Business owners are becoming increasingly concerned about their business sinking due to the economic woes our country faces. However, by focusing on the business fundamentals, you can actually THRIVE during such a crisis!
Here’s how:
Focus on the Eight Essentials For Business Success. Now you may say, This is really old stuff, every MBA tells me to work on these! Bear with me, please…
Do a quick check-up on your business. How are you actually doing in these Eight Essential Areas?
Essential Area 1: Operations
Have you optimized the way your company delivers your product or service so that it’s the absolute best it can be? Do you know what the best is? If not, you’re going to continue to lose business to companies who have this area nailed down!
Essential Area 2: Human Resources: Your People
Do your employees, vendors and other service providers know exactly what they should be doing for you, and are you providing these people with the critical resources they need to excel in their job? Watch out your competitors are empowering their employees while you sleep!
Essential Area 3: Sales
Do you know what your sales system is? Have you written it down? Have you transformed your customers into cheerleaders for your company so they’ll enthusiastically spread the word about you? The future of your business is riding on your ability to soar in this Area. Learn to create a rock solid Sales foundation you can build upon for years to come.
Essential Area 4: Strategic Financial Management:
Do you know what your net margin is on each product/service you sell? Too many creative entrepreneurs let finances and basic principles of business management sit on the back burner, to their ultimate peril. Hint: your accountant is not providing you this!
Essential Area 5: Future Product Development
Are you thinking for the future? Are you spotting trends and making plans to act on them? What will you be selling when your present hot product has completed its sales cycle? You can be sure that yourcompetitors are thinking ahead, and you should too!
Essential Area 6: Your Leadership as the CEO
Have you crafted the long-term vision of your company? Are all your people on the same sheet of music with that vision? Do they see you as an inspiring leader or as just another client or boss? When you read about great business leaders,this is at the core of what they do. Do you even fully accept that you are the LEADER of your small business?
Essential Area 7: Marketing
Do you know how you will fill your sales pipeline next month? Next year? Better start filling it now your competition is already filling theirs! Put a laser focus on your business growth through targeted, potent marketing techniques. Understand the basics of targeting, strategies, tactics and implementation – they will give you what you need to create your own powerful marketing plan.
Essential Area 8: Strategic Planning
How much money do you want to make and how do you plan to get there? Do you know what your 5 year and 10 year business strategies are? Do you know how to get there? What about your legacy? All successful companies have strategic plans. Many of your competitors do it’s time for yours!
How does all this relate to the possible coming recession? It’s very simple!
If you are strong in all eight of these areas, then you will handle any downturn well. Chances are, you have some work to do. If so, get busy!
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Henri Schauffler is the CEO Focus Facilitator in Washington, DC and suburban Maryland. He has dedicated the last 20 years to helping small businesses like yours to “Outmanage, Outhire, Outsell and Outprofit All the Competition.” For a FREE business assessment and tune up to see exactly how you are doing in all Eight Essential Areas for Business Success, go to:
https://ceofocus.com/ceoquiz.html.
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