To have a successful business, you need to address the underlying business problems that cause ALL business failures. The cause of business failure is ALWAYS one or more of the following…
What are the best business strategies
- No business structure in place
- No achievable dividend (profit) objective
- No sales and marketing systems or procedures for achieving the dividend objective
- Running the business tactically not strategically (no business planning)
- No staff training program in place
Unless you eliminate the cause, you will never have control and your business will never set you free. You don’t own a business, just a job with overheads. So these are the areas of your business you must address to prosper in good times and bad.
In order to succeed in business, you must first understand what makes successful businesses work. Successful businesses don’t just happen . . . They are MADE to happen. All effective and profitable businesses share three basic strengths:
- They are totally sales and profit oriented
- They use effective people, systems and methods
- They sell quality products and services that someone actually wants to buy
Your profit will depend on FOUR things:
- Your available marketplace (potential customers)
- Your ability to create selling opportunities from that market
- Your and your staff’s business, sales and marketing skills.
- Your ability to contain costs and increase margins
In 99% of businesses, there is no lack of marketplace opportunity, but there is a lack of system, method and developed skills (habits). As your skills, systems and methods improve . . . Your work decreases and your results will increase.
The Five Pillars of your business success are:
To learn more about each of these critical business tools and how to implement them into your business, to achieve your goals, request a Complementary Business Evaluation to discover how to:
In order to understand the future path that your business may take, so you can better plan for its growth, it is essential to understand the Lifecycle of ALL businesses, big and small. No business lasts forever, but of course the length of each phase will vary considerably. Very old businesses, may go throught this cycle several times as they re-invent themselves to adapt to market, ownership and technological changes.
Business growth is essential for survival. Even if you think your business is the right size, you cannot relax. It is only possible to coast in business if you are going downhill! A business that looks like it is has plateaued, is actually at the start of decline. You must continually re-invest in your business.
The chart above shows what happens to every businesses, big and small. There is no definitive time period for a business at each stage. or indeed the turnover and profit. The time in a phase will depend on the skill and determination of the owners, timing, the resources (including access to advice as all successful people seek advice) and possibly, a little bit of luck. But the harder you work, the luckier you get!
The stages of the Lifecycle are:
- Planning a Business
- Growing Pains
- Moment of Truth
- Second Youth
Where is your business on this curve? At different times, you will have different business needs.Each stage has characteristics that identify them, although it is common to feel that your business is between two stages.
When you understand where your business is in its life, you will understand its development needs.
Click on the links below the chart to find out more about where your business is and what you should do about it.
If you are unsure where your business is or how you should proceed, request a complimentary business evaluation and learn what would be the best strategies for you to pursue in the current phase of your Business Lifecycle.
Or contact us now for a Complimentary Business Evaluation to discover the right strategies for your business at its current position in its Business Lifecycle and find out how to: