An essential point for creating a successful growing business
In this article, we will present you with five basics that a business owner should watch and control, no matter its size, to ensure that his business will be prosperous and grow. I wrote this article for companies in different areas, like Service Professionals, Food industries, beauty salons, and more.
Generate a paycheck stub for your company’s employees.
The five foundations for a successful business
Here are some common misconceptions about small business owners or managers:
- Small business does not need long-term planning– wrong; Planning is the most critical issue improvisation is a lousy business mate.
- Clients are most impotent, but not more than the staff; unhappy or inexperienced salespeople create an unhappy clients, thus, fewer sales.
- Creating a market and increasing sales consumes a high budget, wrong, using the human brain in no budget source, creating a lean and mean marketing program.
- The pursuit of new clients consumes most of the effort and sources of a small business – again, the wrong company is much more complex and spreads the action in all aspects.
- The best-sold product should be taken care of first – wrong; the primary consideration should be of the less-sold or new product. One can not make success more.
- Your business must make a paycheck stub
And more
- The five main components of a business
- If you manage an independent, leading, and developing business, you will need the knowledge of its components and the ability to make all elements grow similarly. It will not move ahead if you make 4 of the five ideally but will run out of money, your business will suffer or worst, for example,
- These principles are the same for any organization he is doing business. The differences are only those that are related directly to the size. Human resources are crucial for Five bases for productive management of a five-person team to a 5000 workers’ business. Equal in importance but not in practical day-to-day management; one good example may be the need for a computer system to make the payroll for 5000 employees versus a small notebook and a pen for a five-person business. Commuting for a factory of 5,000 workers is far more complicated; it may need 100 buses or more, while five workers can use one car for all or five car maximum. As a general recommendation, only try to grow fast by hiring professionals in each area; no one in real life is a magician.
- Big plans start with a dream.
For your business to flourish we need to keep in mind the optimization of this five factors.
- Vision – Know where you want to go.
- Human resources –You employees are your main treasure.
- Marketing Communication.
- Consumer management. An old saying “Clients are always right.”
- Financial management – Never forget! “it is all about numbers.”
- Take care of all elements
You need to combine carefully each one of the five components into an energetic living complex, creates the movement towards a successful business. A persistent effort in learning and improving the operation will make your business grow with efficiency, and you enjoy great satisfaction.
Print your employees a paystub
The Vision:
The word VISION can be eyesight, perception, view and more words in the Thesaurus. For the planning of a business, it has a few components like what we like to do and what we can make, sell, give services of many types and what can get the real some of the money. Vision may sound mystic, but it must be taken in a very practical approach. Your vision and the market must coincide another way you will have a warehouse full of product that no one is interested in. A short story as an example. A European group went to Africa and build a big poultry business for egg production without the knowledge that the native people do not eat eggs because they believe that humans should not eat eggs.
Human resources:
Now, you have your vision ready. You need the other four component that is more tangible. With no people, you will have no operation. No matter how good idea (vision) you have if your team will not be able of doing their job you will not convert your vision into reality.
The people that work for the operation are its motor and like a motor they parts must be doing what they are made for doing and do it in precise harmony. The same is with your group of men and women trained to do different jobs and produce your product or service. Dealing with your staff is the most complex job, here is where your leadership trait is so important. You cloud contracted the best technical team and the best administrative assistants and still have to make them work together, keeping balanced each side of your team is essential for the whole operation. Keeping your team as close and cooperative as possible can be easier if you look for your recruits to have a good level of Emotional Intelligence. Read about Understanding Emotional Intelligence
Your genius employee that will not be mature enough to accept or negotiate with the other employees will ruin your chances to make your vision real. Creating a community that is focused on the Vision of the company can help you to build a winning business. Always remember that the employees are as important as your clients to invest in your human resources accordingly.
Marketing Communication.
We mentioned already the vision and the human factors now we will review the outer circle starting with Marketing Communication
Success comes from the realization of the vision
Marketing means learning and executing the reciprocate relations between a producer and the potential customers, in other words, the market. Marketing focuses on making the customers satisfied.
With no communication, there will be no marketing. Advertising is the most expensive mean of communication, PR for a small business can be much more economic and effective than advertising.
Also, business cards, personal invitation, Lecture to clients, get an article on the local press, answering machines, Uniform of employees, Tracks and cars and more. The use of the Internet with Social Networking and blogs can be a frugal way to make your business market know about the product or service its offering.
A particular vision for your marketing strategy is needed too. The transmission of branding is essential, color, logo message a character of your company should be repeated to make internalization of your branding.
Let your company print paycheck stub
Consumers management
Your customers are your main water spring of money. Money is the reason for the existence of your business.
Taking care of your customers, keeping them satisfied, is a nonstop, top importance activity. We mentioned first vision, Human resources, and marketing before consumers; those three components are the base to build on your customer list and your incoming cash-flow.
Customers are looking first for the satisfaction of the product or service themselves; it means that quality and price must be competitive. The term “shopping” includes emotional satisfaction of the way they are treated. People will repeat buying from you if they feel treated by professional staff. Remember, why we say that employees are as important as clients. One part of your marketing should be dedicated to getting new clients and another part to keep the loyalty of the buyers. Take in account our new world of smart-phones, the old way of getting new clients was called “from hear to hear” used to be one to one chain of information, today a word can reach thousands of people in very short time or bad reviews can be read on your Mobil.
Plan, plan, and plan do not improvise
Financial Management:
Counting dollars a cents is the shortest way to describe Financial Management. Make sure your accountant is up to date, and you can read it and learn your real financial status. Gain and should have your finger on its pulse. Inventory level needs to be as low as it was possible. What products are stocked in your warehouse? Are they high end or low end? Witch products or services are your main money makers?
Is the reality is as you wrote on your vision or you got surprised by the market that is not in accord with your prediction and buys more of your products that were planned as secondary products?
Plans are made to be changed according to the reality and new situations. Remember to be flexible with real life. Success does not always read your book, many inventions were found by making mistakes be tuned to the pulse of life. As far as you make money, you can forget you first vision and make the new one as new growth plans based on your successful operation.
Managing in a practical and balanced way, listening to your people and thinking how to make your clients happy, reading the market and make decisions based on good feedback from your salesperson, production management, and administration office can enjoy having a successful business.
