The 5 Key Element to business success

1. A plan

2. Working On your business

3. Productive staff

4. Effective structures

5. Adequate capital

We’re going to have to build a table that will hold the fruit. We’ll need the four legs but first we create a plan to hold everything together. This is the most important element and it’s the first port of call whenever I start working with new clients.

Prior experience of business success is vital when making a viable plan because you need to know how to spend your time for maximum effect. I recommend you make a 90-day plan. And, once you’ve implemented that, make a new 90-day plan.

Now we have a table top, it’s time to construct the legs.

 To put your plan into action, you’ll need to spend more time working on the business and less time on the detailed day-to-day work. Many business owners have heard this advice before, but they may not be sure how to allocate their time and attention. Again, experience of success counts. If you’ve travelled the road before, you know what to do.

Having the right staff is critical. In my experience, it’s equally as important as working on the business because, unless your staff are reliable and productive, you cannot afford to delegate the day-to-day detail.

Working on the business and having the right staff on board are your tickets to freedom.

Your business model must be viable in the sense that it must be able to generate the rewards you desire. For example, if you want more time freedom but your business income depends on you working long hours every week, you’ll need to reassess the model.

Also, if you are going to delegate more to your staff, your business needs good procedures for staff to follow. A good procedure is simply a way of doing things that you have found to be effective, whether in terms of sales, customer service, or financial record keeping.

Sometimes a business needs a cash injection, but often you can generate more retained capital by better financial management. This can happen quickly – before the end of the first 90-day plan.

One of the key steps is to set up clear boundaries between money belonging to the business and money belonging to you, the owner. 

The 5 Elements are not rocket-science but, as always in life, prior relevant experience greatly increases your chances of success. 

If you have any questions, please get in touch. I offer a free initial consultation, and nothing would please me more than to help you achieve your business dreams.

Here’s to your success!