The 4 Major Components of Business Growth and Profit-Making Success!
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 the pieces of a puzzle.
When you clearly identify them in your own business and then strategically harness their power to function consistently, the TOP 4 COMPONENTS can produce EXPONENTIAL business growth. And that kind of business growth leads to an increase in bottom line profits!
So what are these TOP 4 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 MISSION.
When you consider the VISION, GOALS 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 stated? You need to do this to start seeing real growth in your business.
Second, you must determine whether 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, then you will know in which direction you want to direct your business to generate the business growth and increased profits that you desire.
As you work through and implement any business growth plan, keep referring to CORE COMPONENT 1, your VISION, GOALS AND MISSION.
MAIN COMPONENT 1 is the guiding direction for your business, like a compass pointing to “True North”.
MAIN COMPONENT 2 of the business growth and profit generation process is its Business operating systems, administration and training.
I compare MAIN COMPONENT 2 to the engine that powers a car. When you consider KEY 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 your 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. Y,
4. Most importantly, you strategically develop the specific operating systems that your company must have to run your business effectively and efficiently; whether you, the business owner, are present at work or not.
Are you driving a sizzling junk or a precision-tuned race car? CORE COMPONENT 2 answers that question.
Once you have KEY COMPONENT 2, your business systems running smoothly, it’s time to start filling your tank.
MAIN COMPONENT 3 of your business growth plan is Strategic Marketing, Lead Generation and Lead Conversion systems
When you consider CORE COMPONENT 3 in your business growth plans, you need to analyze your systems to serve your current customers and clients, to identify and gain more of your ideal customers and clients, to market to your unique target market, and to convert 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 all-important issue of MONEY.
MAIN COMPONENT 4 of your business growth plan carefully analyze Financial situation, cash flow and reports.
In CORE COMPONENT 4, your main focus is to review the systems you have to know where you are financially, manage your money, monitor it, and keep it coming in. What changes do you need to make to your financial operating systems to accelerate your business growth? 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 constantly coming in? What Cash Flow “Production” Strategies Are Unique To Your Business? Are there other “production” strategies that I can implement right away? Is there any other way your business can “manufacture” additional cash flow?
Well there you have them.
Those are the TOP 4 COMPONENTS of a successful strategic plan to grow your business and increase your profits.
Knowledge comes first. You got it.
Now, the action must come!
So it’s time for you to take action.
ACTION STEPS:
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 each of the 4 MAJOR COMPONENTS of your business on a sheet of paper as described above.
2. Review each MAJOR COMPONENT against your current business operations.
3. List the missing focal points in your business compared to each MAJOR COMPONENT.
4. Suggest only 1 action you can take to improve on 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 will be developing a successful and proven plan to not only grow your business, but also increase your profits!
This article is an excerpt from the MasterMind Business Growth System, written by leading lawyer and business growth expert, Miguel Méndez, Jr., Esq.
Copyright 2008. Miguel Méndez, Jr. All rights reserved.