Generating productive business futures should be the priority for any business that wants to “thrive” or “survive”…
Growing a successful business is not as easy as opening up the doors to customers and waiting for the money to roll on in….. there’s much more to business than that.
Business is about:
- Being the most productive for the least amount of effort,
- Maintaining a high standard of product or service that is delivered in a manner which seamlessly achieves,
- Giving customers comfort in knowing you will deliver without letting them down,
- Bringing out the best in people, empowering your team and creating incredible achievements together,
- Taking on the responsibility to preserve the relationships of its stakeholders.
In late December 2016, we published a series of articles that combine to form the ecosystem for growing a successful business and generating productive business futures. We called them “key elements”, those elements include:
- Business Structure – Business is always driven from the top, whether it is a success or a failure, the person with the highest responsibility is ultimately in control. Have a clear and defined management structure that drives responsibility and defines task ownership through proper delegation.
- Set Targets and Objectives – A business struggles to be successful when there aren’t proper targets and objectives in place. They must be measurable and achievable otherwise the targets and objective will be torsionally distorted and personnel will feel misguided.
- Conduct Regular Health Checks – Complacency is the hidden killer for any business; regular checks on financial performance, workplace systems, ‘fit for purpose’ processes and stakeholder satisfaction (staff, customers, suppliers etc.) are all measurable components to prevent a distracted perspective.
- Maintain Suitable Systems – The business operates the most efficiently when proper systems are in place, ones that guide people and processes to ensure the product or service is given to the end user with best results (time, cost, quality, efficiency, safely and with minimal environmental impact etc.), systems must replicate what you do so that continual improvements can be made as time progresses.
- Eradicate Risks – The business will suffer every time that a risk has not been controlled or noticed. The business needs risks mitigation techniques put in place to prevent (to the best possible manner) the risks from causing the business any harm.
- Measure Sustainability – It is incredibly difficult to control industry trend fluctuations, remaining viable through profit peaks and troughs require strict and diligent control measures in place. Make smart decisions with a strong weight on overall business viability where the impact would have consequences if the decision was left unchecked.
- Retain Equity – The measure of overall business performance is the ability to measure retained equity; the easier this is to identify, the easier the business financial relationship is determined. By managing a confident level of retained equity the business can equip itself towards unforeseen hardship.
- Ensure Workforce Engagement – A business relies upon its workforce being completely loyal and engaged in its activities. If the workforce do not enjoy the business and what it offers them, they will be distracted leaving the customer dissatisfied and may cause long term irreversible damage.
- Be the Brand – The business is branded by everything that it comes in contact with, it is essential for the business prosperity to attract itself to the correct relationships and stakeholders where brand recognition ignites its market position for the future.
- Share Positivity – The business must be rewarded for its achievements. It’s a team effort, so ensure every person that helped achieve great outcomes becomes aware of the business success. Congratulate people, suppliers, customers, employees and contractors for their contributions as part of the business success.
- Unite People – Every business works best when people are working together. That includes customers, suppliers, employees and contractors; create a united approach where each stakeholder interest reflects the ‘best fit’ solution for the end user. It is about building relationships that reach far beyond a ‘once off’ encounter.
- Build the Experience – Businesses bloom when the customer remembers what they felt like, what the experience was like and how good it felt to work with the business. No hassles, no problems, no surprises; it was an experience that warrants a return visit. Give customers a good reason to remember.
The purpose for sharing the key elements, is that those elements combine to form a synchronised approach for generating productive business futures. A well balanced approach to growth is understanding what each elements consists of, taking a proactive approach, the business will focus on executing strategies in each key element. Ensuring that no focus is taken away from any particular element, the business rhythm is based around a combined approach.
“creativity blooms in the face of adversity”
Equipped to Discover now deliver a tailored ‘Business Futures’ workshop that utilise these key elements. For further information please email admin@e2discover.com or visit our Facebook page.