Business success requires continual focus on the four key areas in business:
- customers
- costs
- sales
- profit
Looking at the four key areas in more detail we will be able to identify regular plans, self commitments activities and goals for thing we can improve in each of these areas.
- Customers - key here is to ask: "what do people want to buy?"
One needs to consider frequently:
- Why people buy ones product.
- Improve understanding of what customers value
- Learn more about and from customers daily
- Costs - regularly ask: "How can I control costs?"
One needs to consider frequently:
- How to lower costs
- Use many suppliers
- Fixed costs must incur profits or go
- Invest wisely
- Borrow wisely
- Sales - regularly ask: "How do I sell?"
One needs to consider frequently:
- Always sell
- Turn inventory frequently
- Ask, listen, say yes
- Make it easy to buy
- Close sales
- Profit - regularly ask: "How to create profits?"
One needs to consider frequently:
- Daily records
- Pay yourself
- Daily profits
- Buy low, sell high
- Don't steal from your business
- Use productive assets
We should be reviewing all of the aspects frequently, daily initially, untill they become ingrained in our thinking, second nature and instinctive.
As we constantly review these things potential for improvements will become glaringly obvious and we will have no shortage of activities to implement to improve our business and methods.
We should be working as hard on improving our business as we are at running it. With enough regular improvements it can grow sufficiently to employ others to perform day to day tasks while we continue to focus on making the business the best it can be.