S.U.C.C.E.S.S. As A Business Owner
You must have a well thought through strategy that is true to your values and personal goals. Without it, you and your business will be in conflict. And without a destination the journey becomes a return ticket.
Everyone in your business needs to be pulling in the same direction, you can achieve exceptional results through effective teamwork. The hardest part of running a business is managing people, by giving the right people the right opportunities to progress this will allow you to reach your common goals.
Keeping score and celebrating milestones will enable you to enjoy the journey. Enjoyment comes from having fun doing what you do and the sense of accomplishment you get from it. Celebrate these moments to give you a sense of achievement, it’s true that being results focused will really drive your business forward, don’t wait until the final whistle to know the result.
You need to get focused on the numbers, or find someone who loves this.
It goes without saying that a common reason businesses fail is that they run out of cash, but often a common consequence of getting bigger and bigger is you lose sight of how you are generating cash. “Turnover is vanity and profit is sanity” it’s good practice to review your financial services, working with the right Accountant and IFA will give you fresh road map of where you need to be heading.
Be responsive to change. As businesses grow they lose that early agility to change direction and become increasingly inefficient. More and more people become involved in processes with bad habits, decisions become overly complicated and there’s a strong belief the only way to solve these issues is by employing more staff.
An effective strategy to become more efficient is to understand your business from your customers perspective, understand the customer journey and then figure out how it can be streamlined, the modern customer is tech savvy and impatient.
Every business owner is faced with competition from companies in their sector. Price is always the easiest objection to find for a prospective purchaser. (Pricing is too big and complex of a topic so we will need to discuss it in a different blog.)
However, remember this key point – customers will only buy based on price if you don’t give them the reasons why your product is different. Reflect for a moment what really is the most important factor for your target market?
A business with an outdated structure doesn’t change if you add more customers, all you get is reduced return on your investment from sales and marketing. A flat organisational hierarchy will constrain your ability to scale up, it reduces individual responsibility and prohibits growth as all decisions have to been run by the business owners. You need to get your structure right, and remember the best way to balance the peaks and troughs of demand is through consistent selling. The most successful companies are always selling with confidence knowing they can scale up to satisfy increased demand.