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3 Things Most Successful Businesses Do Right

By Andy Brown

 

It’s tough being a business owner with so many things to consider – where do you start? If you think too much, micro things you get overwhelmed so its best to look at the main areas.

 

I like to break it down into some easy decisions

 

What should I STOP doing

What should I START doing

What should I KEEP doing

 

  1. Technical
    1. Continual improvement on systems is vital. That means being prepared to invest even when it may not give you an immediate payback. (Each investment must have its own business case though ie what’s the outcome?)
    2. Assess where your business sits in adapting to the future with the market it has to meet – for example innovators tend to have cutting edge technology but tend to pay a lot for new technology. Laggards can get technology cheaper but may be perceived as “old school”
  1. People
    1. Your team is where you start – are you and your team “the right people doing the right things”? A good statement to always use
      1. Use external advisors/mentors/industry experts – you can’t retain all knowledge so have the right people on board
      2. The right people mean the right culture – often culture is more important than systems. Align rewards and recognition to support business strategy
      3. Align rewards and recognition to support business strategy

(Notice I haven’t mentioned clients? By setting up the right people internally – the business will be supported)

  1. Finance
    1. Plenty of cash-flow (Notice I haven’t mentioned profit? In the short term cash flow is more valuable than profit. Over time good margins will mean good cashflow)
    2. Review margins – are you a high volume/low profit or a low volume/high margin business. Often you can’t be both! – this will impact on your brand longer term so important to be consistent

Simple tools to keep thinking of – If you just think of these 3 steps then you will cover most bases to a successful business.



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