It’s an unfortunate truth that most business fail within 10 years. Even beloved chains that seemed destined for success are not immune to the common struggles every business faces in its lifetime. However, we are firm believers that you can avoid this fate – if you’re willing to do the work. Read on to learn more about how to hardwire your business for success.
It’s All in the Details
When it comes to running a successful company, you don’t want to overlook the details. The Skylight Group recommends viewing your business through the lens of six different categories: People (your people always come first!), Operations, Technology, Finance, Marketing, and Quality/Risk. This may seem like a lot of small details to keep track of, but that’s actually the point. Several small details will soon add up to create major issues if you don’t address them quickly and effectively.
In order to manage each area of your business, you should do a regular review of each of these categories to determine which areas need more attention. Remember to look for potential issues that haven’t occurred yet – it’s always better to resolve problems before they begin instead of waiting for them to impact your company. Set the schedule that works best for you, but you should review each category of your business at least once a quarter in order to stay on top of things.
Create a Process
You may be asking yourself how you go about understanding if each area of your company is running smoothly. It may seem overwhelming, but it doesn’t have to be. Go through each category and determine which questions you need to ask yourself to make sure business is going as it should be.
For instance, take the People category. How do you make sure your people are doing their jobs and have the resources they need? Do you have a specific plan in place for training your team members on new products or processes? When reviewing the Marketing category, ask yourself how your product is doing. Is it still relevant? Is it still in demand? Use these questions as a guide to create an official, formal process that you use to put your finger on the pulse of your business and decide which steps to take next.
Don’t keep your process to yourself – bring in your team! Members of different departments will be able to give you more ideas on how to refine your strategy, and will add questions of their own that you might not consider. You can also assign your team to do reviews of their own to make sure every category is covered.
Hardwiring your business for a success that lasts beyond 10 years – and 20, and 30 – will take time and effort, but you won’t be sorry you put in the work to make your company great. If you want to learn how to get started, call us today at (317) 416-4369.