Updated: Jan 24, 2022
Why are you in business? Is it because:
· You were born into an entrepreneurial family?
· You have a passion for entrepreneurship?
· You didn’t want to work for somebody else?
· You were retrenched?
· You didn’t have a choice?
No matter how or why you own a business the six basic fundamental steps of business will apply to all *phases of business i.e.:
· Startup Phase (Concept to take off)
· Established Phase 1 (Preparing for growth)
· Growth Phase (Scaling your business)
· Established Phase 2 (Exit strategy)
So, what are the **6 basic fundamental steps of business?
· Mastery (Eliminating chaos – Stability)
· Marketing (Niche – Predictable cashflow)
· Systems (Efficiency)
· Team (Structure for growth – Time)
· Synergy (Well-oiled machine – General Manager)
· Results (Owner’s personal growth and new opportunities - Passive Income and/or Sale of your Business)
Which phase is your business operating at and where are you currently focusing on in these six basic fundamental steps?
Now that you know why and where you are in your business and which of the six steps you are currently focusing on, I’d like to share the next very important focus areas. These areas ensure that all aspects of your business are given the correct attention, so your business is profitable and sustainable. Business is supposed to be simple but not easy. Systemise the routine and humanise the exception.
As business owners, we wear many hats in business simultaneously. Whilst we love the craft of what we do best, as an engineer, financial advisor, accountant, lawyer, hairdresser, technician, coach, to mention a few, we need to ensure that we focus the right amount of time on these hats.
How much time do you focus on in these **9 Hats of your Business?
· Marketing – Getting the phone to ring
· Sales – Closing the deal
· Delivery – Retaining your Client/Customer
· Information Communication and Technology (ICT) – Network, applications, systems and interaction with the digital world
· Human Resources – Recruiting and Training your Team
· Finance – Accounting practices
· Business Admin – Day to day administration
· Strategic Planning – Goal Setting and Planning
· Personal Development – Upskill your knowledge and maximise your full potential
So what should your week look like as a business owner?
Mondays are typically for your ‘Work ON your Business’ time and start with a team CheckIN, then include your fortnightly mentoring calls/meetings with your key management team as well as your regular call/meeting with your business coach/mentor. It’s also time for you to plan your week, prepare for your meetings, review finances etc.
Tuesdays, Wednesdays and Thursdays are production days. 60% of your week is therefore focused on client-facing time (building relationships) and income-producing activities. Initially, the bulk of that will be on marketing and sales and as your business grows more time will be geared towards production time.
Fridays make great days for adhoc activities. Friday afternoons are either for wrap-up and last-minute tasks or often are available for the business owner’s own leisure time.
Every quarter you should be doing a full day Quarterly Planning Workshop on the Wednesday. That gives you Monday and Tuesday to prepare and we encourage you to take the Thursday and Friday off for some re-balance time for you and your family. The full-day planning workshop also ensures your team are more focused on what needs to be done in the coming quarter and that they have a detailed plan towards which they will be focused and held accountable to.
*Content kindly provided by Knowledge Brokers International
**ActionCOACH Business Coaching
If you want guaranteed success, implement the above and, if you need help on how to, set up a complimentary strategy session with a Business Sense Business Coach, contact me www.marlenepowell.com
LinkedIN: ActionCOACH KZN Marlene Powell