fundamental building blocks of every business are Processes ( procedures/policy ) , People
(employees ) , Customers and Resources ( ideas/capital ) . Leaders , who build up and understand each of these blocks , build their business . Those who weaken or neglect these building blocks , find themselves with declines in both their top and bottom lines .
Believe it or not , organizations can sometimes forget that creating and bringing premium quality products and providing excellent services is their main objective . Organizations keep ineffective strategies in effect because it is comfortable , safe and familiar . Experts must regularly set aside time to define and redefine their processes , track defects and poor service , and make improvements to solidify these ( 5 ) major building blocks .
Business Owner Mindset
This means consistently reminding yourself that you are just a temporary producer , and that your business must eventually replace you from its day to day operations .
Be Clear in Your Mission
There's a reason why you started a business and left your job ( or didn't try to find a new one ) . Why are you doing this ? Keep in mind that your personal goal and your company's mission can be different , as long as they're aligned and can co-exist . You did the mission statement in the business plan and it's on the bookshelf collecting dust .
Network and Get a Coach
Get a business advisor or coach . It doesn't have to be someone professional , just someone who can share experiences to bounce ideas off of and tell you when you are losing teams , money and the mindset .
Get your Business off the Road to Nowhere
When the money gets tight and the momentum fades , you are left with day to day work of the business , this is when you learn how to make your business run . It can become grinding because sales are slow and you are learning how the business actually operates , to acquire customers , sell products , understand how changing processes and products affect your financials , and every idea you have does not automatically do the job as you envision it to increase profits .
At some point while running a business entity , your likely to experience that burned out or uninspired feeling . Work-life balance is important ; there is a truth , in working hard and playing hard to unwind . Reading a daily devotion and having a daily 30 minute walk can assist in relaxing the mind.
Customer addition is expensive in order to acquire new customers , companies must adequately target , market to and convince customers to try their product or service .
Many business owners do not take time to figure out who is their target customer . What are their target customers' likes , dislikes , needs and wants ? Which types of media do they consume ? What is the cheapest way to reach them ? How much is the target customer willing to pay for their products or services ? Where and how should we sell our products ?
Bear in mind , it is cheaper to keep a customer than it is to get hold of new ones .
Master the Art of Engagement
Being engaging is important in every area of your business , whether its communicating through email marketing , social media , blogs , videos and other professional formats
Grab social Media Attention
Social media marketing plan should include Instagram , Facebook , Twitter and the company website to communicate with your customer . Use the same theme , pictures ( banner pages ) and similar products .
Understand importance of Business Logos
It is the first thing potential customers will notice about your brand , make sure it is presentable , professional and polished . Make sure the Business logo communicates with that your customer needs and wants .
Create an experience for your Brand
Create fun and informative condition to solve your customer challenges door by any means necessary to get most clients in the door . Problem is you achieve all of this at the expense of quality , profit and sanity . The perfect clients will allow your company to do better work , build a better reputation , generate more profits and retain better workforce .
Place emphasis on Your Goal , Objectives , Theme but most of all Profitability
Don't try to be all things to all customers . Specialize in solving your 'target audience' problems and have fun doing it . Even the largest companies do their best when they center on keeping the 'main thing the main thing' .
Operations / Processes
Are the actions and applications that executives and teams put in place to achieve desired results .
Leaders need to take a step back to analyse their processes-individually or in a cross-functional groupings--- to eliminate inefficiencies and optimize performance , annually or as the market changes .
Structures are the reliable processes and procedures that empower your business to consistently produce an excellent result for your client and profitability for you .
Documenting automated processes can increase your company's efficiency and reduce costly mistakes ; the checklists your employees follow to ensure that all orders are shipped correctly ; the orientation process for all new clients when you begin working together ; and the standardized contracts you use with all your new hires and vendors .
Controls are the processes , procedures and safeguards that protect your company form uninformed or inappropriate decisions or actions by any team member . They also are your business's way of making sure that key work is getting done on time and the proper way .
You have ( 4 ) main types of business controls :
1 . Checklists/Visual Business Process Controls
2 . Scorecards/ Business Performance Measurements Metrics by Function ( KPI )
3 . Embedded Internal Quality Controls--- product/process quality checks
4 . Policy and Procedures--- written/measured
Systems( using excel ) , Processes and Procedures that worked for a $1million dollar a year business , are not sufficient for $10 million dollar business or a $25 million dollar business .
Scaling your business requires building it in such a way that your business model and systems can be rolled out and replicated on a much bigger playing field , based on increased product ordered/processed sales volume .
Example , choosing a database solution or a 3rd party fulfilment should be based on real growth rates , not prospective or forecasted projected sales .
Cash flow and Financial Statements are your 'life line' .
• Learn how you are making and losing money . Understand profit and loss statements and what processes and procedures link to improving the 'profits' of your business .
The company's financial wherewithal additionally , the measurement tools necessary to manage and track finances and assets . Do you have the knowledge , competencies and skills necessary to use those tools to increase your profits ?
Small and mid-size businesses must master the ability to manage their working capital and cash flow . Every company has access to profit and loss , balance sheet and cash flow statements . Management is either using accounting software or someone is preparing the reports for management .
How well does senior management understand the company's financials and it correlation to their strategy ? Do these managers understand which parts of the company need investment , where cuts can be made on why ?
Managers must take the time to learn the relationships and interdependencies between their tools and the recent reports they use to expand their resources.
The Right Clients are more Important than the Most clients
Most business strategy is get the cash in the