By Susan Wilson Solovic
Do you ever wonder why some businesses flourish while others flounder? One of the biggest reasons is a lack of knowledge of the critical business fundamentals that it takes to grow a successful and sustainable business. Most of the time when a business is struggling, there’s a weakness in one of key business fundamentals. Here are the six business mastery fundamentals you need to know to unleash your business success:
- Master Your Attitude. The mind is a powerful tool. If you think negatively about your business, your customers, your employees, the economy, etc., you’re sure to get negative results. You need to be confident to stake your claim for success and focus on what it’s going to take to get your there. It’s never about what you don’t have, it’s what you do have. Change your attitude — change your results.
- Master Your Team. Who invented the light bulb? If you said Thomas Edison, you’d only be partly correct. Edison never took credit for solely inventing the light bulb. He acknowledged it took a team of diverse talent with a passion for excellence. To “invent” your successful business, you need a diverse team of players who augment your skill set and who also want to stake a claim for success.
- Master Your Money. We all know cash is king, but your business should have the right kind of cash flow. First, never put your eggs all in one basket. If one client becomes the majority of your business and that client decides to take his business elsewhere or goes out of business — you’ll most likely find yourself closing up shop too. Similarly, you should diversify your revenue streams. Don’t be a one-trick pony. Think about synergic ways your business can drive revenue so you aren’t dependent on one revenue source.
- Master Your Process. Sustainable business entities develop systems and processes to become scalable. The key is to build a business with a product or service that is teachable, repeatable and can be consistently delivered. Technology helps small companies today develop systems that years ago might have only be available to larger enterprises. For example, cloud computing solutions and mobile applications give small businesses the opportunity to manage their businesses more effectively, and they help level the competitive playing field. Make sure you are embracing the right technology solutions for your business growth.
- Master Your Brand. Your brand should have a personality all its own. It should resonate with your market and present a message that stands out from the crowd. Think about what makes your business unique. Then build a tag line or mantra around that value proposition so people clearly understand why they should be doing business with you. For example, I’m the Growth Gal. My clients aren’t start-up operations. They are companies that want to grow to the million dollar plus organizations.
- Master Your Relationships. Why are you in business? I imagine many of you would say, “To make money.” Actually, we’re all in business to serve our customers. Building trusted relationships with our customers is critical to our success. Think about how you stay in touch with and engage with your customers. You know the old adage: “Out of sight, out of mind.” Once again, technology helps small businesses stay in touch with their customers and build loyal relationships via social media, email marketing and mobile marketing — all for little or no cost. Did you know that approximately 91 percent of online adults engage in social media regularly? Today, it’s not a question of whether you should use social media or not, it’s whether or not you’re out-performing your competitors.
This is just a brief overview of some of the business fundamentals that I believe are critical for your business success.
Susan Wilson Solovic is the CEO of ItsYourBiz.com, a small business television station. She is also an award-winning TV journalist, an attorney, and the author of “The Girls´ Guide to Power and Success”, “Reinvent Your Career: Attain the Success You Deserve and Desire”, and “The Girls´ Guide to Building a Million $ Business”.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank.