamics – Does your business have a clear vision for its future and dynamically adjust quarterly to make that vision become true? We use 90-day planning in our business and it has been a game changer. Determining what to focus on in the near-term, especially in these crazy times allows you to achieve greater results than having big long-term goals that you “hope” you will meet. Those big goals are great, but set the path for the next 90 days of how you’re going to take the initial steps to move closer.
- Ongoing Adaptation – Is the business designed to constantly adapt and improve, including finding ways to be better and best itself? It’s been demonstrated time and again that if you fail to change, you fail. Businesses have been made obsolete by technology over and over, and we don’t have to look hard to find the examples of this, starting with the horse-drawn buggy makers. Are you preparing for change, the hard and impossible-to-predict change? To leave a legacy business, you must ensure your company survives by preparing for the unexpected.
Is Your Ecommerce Business Ready for the Legacy Level?
Most of our clients are not currently operating their business at this Legacy Level. But there are some great techniques at this level that we should be paying attention to. Quarterly planning and leadership turns to name a few. At bookskeep, we love helping our clients with these business strategies because we have seen them work so well for our team and for our clients. Call us to talk about how you’re planning to reach the Legacy Level in your business!
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Interested in Profit First?
If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!
You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits. Contact bookskeep today to learn more about ecommerce accounting and bookkeeping.