Blog 215: The Business of Business
Do you have a job or a business? It is not just a trite question. The difference in your answer can have a huge impact. The only answer is the honest answer. The worst thing you can do is kid yourself. Remember that the beauty of having a business means you get to do what you want with it. If the answer is yes, my business is a business, then consider the following:
Make it the best business possible. The benefit of owning your own business is that you control how personally rewarding it is. Your end result will be a result of what you select for measurement. Clearly define your measurement tools so they are aligned with your intended outcomes. Then make sure you CELEBRATE your milestones when you hit them.
Make as many of your costs variable as you can. That way you only pay when you are making money.
Keep fixed costs in check and ensure they are adding directly to your strategic outcome(s).
Keep your clients/customers coming back by maximizing your ability to treat your customers/clients as individuals.
Only hire staff that allows you to make more money and/or your organization more profitable through growth.
Run your business on a backbone of processes and quality control. Documented processes ensure consistency in operations and quality control ensures you keep the promise of your brand with your customer/client.
Always be reading some part of the book, Entrepreneurial Mindset.
Keep these guidelines in mind and you will have a wonderful and rewarding business. Go forth and prosper.