Ever heard of the Wheel of Business? In this article, we explore exactly what it is, how it works, and why you need to start using it in your company today!
But first…
It all starts with hats. 🎩
Hats are wonderful. They keep your head warm, they look cool, and they help frame your face. I love a nice hat.
But I’m not talking about beanies, berets, or baseball caps here.
As you well know, entrepreneurs wear many different hats as we steer our companies through the waters of business.
Yes, we wear the owner’s hat, but we also wear the marketing hat, the finance hat, the product hat, and the customer success hat.
This is true regardless of whether you are the owner of a company with a team of 15, or you are a solopreneur with a laptop and an internet connection.
To wear all of these hats at the same time can be overwhelming. Even worse, it can result in you letting certain rolls slip. Without having a system to balance your investment of time, key responsibilities can fall behind.
Enter, the Wheel of Business.
What is the Wheel of Business?
I developed the Wheel of Business to provide myself – and now, my clients – a simple visual representation of all of the components in a company.
Here it is:
The wheel is a simple but hugely powerful tool to create holistic awareness of what your company looks like from an organizational point of view. It also gives you insight into what is currently working and what needs more attention.
Ultimately, the Wheel of Business allows us to check in with the business to ensure nothing gets left behind.
Just like my Wheel of Life, each area of your company is represented in one of the seven segments of the wheel:
- Marketing
- Sales
- Product
- People
- Operations
- Finance
- Customer Success
At the center of the wheel, you have the goals and strategy of your company.
In an ideal world, you can remove yourself from working IN the business to working ON the business, and build a team of experts to operate and manage each department. However, you may find that, without awareness, you often get caught up in one area for too long.
The truth is that, as entrepreneurs, it’s easy to leave things behind.
Our passion and focus can be drawn to one aspect of the business.
For example, if you are a natural salesman, you may be drawn to spend more time on the sales side of your business. If you have a strong background in operations, then you can often get tied up in operating your business.
Sticking with that example, it may feel useful to pour your energy into the operations. However, if too few people are buying your product or service, your time is probably better spent elsewhere. Perhaps in marketing, sales, or customer success.
The Wheel of Business gives you the clarity you need.
How do I apply the Wheel of Business to my company?
Unlike other healthy daily practices, the Wheel of Business is not something to concern yourself with every single day.
However, periodically – say once a month – sit down and study the wheel. Do write this time into your diary to make sure it happens. (If you fail to write it down, it becomes all too easy to overlook!)
Spending some time with the wheel gives you a great opportunity to switch hats and focus on an area that needs it. This will continually improve the business.
Start off by sitting with the wheel and ranking how you feel each segment is performing on a scale of 1 to 10.
This process gives you immediate visibility of where you should be putting your energy. Coming up with a plan of attack for the quarter in each area of the business is also essential.
We highly recommend setting up a goal-setting framework like OKRs in your business. This will ensure you come back to these initiatives EVERY week for the entirety of the quarter.
As with the Wheel of Life, you are aiming to get the best possible outcomes in each area of your business. Ultimately, by following this process, you will achieve better balance, allowing you to grow at a steadier rate.
It’s not just about reflection and goal setting.
While it’s a tool for clarity and strategy, the Wheel of Business can equally be used as a very practical device, helping you structure your business.
In my article on How to Digitally Organize Your Company Using Google Drive, the Wheel of Business plays an important role in a company’s digital organization.
I use the wheel as the base for organizing my digital filing cabinet. In other words, how I electronically organize my files and folders. The wheel provides a sensible way to structure my Google Drive folders, resulting in a stronger organizational foundation.
This organization is imperative if you want to build a business that can run itself and eventually be sold.
What if you are a Solopreneur?
While you may not get the big boardroom table and heads of department with which to pore over ideas, you can still make great use of the Wheel of Business.
However, you will usually be able to streamline the wheel. For example, the marketing and sales segments could be combined into one, as your business won’t be as complex as others.
It can also help you organize yourself digitally as outlined above.
Wrapping it up…
At the end of the day, the Wheel of Business is not complicated.
It’s a simple tool – but it’s often the simplest things that make the biggest impact in business.
Using the wheel every month will give you new insight into your business as a whole and allow you to set goals that truly resonate with your strategy.
If you have any questions on how to use the Wheel of Business to improve your company’s direction or organization, I am more than happy to help. Please reach out at: success@wholefounder.com
