Carl Tompkins, retired strategic manager at Sika Corporation, held an educational session that he referred to as a quest for success during this year’s Auto Glass Week Morning Coffee With… series. He said the reason for the quest was to “bring it all back to where the business started.”
“The greatest problem with successful businesses is that they stop being successful,” Tompkins said. “The reason we fail is because we drift away from the things that made us good.”
Tompkins urged business owners to ask themselves why their businesses exist.
The answer, he said, could be outlined by three words; vision, mission and values.
The vision of a business is the target outcome of what is hoped to be accomplished clearly defined, according to Tompkins.
“But you will never accomplish that,” he said. “Because you always keep working to be better and achieve more.”
Defining how the company will pursue the vision that was clearly laid out is what Tompkins says is the mission. The values of the company serve as the core principles and beliefs that will be honored within the operations, according to Tompkins.
“Where do you stand,” was another question he asked the audience. He recommended using a “SWOT” analysis, evaluation of the Strengths, Weaknesses, Opportunities and Threats (SWOT) to a company is what will recalibrate a business. Tompkins said you should define, measure, expand, maintain and leverage the strengths of your business, as it is equally important to identify the weaknesses.
“As a business owner, if your company is in the year 2019, you should be in 2024,” Tompkins said.