This is an edited extract from “The Five Pillars of Guaranteed Business Success” by Dr Greg Chapman, to be released shortly.
Before we look at the Five Pillars of Business Success, we will take a look at what causes business failure. And it is always one or more of the following:
· No clear business objectives established
· An unachievable or inadequate profit objective
· No sales and marketing systems
· The business is run tactically (that is day-to-day)
· No staff training programs
But by implementing the Four Pillars of Business Know-How, these five reasons for failure can be eliminated. Does that guarantee success? If you implement these Four Pillars, and you are absolutely determined to succeed- the Fifth Pillar, I can guarantee you will! To succeed, you need a certain amount of knowledge, but you don’t have to be a genius. You can hire them. In fact, they are not that expensive. You also need total commitment to your vision. When the two are put together, you will be unstoppable.
In order to succeed in business, you must first understand what makes successful businesses work. Successful businesses don’t just happen by accident. It is all very deliberate. And they all share these features:
· They have a laser-like sales and profit focus
· They use systems throughout their business
· They sell products and services that people actually want
While this sounds quite soulless, ask yourself:
Why am I in business?
Whether you are a baker, builder or broker, if the answer is not:
“To make a profit”
what you own is not a business, it is a charity.
Now there is absolutely nothing at all wrong with charities, but they have different objectives to businesses. You may also strongly feel that you are in business for some higher moral purpose- to raise funds for a charity, for example. But unless your business makes a profit, you are reducing your ability to contribute to that cause while you are trying to keep your business afloat.
The next question to ask yourself is:
What Business am I in?
Your answer should be:
“The Selling Business”
Nothing happens in business until a sale is made.
Your profit will depend on four things:
· Your available market (potential customers)
· Your ability to create selling opportunities from that market
· Your marketing & sales skills
· Your ability to make profitable sales
For most businesses, there is no lack of market opportunity, but there is a lack of strategy, plan and systems.
The old saying:
Work Smarter, Not Harder
means developing skills in each of these areas which will ultimately enable you to achieve more with less effort. Like the difference between a learner swimmer thrashing around in the water, and the Olympic swimmer who seems to glide effortlessly to the finishing line leaving barely a ripple in the water. The beginner wastes all his energy in making waves. The Olympic swimmer puts all her energy into moving forward.
In an ideal world you would attack all Five Pillars together, but owners usually don’t have the time (or patience) to do that. So if you can only do one at a time, understanding which area you should tackle first is essential.
Please Contact Dr Greg Chapman at www.GregChapman.biz for more information on “The Five Pillars of Guaranteed Business Success”
May Your Business be as You Plan It!
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Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems.
The Australian Small Business Blog