7 Elements of a Successful Business
In these very tough times businesses are struggling but there are a few that are managing to survive or even thrive! What do these businesses have that others do not? In my experience as a business coach there are 7 critical aspects which allow them to grow.
These are:
- Foundation: All successful businesses have a strong foundation. This is based on;
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- A strong Vision which gives them purpose and direction
- A strong Mission Statement which says how they will achieve this Vision
- A strong Culture Statement that sets the standard as to how the business will behave internally and towards their clients.
- Strong knowledge of the Products or Services: It is vitally important to know what you are offering your clients. Offering specific products or services that meet the needs of potential clients will attract people to your business.
- A Strong definition of the Niche Market you serve. To many businesses say that they can help anybody, and they probably can, but this shot gun approach doesn’t allow them to focus in on specific marketing strategies So knowing who your ideal client is becomes very important to the small business owner with a limited budget for marketing.
- A proper Marketing Strategy and Plan: Gone are the days when we could open a business with good products and services and clients would flock to our door, now we have to let the clients know where we are and what we offer and very often we need to convince them why we are the business to buy from.
- A strong Team: If you are still trying to do everything on your own then invariably you are letting things fall through the cracks. This can mean bad service, losing customers and money. Having a team who can work with you can assist in the process of growth. Your Team needs to be the right people, doing the right things, to the desired standard and having properly trained staff will assist in this.
- Procedures and Processes: A business with proper procedures and processes means that things get done correctly first time, every time. This means that time is not wasted, and people are utilised to full capacity as much as possible. This creates efficiencies and allows for maximum productivity.
- They Monitor and measure critical areas on a daily basis: Some of these include:
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- Turnover
- Expenses
- Stock
- Effectiveness of marketing efforts
- Cost of acquiring new clients.
- Average income generated by new clients.
- Debtors and Creditors
- Cash flow
Time consuming you might say, but vitally important to keeping your business growing.
Should you want to learn more, contact me for a free coaching session where we can look at your business and I can see how we can get your business on the growth path you deserve,