“Quality is never an accident. It is always the result of intelligent effort”
John Ruskin, 1819 – 1900. English social philosopher, artist, writer, art critic
There are only three strategies to business we need to consider. And they are your Marketing Strategy, your Operations Strategy and your Finance Strategy. The closer these strategies are to one another, the greater your chance of success. Let’s take a quick look at each.
Marketing is more than advertising, sales and social media. It is also about establishing your target market or niche and your avatar, postioning yourself in your market, pricing approaches, product definition and outcomes, packaging of your product and services, risk assessment, segmentation and much more.
Operations is more than producing a product and service. It also encompasses capacity to meet demand, scheduling, equipment and materials required, prefered suppliers, location and distribution, quality control as well as being able to supply in full on time.
Finance is too important to be left solely to your accountant. Your accountant does a good job for you in compliance and tax minimisation. However, if you only rely on your accountant when you meet every six months then already it is too late. Finance is a lot more than recording entries. It includes profit and cash flow projections, pricing alternatives and bottom line impact, knowing and using critical ratios and percentages, break-even analysis, knowing the profit you want for your life style.
Most small business owners focus on their Operations strategy because that is their comfort level. However, to multiply your business profits it’s critical to have these three strategies working in close combination. Which do you focus on?
The formula to Multiply your Profits
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