A second-generation family business owner recently asked a question that I think is quite common in the middle market. In many respects, it gets to the heart of what it means to grow a business into a mature, scalable company. The question was this:

“I feel like there are a million things to focus on. What do I really need to focus on?”

In my discussions with successful executives, board members, and advisors, there are three common themes that rise to the top. These are not new – they have been cited for many years by luminaries in the business world like Warren Buffet, Tom Peters, Larry Bossidy, and Ginni Rometty – and the importance of each of these has proven out over generations of businesses. These questions are:

1. Do we have the right strategy?
2. Do we have the right people to execute this strategy?
3. Are we making the right investments?

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