Pathway to Business Success: Six Steps to Transform Your Business
By: Abi Whitelegg
Date: 03 / 08 / 2024
Date: 03 / 08 / 2024
In today’s fast-paced business environment, the biggest issues business owners face are time and money. Using time effectively in business boosts productivity, profits, and teamwork.
But what many business owners forget in the excitement of starting their business is to make sure they have the core foundations laid down. If you don't build a strong foundation, you may face problems in the future. These problems will require the business owner to spend time fixing them. This can slow down the business's profits.
This guide outlines the 6 main pillars you need to focus on to build your business for success.
These four pillars are the core of your business. Without these, a business can't reach its full potential and achieve success. These are the 4 critical areas to focus on:
What’s your ultimate goal for your business? You could sell your business to retire early. You could also grow your business to become a national companyYour plan will determine the strategies you implement, the team you hire, and the systems you set up.
Once you have your plan, you can break it down into 5-year, 1-year, and 90-day plans to help you achieve your business vision.
Are you using your time most effectively? Business owners often get too involved in the day-to-day running of their business. This can make it difficult for them to concentrate on important tasks.
What tasks can you delegate to your team? Are there any systems you could introduce to save you time? What is consuming the majority of your time?
Customer experience is vital to building a successful and profitable business. Delivery is important for giving customers a good experience every time, consistently.
Delivering greatness consistently will turn your one-time customers into repeat purchasers. This will increase your profit margins, bring in new customers, and allow you to keep creating new products/services to sell.
Finance management can sound intimidating to a business owner who has no experience with managing money. However, it is simpler than you think. Set up a system that can track your expenses vs revenue so you can clearly see where your business stands with it’s finances. This will allow you to make firm decisions on where to spend your hard-earned money.
To learn more about managing your finances on our free webinar, register here.
The next step is marketing. Effective marketing can bring in new customers from new demographics with little input from your team. However, ineffective marketing could mean you're spending a lot of money for little return.
Building a marketing system that consistently generates prospective customers and converts them into a purchaser is key to an effective marketing strategy. This system has three main components:
Systems are the backbone of creating a scalable business. Most business owners know all the processes that happen in their business, but few turn them into systems. Problems can occur when a business owner needs to take time off and the team doesn't have clear systems in place to follow.
Creating systems for each of your business processes is easier than you think. Look at your diary for what you do each day and then break it down into small, manageable steps. For example, if you received a phone call from a customer/client:
By mapping your processes, you can provide a consistent experience for customers. This also helps reduce errors made by your team. Having an overview of your processes can help you see where certain systems could help your business become more efficient.
Building a strong, high-performing team is essential for business success. A team that works well together creates a higher output with a smaller workforce. For business owners, it can be difficult to find the right employees and get them to work well together. Here are some tips on how you can build a great team:
As you implement new strategies your business will naturally grow. Making a plan for the growth of your business now will mean you’re prepared for whatever comes next. This means you can avoid common pitfalls that most business owners experience when trying to expand their enterprise. The five disciplines of scale include:
Success in business is a journey of continuous learning and implementation. By following these six steps, you can achieve significant growth and stability. Focus on mastering each step, and the pathway to freedom will become clear.
Feeling overwhelmed? Sometimes business owners can be too scared to ask for help with their business but you’re not alone. Getting support from a business coach can give you the help you need while staying in total control of your business.
Speak to one of our advisors today to see how we can help you on your business journey. Alternatively, visit our learning center for free business advice.
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