All businesses, no matter what the size, need some sort of organisational structure to operate properly. So, if you don’t understand the structure of a business, how difficult is it going to be for you to have a successful one?
Knowing the key divisions of your business is a vital component to your growth and profitability so make sure these areas are considered.
This is the central area, in a sense, it is the “brain” of your business operation. It starts from the top and a business with good management and guidance is starting from a solid base. All potential business operators should create vision and mission statements so they understand what they want to do, why they want to do it and how they will do it.
For your business to experience growth, it is imperative to grow a customer base. Marketing is an activity and process for creating and communicating the value your unique business offers. These key messages can be delivered through digital advertising, radio and TV commercials, land interviews in the media, network, etc.
Audit and regularly analyse, particularly when implementing a new form of marketing. To develop material that appeals to your customers, regularly survey and conduct research to understand their needs and wants better.
Measure Facebook reach, Google my business action, LinkedIn company profile view and much more. This helps you understand what content is resonating with your audience. Another way of saying that, is it gives you an indication of what your target audience wants.
Your organization cannot operate without money, even if you started it while you had no money. You may have outsourced bookkeepers and accountants; however, it is important as a business operator to always know how healthy you are financially, at any given point.
Cash flow is the lifeblood of any business, and this is especially true for small businesses who may not have large investments to keep them running when things get tough. This requires a realistic prediction of cash flow, even though it can be difficult to forecast the future. To do so, your accountant and bookkeeper shoul be able to develop a plan with you that forms an expenditure budget and then a picture of potential revenue.
Time is valuable; take every opportunity you can to ensure you and your team are being as efficient with it as possible, without cutting corners or negatively affecting the quality of your product or service.
Ensure the enterprise has appropriate and timely supply of all the required goods and services. Look to see if there are any inefficiency’s in the process, for example is time being wasted doing everything manually. The “old school” way, when there is an effective technology available to streamline the manner of doing.
While doing this you want to keep quality high. Make sure your employees are properly trained, if you make shoddy products or complete work poorly, you may lose customers and damage your reputation.
Your team is your greatest asset. So, make sure you have the right systems in place to create and manage an enjoyable customer culture.
This also covers the requirement of new individuals, ensure they have the required skills, qualifications, and experience, depending on their job descriptions.
This department runs your business so ensure the business is continually working with its staff on training programs, reviews and processes to continually improve and strengthen morale and capacity.
Management of all aspects of the business should carry equal weight with actual performance of the service or manufacturing of the product.
It’s important to have a process in place to check in on what is being produced; what’s the quality of the product or service being provided?
This could include managing the quality control of physical products, or it could be reaching out to customers to ask for feedback.
If your marketing department does the job right, you should have customers or clients reaching out to your business.
And when they do, you need a killer sales proposition. This includes customer service skills. Making personal connection with your clients, and a knowledgeable and polite interaction that can close the sale again and again.
Continually invest in sales training, a strong and developed sales team will go a long way to growing a successful business.
Research & Development
The world is constantly evolving. Research and development help to ensure that you and your business evolve with it. You must stay across the marketplace and continually research new and emerging areas to create strategies related to expansion, increasing revenues and fulfilling higher objectives.
Every business wants to have a plan of action ready. This means going after new clients, productivity, improving new areas of expansion and projecting growth.
Its responsibility is to provide legal advice and services to the company, the departments, and your staff. You don’t have to have an in-house counsel; but understand that having a business brings with it legal requirements. So, make sure you’re clear on what those are so that you know you’re being compliant.
This area covers things such as contract management, business development, litigation, and real estate transactions. Lastly, it also deals with customer claims against your company so be prepared to seek advice and guidance.