New Versus Old, the 8 Fundamentals to sustainable scale!
Whilst the traditional model of forming and growing a business still exists, it has to be recognised that the birth of the internet, social media and electronic payment options has enabled a new form of business to emerge.
One that is faster, slicker, more profitable, less time consuming and requires far less resource to enable an extortionate amount of money to be made!
However, in BOTH models there are still far too many either going broke or GROWING broke! and that’s simply because there are 8 fundamental lessons that have to be learned and considered in order to create a SUSTAINABLE business that can scale!
Here at My TrueNORTH we help business owners from both the old and new to ADD A ZERO to both their turnover and personal disposable income!
Vision, Values, Purpose, Mission
You need to have clarification on exactly what you want the business to achieve, what is SUCCESS? You also need to have a clear clarity of the values you and your business wish to be known for. It’s far more important these days than ever before to have a clear purpose, and then to write a mission statement which supports all of these, to which you run your business.
Mindset & Motivation
This is often the biggest hurdle to scaling any business! The lack of clarity in the mindset of the owner, and sufficient motivation to implement and adhere to the plan in order to do what is required to achieve the goals you have set yourself.
Strategy & Structure
A business strategy should only be considered once the mission is clear, therefore it can be determined HOW you’re going to achieve it. The structure of the business will support the strategy to achieve the mission.
Clarity on WHO is your TARGET market is often overlooked in favour of selling to anyone, yet this is completely the wrong strategy if you wish to SCALE.
Money and Margins
It’s just as easy to GROW broke as it is to GO broke. Too many people fail to understand running ANY business is often based on one dashboard which carefully and in real time monitors the NUMBERS in the business. Get it right and you can fly, get it wrong and your heading for unemployment.
Sales and Negotiation
Being able to convert enquiries and how to negotiate the best deal for both you and the client is key to ensuring no money is left on the table.
Delivery and Customer Service
So many people concentrate on continually winning new clients, as opposed to spending more time and effort looking after their current clients, which is actually key to SCALE!
Getting the right team in place early is another key to scale. Yet to many business owners still get caught out with the ‘they can’t do it as well as me’ misconception!
Whilst there are a gzillion books out there regarding BUSINESS SUCCESS, we opted to adopt a slightly different viewpoint, and have studied businesses that FAIL! You see, there is SO much more you can learn from a business that has previously been doing well and making good progress, that subsequently failed, than there is from one which continues to make great progress. I love the quote:
EVERYONE should make MANY mistakes. However only a fool makes the same one twice!
As it clearly shows we have MUCH to learn from the mistakes people make, in order NOT to make the sames ones again! We’ve therefore studies well over 100 businesses that had made a name for themselves, only for SOMETHING to happen, resulting in failure. From this we have learnt the fundamental mistakes made by SO MANY businesses, and devised a method to help you avoid them!
Want some help to understand more about how you and your business stack up against this 8 segment scale process? Email Iwantto@ADDAZERO.co.uk to ask about our FREE SCALE AUDIT