Call us: (01) 843 9114
atracey@knowledge.ie
  • Our Approach
  • About Us
  • Blog
Knowledge Business SystemsKnowledge Business SystemsKnowledge Business SystemsKnowledge Business Systems
    0
  •   was successfully added to your cart.
  • Business Coaching
    • Speaker & Presenter
    • Business Planning
    • Business Coaching
      • Information
      • Workshops
      • Book Workshops
    • Business Health Check
    • Business Advisory Services
    • Goal Setting
    • Team Building
  • Professional Development
    • Building Better Business
    • Grow Your Business
    • Management Development
    • Cashflow Management
    • Financial Fundamentals
    • Finance for the Non-Financial Manager
    • Time Management Skills
  • Case Studies & Testmonials
    • Lots of Profit & No Cash
    • Time Runs Out
    • Team Focus for Results
    • Profit Growth: Manage Resources
    • Profit Growth: Sales Focus
    • Video Testimonials
  • Contact Us
Next

7 Steps for Success in Business

By Knowledge | Business | 0 comment | 30 July, 2020 | 3

Know the “Why”

 If you do not have clarity over your Vision and Mission, your efforts to build a sustainable business are at best limited but more likely doomed to failure. There must be an over-arching reason for the business to exist. The Vision is the ultimate purpose of the business: the “Why?” your business exists. The best Vision is the one that all other stakeholders can subscribe to.  It may be as great as being the first to build an aeroplane that flies, a computer that is affordable or a cure for cancer. Equally, it can be as basic as making a living, being a good printer or able to sell cars. Only the business owner can determine the vision that is right for them.

If the Vision is the Why? then the Mission is the What? which gives you the Why? What are we going to produce or provide that will benefit customers and will help us deliver our Vision? So as a local corner shop, we may decide to focus on being the convenience store for the neighbourhood or bringing freshly baked breads and cakes to the community. As a printer, we may focus on cheap, quick and fast or we may focus on a high finish, quality product. What is essential is that we have focus and clarity on what it is that we are committed to provide to meet the customers need.

Satisfy the Customer

The primary function of any business is to find and meet a customer need. Sometimes the function is to identify an existing need and do it better than anyone else and sometimes it is in creating a need that we did not know existed. We all need food so a supermarket or hypermarket, where we can get everything under one roof, is a great idea. What makes it better, for most people, is an improved service or a better price, if not both. On the other hand, who ever thought that bottled water would be an essential element of our lives? In business, nothing happens without a Sale. You do not need production, people, finance or resources if you do not have a Sale! For a sustainable business it is better to focus on the Customer, rather than just on the Sale. Focusing on the Customer and their need means identifying and supporting their immediate and long-term needs in the way that the Customer most wants it, rather than seeking to make a quick buck from one highly profitable Sale.

Open for Operations

Customers want what you deliver; that’s why they buy from you in the first place. If you do it well, they return. You can get all caught up in the Vision, Mission and making the Sale but it is all dependent upon your ability to supply and service the Customer need. How are you going to produce or deliver what it is that the customer wants? This is the engine room of any business. This is where you succeed or fail to deliver on Customer requirements. Ignore it at your peril. The vast majority of your resources are most likely to be involved in this area of the business.

Power in People

Everything that happens in business is delivered and provided by human beings. Many, many Business Owners will pay lip service to how great their people are: as Staff, as Suppliers or as Customers. Unless there is a very real focus on every individual associated with the business, knowing and understanding their roles, responsibilities and meeting their needs, there will be a continuous stream of replacement people required in all areas. More than anything, people want to be recognised and appreciated for a good job well done. After that they want challenge and growth. And yes, they do want remuneration and rewards but the most important of these rewards is not always financial. Know what the people around your business want, work to ensure that they have it and you add considerably to the foundation for a successful and sustainable business.

Know the Numbers

 The day of reckoning comes sooner rather than later. There is an on-going and immediate need to know and understand how the business is doing: whether it is making a profit or a loss. In the long term, any business generating profits has the capacity to survive, grow and prosper. Any business generating losses will cease to exist. It is imperative that there is constant and quick feedback on the numbers: sales made and collected, suppliers tracked and paid, staff remunerated regularly as well as all of the compliance required by law. The Business Owner does not need to know how every last task is completed but they need to have an understanding that the critical elements are under constant management and review.

 Cash is King

Businesses that fail, that go out of business, do so for one reason and one reason only. They run out of cash. It is essential for any business to have a reasonable base to start with: sufficient cash and funds for the launch and finance of assets, resources and working capital. The majority of time and effort required by Finance and Accounts is in ensuring that working capital is properly managed, that cash flow continues to be positive, both for the business and the business owners.

Systematic Success

How do you know that your business is doing well? Review and devise the key measures that spell success for your business: It may be Orders, Customers, Profits or Cash or something else, as defined by you. The essential element is to know what is critical for your business and to measure it regularly.   To enable the business to grow and expand, it is critical to ensure that every significant task and job is completed in a consistent manner, within a specified timeframe to the required standards. Thus, everyone involved will know what is required and expected of them

There are great rewards to be gained through climbing the ladder of success for Business Owners. Unfortunately, the majority do not concentrate on any ultimate goal and the effort needed to achieve that. Initially, it is about survival. Ultimately it is the capacity to live your dream. Make the effort.

No tags.

Related Post

  • Networking for Success: How & Why Other Businesses will promote yours

    By Alan Tracey | 0 comment

    The richest people in the world look for and build networks. Everyone else looks for work. Robert Kiyosaki Business is slower than it should be and you want a quick fix. The answer, of course,Read more

  • 5 Areas of Business to Focus On

    By Alan Tracey | 0 comment

    I am often asked ‘What are the Critical Elements of Business to Focus On?’ My considered response is simple but effective: Make profit this month (not next month and not next year) and Bring inRead more

  • Best People for Best Results: Smart Recruiting is the Key

    By Alan Tracey | 0 comment

    The people who are doing the work are the moving force behind the Macintosh. My job is to create a space for them, to clear out the rest of the organization and keep it atRead more

  • Accidental or Reluctant: Which of the three types of Business Owner are you?

    By Alan Tracey | 0 comment

    Michael Gerber is possibly the most quoted Small Business Advisor that we have on this planet. One of his most repeated ideas is that of the definition of the Business Owner being ‘a technician whoRead more

  • The ABC of Accounts for Business Control: The Basics

    By Alan Tracey | 0 comment

    The basic rule when it comes to business accounting is: Keep it simple Keep it consistent and Keep it current Unless you run an accounting office or book-keeping service, book-keeping and accounts are not theRead more

  • From Vision to Reality: 7 Significant Steps to Success

    By Alan Tracey | 0 comment

    If the most important aspect of future success in business is having a vision that provides you with focus and clarity, then the realisation of your vision comes packaged as goals leading to action. AsRead more

  • Holidays Make Good Business Sense

    By Alan Tracey | 0 comment

    Employers who genuinely care about their Employees generally get an excellent return on such investment: productivity improvements. Supporting Employees to take proper breaks and vacations and encouraging them to make time for rest, relaxation andRead more

  • January: Time to look both ways

    By Alan Tracey | 0 comment

    The month of January was named after the Roman God Janus, the God of portals and doorways, frequently depicted as a two headed God looking in both directions at the same time. His purpose wasRead more

Next
  • Home
  • Services
  • Professional Development
  • Our Approach
  • Privacy Policy
  • About Us
  • Contact Us
  • Blog
  • Business Planning
  • Business Coaching
  • Business Health Check
  • Goal Setting
Phone:

086 8181085

Email:

atracey@knowledge.ie

Address:

Knowledge Business Systems Limited,
Kilbush, Rush, Co. Dublin.

© 2020 Knowledge Business Systems | All Rights Reserved
  • About Us
  • Basket
  • Blog
  • Business Coaching
    • Business Planning
    • Business Coaching
      • Workshops
    • Business Advisory Services
    • Business Health Check
    • Goal Setting
    • Team Building
  • Checkout
  • Contact Us
  • Home
  • Lots of Profit & No Cash
  • My account
  • old Blog
  • Our Approach
  • Professional Development
    • Building Better Business
    • Grow Your Business
    • Management Development
    • Cashflow Management
    • Financial Fundamentals
    • Finance for the Non-Financial Manager
    • Bespoke Courses
    • Time Management Skills
  • Profit Growth: Manage Resources
  • Profit Growth: Sales Focus
  • Sample Page
  • Shop
  • Team Focus for Results
  • Time Runs Out
  • Video Testimonials
  • Privacy Policy
  • Speaker & Presenter
Knowledge Business Systems
    0 items