Here are my top 7 reasons why businesses succeed, how does yours measure up?
1. A clear and concise common goal and core purpose which is communicated to and understood by all the stakeholders (owners, management, employees, customers and suppliers) in the company. This answers the question, "Why are we in business?"
2. A culture based on core values which meets the needs of the owners, the employees, customers and suppliers of the company. This definition of culture answers the question, "How will we conduct ourselves as we do business?"
3. A clear set of business strategies that meet operational capabilities, coupled with a defined and marketable uniqueness that differentiates the company from its competition thereby answering the question, "Why should our customers buy from us?"
4. Financial ownership of the business that is in equal focus to marketing and operations management with measurable performance indicators providing the platform to make informed decisions in order to create reserves such as ownership capital accumulated from a healthy stream of profits. This answers the question, "How is our business performing?"
5. The ability to attract top performing people to accomplish the common goal and core purpose... great leaders do not build great businesses; great leaders build great people who build great businesses. This answers the question, "How is my leadership?"
6. Dedication to the principle embodied by the Japanese word Kaizen (never ending improvement), which means that even when things are going very well, successful companies strive almost obsessively to improve their systems, people, product or service. This answers the question, "When and what do we need to Innovate?"
7. A focus on things that the company does well and the sense to recognise that doing some things well does not mean that the company does everything well. Systemise the routine and humanise the exception... In other words systems run you business, your people run your systems and you lead your people toward your common goal. This answers the question, "How will I get my business to run without me?"
"The best way for you to predict your future is to create it... Have a great plan that is consistently executed and focus each day on improving the day before"
