10 Important Facets of Business
Here are 10 important facets of business to understand. Juggling a business is hard work. With more facets than a top grade diamond, to consistently succeed you have to master and manage from multiple angles simultaneously. At Eagles’ Wings Business Coaching we understand your plight and are eager to walk at your side with a watchful eye for stragglers and a quick step to support you as you corral them.
Business owners are often consumed and overcome by the business. Being effective in business is core, both to you and to us. In the grand scheme of things, and even in your business, your personal effectiveness is significant. Your effectiveness beyond your business has merit and value in itself. As you expand your influence beyond your business however you bring valuable exposure back into your business. What are you doing to increase your personal effectiveness inside and beyond your company?
None question the value of having an up to date, functional business plan. Neither will anyone argue that strategic planning exercises such as SWOT analyses aren’t worth the effort. Still this is the second facet that business owners offer as sacrifice on the altar of business.
Eagles’ Wings Business Coaching clients find themselves learning to plan strategically as a routine function, fitting it into everyday activities, many of which they have always been doing anyway
No one will buy your product or service before they know it exists. Marketing moves your potential clients from being clueless about you and your service to being curious. Your Eagles’ Wings coach will work with you to design, implement and measure your marketing strategies. We want you to have ten strategies active and in play at all times.
Selling is service. Every business is in the business of selling. If you aren’t selling you don’t have a business, you have a hobby. How many of your leads are you transitioning to sales conversations each week? A great close is the natural outcome of a solid sales presentation. What is your close ratio? Let us work with you to build your sales plans, you should have one for each product line. We train your team to sell effectively.
Customer service is more than a commitment that the customer is always right. The customer is always right, but delivering a top tier product means delivering top tier customer service. How do your customers really feel about your product and your service? More important, how do you know? When was your last focused customer survey? If you aren’t purposefully and consistently asking the question your customer satisfaction is almost guaranteed to be significantly worse than you suspect. For every 10% of your customer base you lose because of poor customer satisfaction, you have to generate 30% more sales.
What key measures are you watching each day, each week, and each month? It may not all be about the money, but unless a business consistently finds ways to bring in more cash than it spends, its days are limited. Every problem first shows itself in the financial statement. Too often owners see the clear message months too late, resulting in unnecessary pain.
Having operating systems, defined, described and in place is THE alternative to crisis management. The problems that keep business owners awake at night wane and move to the brink of extinction as EWBC clients learn to create, demonstrate, and hardwire operating processes. Standardizing these processes then permits your business to produce success automatically, even when you aren’t there.
Everything rises and falls on leadership. It may be easier to do each task personally than to train another. And it can easily be argued that to get a job done right, do it yourself. Anyone building a business however must learn to develop others. From front line workers, through managers, and consultants, including suppliers, and even customers, the leadership of the organization is unavoidable. Does your company run and act the same when your back is turned as when you are watching? What kind of leadership do you have baked in?
If employees are a company’s greatest asset, why do they so often create massive pain in your sitting parts? Human Resources begins with understand and complying with local, state, and Federal rules. That however is only the starting place. What does your company do to build and encourage employee buy-in?
The best time to plan for the sale, or other transfer of your company is the day you start the business. The second best time is now. Creating a valuable business doesn’t happen by accident. One of the key measurements of company value is earnings before taxes, depreciation, and amortization (EBIDTA). The rule of thumb is that companies trade on multiples of EBIDTA before owner’s pay between one and seven. For companies with owner pay of $70,000 and EBIDTA of $180,000 that means a choice of sale value between $200,000 and $1,400,000. Retirement is significantly more secure with a nest egg of $1,400,000 than one of $200,000.
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