4 Business Basics you to Master

If you are running a business, chances are you are working hard in finding customers, and selling the product or service you provide. If you are successful at this, you probably get in a cycle of ups and downs, where when you are not marketing and selling, you are deep in delivering the product or service, which in turn prevents you from seeking your next opportunity. This is what creates the dreaded cycle of feast or famine, a cycle that tends to go to extremes, making it eventually impossible to continue growing.

There is, however, a better way to approach growth. There are 4 foundational blocks that will sustain the upward growth of an organization in a more effective way, and they are as follows:

Destination: This is beyond goal setting; this is the idea that every business is like a project that will come to a point where it would be passed on or sold. The question here is, what is the destination of this business? What is its purpose? What would it look like when it is ready to be sold? (Even if it wont ever be sold). Like a house being built from an idea, a business should have a blueprint to make sure what ends up being built matches what we wanted in the first place. Having clarity on destination allows people in the business to commit to its purpose, giving commitment beyond time and sufficiency of action. 

Money: How money works in a business is paramount to it eventual success. We need to understand what our profit margins are, we need to understand what comprises the cost or producing an item or service… beyond direct costs, what else it at play here? What is the business overhead? If we move beyond the next 6 months and we reach capacity, what then becomes of this overhead? The common practice of running a business and making decisions from a bank balance perspective falls very short when we are trying to scale and grow.  

Time: What a business is capable of depends in great measure by the ability of its leaders to allocate time to all the different demands of a business. These demands increase exponentially as the business grows and reaches for more and more capacity. Most people would dedicate most of their time to what is clearly demanding attention, letting other important matters fall through the cracks. Organization at an individual level and coordination at an organizational level are key to foster growth. 

Delivery: Great businesses master this area quickly, This is the ability to deliver the service or product in a consistent predictable manner. If the quality bar is high, then the systems to ensure the quality is maintained and produced have to be in place. The key here is to pick the next battle, what is it that will propel the growth of the business? The price? The Quality? The speed of delivery?  This is an ongoing process that matures and evolves as new levels are reached. 

Business Ownership is a MISSION that requires more than expertise in a certain field to reach full potential, if you can identify yourself here and would like to know more, reach out to an expert, they might be able to clear a path for you to find the elusive keys to growth and success… 

Thank you for finishing reading: 4 Business Basics you to Master

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