During the startup and scale stages of our business, our mind can feel overloaded. In a computer setup, we tend to experience slower processing speed, forgetfulness, and difficulty prioritizing. With so much to juggle, from strategic objectives to day-to-day tasks, customer meetings, and staffing, it can be overwhelming. Furthermore, as individuals, we have personal lives and needs that require attention.
To make it easier to manage, we’ll discuss the six building blocks that every successful business needs to focus on and provide guidance on how to achieve success in each area. This way, you can navigate the complex world of business without feeling like a computer with too many open tabs.
Vision & Strategy
Vision is a long-term and aspirational statement that defines a business’s purpose, goals, and desired future state. It outlines what the business wants to achieve, why it exists, and what values it stands for. A clear and compelling vision serves as a guiding force for the entire organization, aligning all stakeholders and decisions around a common purpose. Having a strong vision can defines direction, motivates employees, attracts customers, guides decision-making and drives innovation.
In creating the vision, a strategy should be developed to make the vision happen. It involves making choices about where to compete, how to differentiate, and what resources to allocate to achieve sustainable competitive advantage. A strong strategy considers a variety of factors, such as the market, customers, competitors, internal capabilities, and external trends. Having a well-defined and adaptable strategy is an element of a successful business as it provides a roadmap, creates alignment, sets priorities, enhances decision-making, and supports innovation.
Sales & Marketing
Sales and marketing are bound for each other. Without marketing, there will be no sales, and without sales, there will be no marketing.
Marketing is vital to the success of any business, regardless of the industry it belongs to. It’s been observed that business owners often hit a plateau in their growth when they lack proper training, guidance or coaching in marketing and sales, which are critical aspects of any business. Once the attention and interest are piqued, the potential customer may land on our landing page, receive an email or a phone call. It is at this stage that our focus shifts to converting this attention and interest into actual paying customers, which we call sales.
Sales, just like any other business function, is a skill that can be developed over time. Effective sales training focuses on developing skills and knowledge related to the entire sales process, from identifying prospects and making pitches to closing deals and analyzing results. Sales training can help businesses establish a robust sales process that moves leads smoothly through the funnel to become paying customers, with minimal friction and the highest chance of success.
Production & Logistics
Have you found the gap in your market, or the market in a gap? You might have a fine-tuned and high-powered marketing and sales engine, and an unrivalled passion for what you do, but without a product or service people genuinely want or need, your business will struggle to grow. Continually refining and creating products and services that meet the growing (and changing) needs of your consumers is essential for the long-term growth of your business. Have you properly considered the core principles of product or service development and delivery?
Operations
Strong execution capabilities to turn strategy into action, including effective project management, processes, systems, and technologies which we call the operations. As a business grows, operations become increasingly critical. Establishing and implementing systems and processes for people to follow, maintaining a centralized Operations Manual that outlines the standard operating procedures, using appropriate technology to support the business and the customer journey, and tracking internal projects’ progress and timelines are essential aspects of operations management. This field of managing the day-to-day operations of a business is known as operations management.
Finance
Once we are marketing, selling, delivering products, and operationalising, we then need to ensure we are counting and managing money. A sound financial management system that ensures the business has the necessary resources, funding, and profitability to sustain growth and deliver on its commitments.
Many business owners find that as their business gets out of that startup phase, they actually don’t have an accurate financial picture of what they’re achieving each month. This means that they often don’t know if their business is actually making money or not! While not everyone takes to finance like a fish to water, the right business finance coaching and training will help to understand core financial drivers to ensure that you have the cash to do what you want and need in your business.
Talent
A skilled and motivated team of employees who share the business’s values, vision, and culture and are committed to delivering excellent results. People are the crucial element that unites all of these five functions. Without well-structured processes and the right individuals in place to carry out each of these activities, one can become overwhelmed and bogged down in the day-to-day operations of the business.
Being a well-rounded CEO means that your business is not just strong in the areas where your natural talents lie, but in all 6 key areas.
To build a multi-million dollar business, you need to stop thinking how and start thinking who when it comes to each of these functions within your business. The objective is for you to build the people and processes necessary, to elevate yourself so that in each of the key areas you are wearing the hat of the entrepreneur and the leader. You know you will have been successful when you are spending 100% of your time doing the things you love, the things you’re best at, and the things that add exponential value to your company. Purple Patch Consulting can locate best workers to help your business. Get in touch with us to learn more.