Invest in Good IdeasInvesting in your business starts with having great plans.
Some people call this strategy.
Strategy and planning cover a wide range of business areas.
While some business people are experts at strategy and have spent a lifetime learning and creating strategies, most people only know what they’ve picked up here and there.
That’s not surprising because most of their time they are immersed in their own business not in the wide range of technical tools and techniques that help organisations to create successful plans.
How about bringing in some people who really know about strategies that will get your business growing?
Things such as:
What POSITION should we adopt? One that allows us to charge more for what we sell – that makes us stand out from our competition and is memorable.
What new CHANNELS to market would work best for our products/services – and also for our chosen Position?
What STRATEGIC ALLIANCES can we form that will generate additional value for us?
Can we make money by packaging our company’s “know-how” to create a new product of our INTELLECTUAL PROPERTY?
What other products would our clients buy from us?
There are over 20 areas such as these that help to make more money and increase the value of the company.
And having a useful Board with effective Board meetings can dramatically improve results. For more information about getting your Board working effectively, give me a call. I’d love to hear more about your business.
EARN money No!
Is your business making you enough money?
Most of us running a business spend our time working to earn money?
Yet we all know that to be really successful we should be making money?
Let me explain how you can shift from earning to making money.
There are only 3 groups of activity that take place in a business:
Earn Win and service clients
Spend Admin and support to enable the “earning” activities
Invest New things to create value
The day-to-day stuff of winning clients and fulfilling their needs.
This is earning money – it’s an essential activity for every business.
However this simply exchanging your time for money.
There are also support activities which must be done such as book-keeping and other office expenses.
These incur costs and reduce the amount of money you earn.
If all our energy and resources are devoted to the two previous activities of earning and spending, there will be problems in the future.
The key to creating real wealth consistently, the activity that will make serious money, is to set aside time to CREATE NEW IDEAS, then to MAKE PLANS based on these ideas and then SUCCESSFULLY IMPLEMENT them.
It’s the difference between working IN our business and working ON our business.
How to do it?
Put together a small team who you trust. Some of them should be experts in business, others should have deep understanding of your market sector and the rest should know your company and its products & processes.
Arrange for the team to meet once per month to discuss the future of your company. You will find it a source of inspiration and it will help you to confirm the right direction and the right areas to focus on next.
Oh, and you could call this your Board of Directors.
Many businesses miss this great opportunity.
The Board of Directors should be a valuable resource, helping you to grow your business.
Does your Board support you in building your business?
How else could it help you make your company more valuable?