Summary of the 4 1/2 Steps for a successful business

 

I will now summarise the 4½ building blocks for a successful business and explore them in much more detail in subsequent articles. They are as follows:

  • Vision Statement
  • 3 key concepts
  • Time Blocking
  • Annualisation versus a 12 week strategic action plan

The visions statement is where you would like to be in 2 to 3 years’ time. I have spoken to lots of entrepreneurs over the years and each have a different vision statement. Here are just a few of the vision statements I have heard:

  • I want to increase my turnover by 100%
  • I need my cash flow to improve so I am not dependent on the bank
  • I want to sleep at night and not worry!
  • I want to work 20 hours a week and not 80!
  • I want to be able to take a 4 week holiday with out worrying about my business
  • I want to increase the number of employees by 10
  • I need to diversify my product/service range to minimise my risk of exposure

The 3 key concepts of any successful business are:

  • Operations
  • Marketing
  • Finance

You need to brainstorm each concept individually and identify the all areas that are key to your business. Once you have identified all the points you then need to score each of them between 1 and 10. A score of 1 means that you are very poor in this area and obviously a score of 10 indicates there is no room for improvement!

A lot of entrepreneurs I have met become employees of their own business. They get to the office, roll up their sleeves and start working. They are so busy at the “coal face” that they never step back and think strategically. I call this the “employee mentality” i.e. they are working in their business instead of on it.

So, one way to break this situation which I have seen to be really successful is to time block. You allocate certain amounts of time during the week to dedicate to the strategic actions necessary to develop your business.

Keeping your vision statement in mind, you have explored the 3 key concepts and “time blocked” your calendar the next step is to produce the strategic action plan.

You maybe asking what the ½ step is? Well if you follow the above 4 steps you are ½ way there to becoming a successful business!

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