5 Growth Success Factors Your Business Must Have To Make More Money
Every Business Needs an Engine Room!
13th March 2008
A recurring challenge for many of my clients, whether they’re in early stages of growth, well established, or in acquisition mode, is where to allocate resources – people, time, money, technology – for the greatest result. The desired outcome is always momentum – positive momentum!
The answer is to put your resources where your business needs more acceleration. In very simple terms, think of the driving force of your business as being an engine room, with the following system components, each with many layers underneath:
- It needs a product creation system – you need to develop, fine-tune, reinvent and innovate with product creation, so you always have a stream of products and services you can offer your clients.
- It needs a profile building system – this will get your message out over and over again to the people who need and want your products and services. This is all about best-fit marketing and promotional activities for your business.
- A client growth system will provide the framework to acquire new clients, and grow the value of existing clients. It makes sure you invest resources in the right growth areas, and places a strategic spotlight on the business.
- A sales system is needed for the face to face process of meeting, engaging with and building relationships with the people who will purchase your products and services.
- An online ‘division’ to take orders 24/7. Once you’ve built a robust engine room, why would you only have it turned on for half the day?
- A people management system to look after the fundamental processes of providing infrastructure and guidelines as to how your people work in your environment.
- A management platform which covers your information systems, management reporting capabilities, general business procedures and the technology that underpins all these things, as well as risk management.
If you only have one product to sell, or your product is outdated, then don’t focus on an online division. If you have the wrong team and you’re not managing them very well, get that fixed fast!
Once you start to view your business in this sort of structure, you can see very quickly where to put resources next. Then you need to drill down into the relevant components and look at specifics. This approach applies to working through resources required, and potential outcomes, of both challenges and new opportunities.
Our mentoring programs, workshops, and our products and resources, are all based around mastering these key system components.
Each issue of BOSSMENTOR® Business will bring you insights into all of these components, and give you tips on how to use them effectively in your own businesses.
Until next time,
Get a grip on your business!
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Jenny Stilwell is the creator of BOSSMENTOR® Business, a FREE ezine for professional, lifestyle oriented business owners wanting to confidently increase the value of their service business, ultimately spending less time in it. You’ll get proven strategies, tips and resources designed to help you achieve success. To receive your free e-book information, and sign up for how-to articles on creating and managing business growth, visit www.bossgroup.com.au