Your business can be divided into 4 segments or component parts.
I call them the 4 MAIN COMPONENTS of a business.
Through extensive research and study of the most successful companies around the world, I have also determined that there are 4 common focal points found in a successful strategic plan for business growth and profit generation. These common focal points, or 4 MAIN COMPONENTS, are interrelated and can be made to fit together like pieces of a puzzle.
When you clearly identify them in your own business and then strategically harness their power to function consistently, the 4 MAIN COMPONENTS can produce EXPONENTIAL business growth. And that kind of business growth leads to an increase in bottom line profits!
So what are these 4 MAIN COMPONENTS to a successful strategic plan for business growth and profit creation?
Let’s briefly explain what these 4 MAIN COMPONENTS are and what they have to do with developing a strategic plan to successfully grow your business and increase your profits.
The 4 MAIN COMPONENTS
MAIN COMPONENT 1 it’s your business’ VISION, GOALS AND ASSIGNMENT.
When you consider the VISION, OBJECTIVES and MISSION of your business, your main objective is divided into 2 parts. First, you need to carefully analyze and clarify in which direction your business is heading at the moment. What is your VISION for your business? What are your personal goals and business objectives? And finally, what is your Mission for your business? Do you have these 3 clearly established? You need to do this to start seeing real growth in your business.
Second, you must determine if you need to change course to develop the business growth you want and the increased profits you need. Having clarified your VISION, GOALS and MISSION, you will then know in which direction you want to steer your business to generate the business growth and increased profits you desire.
As you work on and implement any business growth plan, keep referring back to CORE COMPONENT 1, your VISION, GOALS, AND MISSION.
MAIN COMPONENT 1 is the guiding direction for your business, like a compass pointing “True North”.
MAIN COMPONENT 2 of the process of business growth and profit generation is its Business operating systems, administration and training.
I like the 2 MAIN COMPONENT of the engine that drives a car. When you consider CORE COMPONENT 2 in your own business growth plans, you accomplish 4 things:
1. You carry out a review of the engine of your business; that is, your staff and contractors. How can they play a positive role in growing your business and increasing your profits?
2. Consider their hiring practices. How they can impact the successful growth of your business early on… when you hire others to join you.
3. You evaluate and design your management and training processes to support the business growth you seek. AND,
4. Most importantly, you strategically develop the specific operating systems your company must have to run your business effectively and efficiently; whether you, the business owner, are present at work or not.
Do you drive a sizzling jalopy or a precisely tuned race car? MAIN COMPONENT 2 answers that question.
Once you have CORE COMPONENT 2, your business systems running smoothly, it’s time to start filling up the tank.
MAIN COMPONENT 3 of your business growth plan is Strategic Marketing, Lead Generation and Lead Conversion systems
As you consider MAIN COMPONENT 3 in your business growth plans, you need to analyze your systems for serving your current customers and customers, for identifying and gaining more of your ideal customers and customers, for marketing to your unique target market, and for converting more prospects. . to generate more sales and increase your bottom line profits.
Finally, a successful strategic plan for business growth and profit generation should never leave aside the very important issue of MONEY.
MAIN COMPONENT 4 of your business growth plan carefully analyzes Financial situation, cash flow and reports.
In CORE COMPONENT 4, your main focus is reviewing the systems you have in place to know where you are financially, manage your money, keep track of it, and keep it coming in. What changes do you need to make to your financial operating systems to accelerate the growth of your business? Where is your money? How is it being spent? Do you have operating systems that you have designed and implemented to control expenses and costs? Is your money coming in constantly? What cash flow “production” strategies are unique to your business? Are there other “production” strategies you can implement right away? Is there any other way your business can “manufacture” additional cash flow?
Well there you have them.
Those are the 4 MAIN COMPONENTS of a successful strategic plan to grow your business and increase your profits.
First comes knowledge. You got it.
Now the action must come!
So it’s time for you to take action.
Follow these 4 steps and make your business growth plans roar like the mighty sound of a race car crossing the finish line first!
1. Write on a piece of paper each of the 4 MAIN COMPONENTS of your business as described above.
2. Analyze each MAJOR COMPONENT against your current business operations.
3. List the missing focal points in your business compared to each MAIN COMPONENT.
4. Propose only 1 action that you can take to improve in each of the 4 MAIN COMPONENTS.
If you have completed all 4 action steps then you have some momentum. Constantly focus on the 4 MAIN COMPONENTS of your business. Keep working to improve on these 4 MAIN COMPONENTS.
Because if you do, you’ll be developing a successful and proven plan to not only grow your business, but increase your profits too!
This article is an excerpt taken from the MasterMind Business Growth System, written by leading attorney and business growth expert, Miguel Mendez, Jr., Esq.
Copyright 2008. Miguel Mendez, Jr. All rights reserved.