6 STEPS TO A MASSIVE BUSINESS RESULT
Step 1 – Mastery in Business
There are four key areas to mastery in business. These are destination, financial, time and delivery mastery. Each area works with the others to help you achieve a commercial operation. Below I look at each of them in a little detail.
Destination Mastery in Business
Destination is about planning and goal setting – where you are going and where are you taking your business. We always start with the end in mind and work back from there. The problem is, it is hard to set goals to achieve your destination if you don’t know what that is.
“Alice: Would you tell me, please, which way I ought to go from here?
The Cheshire Cat: That depends a good deal on where you want to get to.
Alice: I don’t much care where.
The Cheshire Cat: Then is doesn’t matter which way you go.
Alice: So long as I get somewhere.
The Cheshire Cat: Oh, you’re sure to do that, if only you walk long enough”
-Lewis Carroll, Alice in Wonderland
The problem that I see time and time again is that most businesses don’t have a business plan. I don’t know anyone who would build a house without a plan, get married without planning the wedding yet people are prepared to go into business without a plan and risk their financial future and freedom.
We need to know what the vision and mission of our business is. What are our long-term goals, so we can break them down into smaller/ achievable goals? If you don’t know where you are going, it will be impossible for your team to know, so how are you going to be all rowing in the right direction?
Financial Mastery in Business
So, after we have mapped out the plan in destination in business mastery the next focus is financial mastery. Why? Because we need to be running at a profit!
Financial mastery in business is all about budgeting, forecasting, and reporting. It is the key performance indicators (KPI’s) the things that create your results. It is measuring things like lead generation, conversion rates, client retention, resource utilization and margins.
It is knowing how to read your financial statements i.e., profit and loss and what they mean, what they tell you and how to use them to make better decisions going forward.
It is alright to have someone do your books, but you can never abdicate your responsibility of the numbers. Accounting (numbers) is the language of business, so you need to learn about and get a great understanding so that you can make good financial decisions for the business.
Time Mastery in Business
If financial mastery in business is about profitability, then time mastery in business is all about productivity.
Business owners are always busy, but are they doing the right things? Most business owners spend much of their time in distraction and delusion. It is rushing around putting out fires and doing what appears to be a lot of ‘stuff’ but at the end of the day you have achieved nothing on your to do list (if you have one!). You need to be doing things that makes a difference to the business.
We can’t manage time; however, we can manage people. So, the focus must be on management technique and leadership to build productivity.
Delivery Mastery in Business
Delivery mastery in business is about the customer experience. Do your customers know exactly what to expect from you and is it delivered consistently and predictably?
When was the last time you asked your clients if they were happy with your product or service? There is no point marketing and selling a product/ service that looks great that you can’t deliver. New customers take effort to get, you would be better looking after current customers and reselling to them. They will only come back however if you can deliver.
So, delivery mastery in business is all about knowing we have great service, at the right price and we are making profit out of it.
Conclusion
The best place to start is always in the areas of mastery in business. Take an audit of where you are now, and what you need to do to achieve mastery in each of these areas. If you need help with this, please contact me and I will help you map your way forward.
Bianca Morrison: Business and Executive Coach