It is said that a picture is worth 1,000 words. I recently saw a drawing of two circles. In the one circle, it stated, “Things that matter” and in the second circle it stated, “Things you can control”. Where these two circles overlap, there was a note: “What you should focus on”.
With this pearl of wisdom in hand, I ventured to compile a brief list of elements we have control over in our businesses and what we need to focus on.
The marketing of my business – We can decide on the content of our marketing mix and how much money we are prepared to spend on marketing. If set up correctly, we should always endeavour to choose marketing elements by which we can measure success.
The credit policy of my business – Will I allow payment terms to clients and, if so, what should my policy guidelines be?
Delivering on my promises – Talk is cheap, as it is easier to say I will do something than to actually do it. Make sure you create a culture where all staff deliver on their promises.
My personal attitude – If I see the glass as half empty, guess what – everyone in my business will mimic my attitude over time. Is your attitude worth catching?
Contracting with my suppliers and clients – Contracting is a two-way process. It needs to serve the needs and requirements of both parties. Make sure the interests of all contracting parties are served.
Ask for referrals – I know this is supposed to be conventional wisdom, but are you and your staff doing this?
My business plan – We all have the luxury to decide what the future plans for our business are. Choose wisely and be careful not to set your business up for failure because your goals are not realistic, or very difficult to achieve.
The service delivery of my business – Good service should not be negotiable. Although this is a “hygiene” factor in business, it does not mean that we are currently meeting and exceeding client expectations.
Professional conduct – This one goes hand-in-glove with service delivery, but it speaks to the level of professionalism with which my staff delivers the service experience of our business. Look at your dress code, use of language, and client-facing documentation, to mention a few.
After-sales service – Service delivery continues after a sale is made – this can make or break a client relationship with regard to follow-up purchases from our business.
Finances – We can decide how we would like to spend the hard-earned money of our business. Wasteful spending can be limited and frugality should be the guiding principle.
By diligently managing these elements in our businesses, we are able to guide our businesses through the maze of business uncertainties and economic realities which are outside our span of control.
Do you also need any of the following services?
Business advisory support/Accountability partner?
Business finance?
Banking facility audit?
Family business advisory services?
Help with the buying or selling of a business?
Speak to your SFP financial advisor who will introduce you to the designated subject matter expert on the SFP enterprise panel who would be able to address your specific business need or requirement.