9 Core Business Elements

How you can approach your business in a way that makes it easier for you to understand your business?

Inventory, product, clients, business structure, etc. What do you pay attention to and how do you make them work together in a way that makes them work for you? I will use these pieces for the next year to better understand my business and identify what changes I may need to make:

1. Product 
2. Customer Service 
3. Systems 
4. Time Management 
5. Team Management 
6. Marketing 
7. Finances 
8. Leadership 
9. Forecasting 
10.* Visions

LEVEL 1

Product Do you have a product? Most people think of product of a thing you sell, a dog leash, a widget, keys, etc. Products are what you sell, which may be your services. As a small business manager my service is my product. When I first started my product wasn’t very well understood by me and therefore I couldn’t clearly communicate to people who asked, what I did. Now I am able to say the stages, concerns, and specific elements I work with my clients with and people have a better understanding of what I do and in turn whether I can help them. Confused minds don’t purchase. Products are the physical products or the specific purpose you sell or offer to your clients.

Customer Service It begins from the moment they hear about your business and continues through their use of your product over the years.

Systemic Systems Systemic Systems is the operation of your business, how does your business work? Do people call in, do you meet them in person, is there a brick and mortar store or is your product delivered? The systems in place that allow your service or product to get to your clients are your systemic system. A plumber has a system for what happens when someone calls them. There are things in place that take the call from a finished and delivered product and service.

LEVEL 2

The following three are what most small business focus on most.

Team Management Someone on your team that is responsible for a part of your business. There is a person who manages your website, your phone, your client interaction, your office furniture, etc. How you manage your team will make a difference to your business.

Time Management How you spend your time and your team are a large part of your business. All the time you spend on your to-do list, your finances, are part of being mindful how you spend your time.

Marketing If you don’t market, people don’t know about you. Some people think of marketing as selling and they don’t want to be salespeople, but your business may not grow if you don’t do the work to make sure you are putting who you are, what you do, and what value you offer, to the world. If you don’t tell people you exist you don’t have the permission to serve them or to make a difference in the world. From sales to branding, to social media and networking, they all fall under the umbrella of marketing.

Finances Working capital and cash reserve help you to be able to run your business.

LEVEL 3

Leadership Leadership is within your business and your industry. There’s something that happens in your business where it starts to have a natural sense of growth. You accepted your business vision and therefore you’ve been called to be a leader in relationship to your employees and your customers. You should also be a leader in your industry, someone who contributes, stays up with what’s happening in the industry, and someone who is seen as an expert.

Trends and Forecasting The trends in your industry and the things to come are what business owners have to stay aware of. Are the times and ways business is conducted in your industry changing? Are the times and technology dictating how your clients now interact with your product or how you offer your service?

Vision and Strategic Plan You had a vision, the forethought of what you wanted to create and you started a business. I challenge you to take a look at the original vision and plan and update it.

For the upcoming year I encourage you to get involved with me, this blog, my radio show, and these core business elements. Call our hotline at 626-844-8842 if you want to be interviewed, if you have a question, want to be a guest speaker or you have something you want to contribute to the conversation. I look forward to hearing from you.