How To Make YOUR Business Fly!
Everyone looking to start their own business should think carefully about why you’re starting up and where your focus will be to optimize the returns from your business!
It’s easy to get caught up in the ‘I’ll start a Web business and make a fortune’ enthusiasm, without really thinking about your longer-term strategy.
Once you have established that the business can be profitable, you need to learn the difference between working on your business and working in your business.
As Andy Gwynn, of Action Coach says…”Small business owners can spend 60 hours or more per week just trying to keep their business running. Most often, what we find is that they are working on the wrong aspects and end up spinning in a relentless circle until the business finally folds in on top of them.”
He suggests that, from the start, you should be thinking how to build a profitable business that will have real value in the marketplace — ie it should become an asset that you can sell on and make a fortune.
The same good business principles apply to any type of business — they may look a bit daunting when you see them in black and white, but start by keeping them simple and work up each level as you get there.
The six steps you need to take in building your business are:
1. Niche – You need to think carefully about your business niche, and your marketing and sales. Where and how will you sell your products and services? Who are your customers (at least the ones you want)? How do you reach them with a message that will get them to visit your business and buy?
2. Leverage – You can’t realistically do everything yourself — you’ll need to outsource some of your business. So you need to think how to put systems in the business so that the customer has the same positive experience and you, the owner, reduce the amount of time you spend in the actual business (ie working “on” your business instead of “in” it).
3. Team — If you need other people to support you, or you will be working with joint venture partners or outsourced resources, getting the right team revolves around not only getting the right people on the bus but making sure they are in the right roles where they, and the business, will be successful.
4. Mastery – This is all about understanding and controlling what is happening inside your business. At this level, you need to address processes/production, financials, marketing/ advertising and your team — and how you will manage each aspect.
5. Synergy — the collaboration of the previous four levels moves you to the stage of a commercial profitable enterprise that can operate without you. This is important. Now, as an owner, you have a business that can really deliver some value in the market place without taking your every waking hour — and is based on your exit strategy!
6. Entrepreneur — at this stage, you have built a successful business. The best part is that now that you know the sequence, you can do it again and again in any business you become involved with!
You need to stay focused on your goals, testing and measuring results, working through potential obstacles for growth, systems implementation, etc.
Stay focused on these 6 steps and you’ll have a profitable business!
John Thornely
© John Thornely www.johnthornely.com 2008
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