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Fundamentals Of A Successful Business: Creating A Business Strategy

Every successful business needs a strategy.  Different businesses may use different words for strategy.  Some businesses may call it Company Vision;  others may call it Business Goals, Key Strategic Indicators or Targets. The point is, the business needs a plan of where it is going.  For me, the strategy is like the top of a table.

In order for a table to stand strong, it needs to be supported by four legs.  In order for a business to achieve it’sstrategy, it must be supported by four key business areas:

  • financials
  • marketing
  • operations
  • people

If you can get these four legs of the table working, you are in a much stronger position to achieve your strategy.  However, if one area is missing, your table will fall over.

It’s about getting the balance right.

In this Business Mentoring Program, we are following the table model.  In the first part of the program I will get you thinking about and writing your top of the table.  Your top of the table will include your goals for your business as well as your goals for your life.

Progressively through the program, I will help you to work on each leg of your table.  A series of seminars on finance, marketing, operations and people will help to ensure you have built a solid business foundation to put you in a strong position to achieve your short and long term business goals.

The second important concept in this Business Skills Training Program is the importance of the balance between the Entrepreneur, Manager and Technician.  I highly recommend you read the book titled “The E-Myth Revisited” written by Michael Gerber.

Michael recognises that the problem in many businesses is that everybody who goes into business is actually three-people-in-one:  The Entrepreneur, The Manager, and The Technician.  On page 19, Michael writes about the problem being compounded by the fact that while each of these personalities wants to be the boss, none of them wants to have a boss.  So they start a business together in order to get rid of the boss.  And the conflict begins.

The Entrepreneur:  the visionary;  the dreamer;  the goal setter;  the person coming up with the new ideas;  the future of the business.

The Manager:  the controller;  monitoring results;  keeping things in order;  checking;  ensuring procedures are followed.

The Technician:  the doer;  getting the work done.

We all have an Entrepreneur, Manager and Technician inside us.  If they were equally balanced, we’d be describing an incredibly competent individual.  Instead, the typical small business owner is only 10% Entrepreneur, 20% Manager and 70% Technician.  The Technician is in charge!

So far we have talked about two business concepts:  the table model and the balance between the entrepreneur, manager and technician.  How do these two concepts fit together?

The Entrepreneur is the top of the table creating the strategy and future direction of the business.

The Manager is the four legs of the table.  The Manager is establishing marketing, financial and operational systems to give the business a chance to achieve the goals the Entrepreneur set.  The Manager monitors the systems to make sure they are being followed.  The Manager checks results and takes action if results aren’t what they should be.

The Technician is serving the customer and bringing the money through the door.  The Technician is efficient as he is following well-planned systems written by the Manager based on what works well in the business.

If the proven systems are followed by the Technician and monitored by the Manager, the business is in a strong position to achieve the goals set by the Entrepreneur.

So how do you get the balance right between your entrepreneur, manager and technician?

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