Small Business Month – Ross’s Tip #1

04 Oct Small Business Month – Ross’s Tip #1

I was asked – what are the top few things that need to be focused on when growing and sustaining a business?

 

You see, everyone wants quick and simple guidance – which is understandable given how difficult it is to have perspective when you are up to your neck in the ‘now’ of your business. But it easy to forget about the whole picture.

I find this happens with both my corporate and smaller, often family-run, businesses.

So let’s answer the question; only 4 factors are needed to make a business great:

  1. Satisfied owners
  2. Delighted clients
  3. Effective processes
  4. Motivated and skilled workforce

 

The catch is that they must all be delivered on, in full, consistently, all at the same time!

Spend some time and think about what each of these points mean to you.  Maybe just think short term for now – one to three years.

So, let’s break it down together!

  1. What sort of profits or drawings would satisfy you?

Forget about what you think could or couldn’t happen – what amount would satisfy you (or the shareholders) as an achievement given our time frame?

  1. Now, brainstorm why the client/customer would use you?

Is it a quality product? Great service? What behaviours, product/service features, emotions, and tangible benefits do you, should you, deliver that makes the client/customer delighted and loyal?

Don’t overthink it, just jot down a list. We’ll worry about reality and capability later.

  1. Most of us have capacity issues and therefore, processes are vital if we are to deliver on the things we have listed in points 1 & 2.

Describe the conveyor belt of service from greeting a prospective client to the fulfilment of an order.  What constitutes your DIFOT (delivered in full on time) process?

  1. Finally, what makes motivated employees?

What denotes skilled people?  What behaviours demonstrate ‘motivated’?

Remember! Knowledge is not skills.  Knowledge is knowing what to do. Skill is the ability to actually go and do it.  What are the key skills you value?

Next week we will look at how to deliver on this vision we have created so, stay tuned!

Ross

Forsythes Business and Financial Advisors
info@forsythesadvisors.com.au
2 Comments
  • Caddie
    Posted at 06:37h, 23 October Reply

    Hi ROSS,

    Glad I followed the link.
    It’s always good to get up on the balcony and watch the dance 💃🏽!!

    Some salient reminders and advice!!
    Thanks ROSS.

    See you on the 5th.☺️

    • Forsythes Business and Financial Advisors
      Posted at 11:37h, 23 October Reply

      Glad you got something from it Caddie!

      Looking forward to catching up. See you then.

      Ross

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