Everything in life needs balance, be it a living thing or a non-living thing. Without steadiness, an object loses its worth and gets unproductive. Every machinery or engine demands flawless working of its vital parts. The same applies to businesses as well. The way a car needs four wheels to ride it smoothly, in the same way, a business needs perfect balance among all its significant areas. Imbalance in any one of them can generate difficulty and it can obstruct the otherwise smooth ride of business.
The following topics will be discussed in this article:
– Why do we want to do business?
– What problems do we face in running a business?
– MSD System
– What are the Four Wheels of Business Engine?
Why do we want to do business?
Apart from passion for growth, there are few other practical reasons for which a person wants to do a business. A very important one is to attain financial freedom. This financial freedom allows spending money as per our choice. We do not give a second thought before spending money on any ‘x-y-z’ thing. Fulfilling the demands of family, spending quality time with them, grand vacations and good social status are the by-products of financial freedom. Be able to achieve all our need is the prime cause of doing business.
What problems do we face in running a business?
Financial freedom can be gained through a successful business but running a business is not as easy as it seems. Several issues arise that need to be attended to on time to keep the business running. Business often makes a person the busiest person. Unable to get a strong team is one more reason for their busy schedule as they have to check everything from the scratch. Other important causes include lack of system in the business. Without an effective system of work, a business cannot blossom. Sometimes the main issue is the businessman himself as he doesn’t know about ‘what and how’ to solve the issues and it directly affects the progression of a business.
Any business revolves around three main things – Marketing, Sales and Delivery. To remember it we can take reference of Mahendra Singh Dhoni – MSD, former Indian Cricket team Captain.
- Marketing – Marketing plays an important role in business growth. Right, effective marketing gets the leads and enquiries for our business and provides it recognition.
- Sales – Recognition solely cannot do anything till we get a good sale of the product. An increase in average sale puts an impact on business.
- Delivery – Repeat customers and Referral customers boost up the business and give it brand value.
What are the four Growth Wheels of Business?
Major issues are faced due to employees that lack the skills to work proficiently. They don’t work as per the expectation and demand of the job. Lack of zeal and motivation is another reason that creates a problem. Sometimes we don’t have enough budgets to hire skilled employees which add-ons to our existing issues.
A system to recruit the right candidate according to the demands of the profile should be developed. They should be assigned work based on their skills and qualification. Employees being the actual executors of our plans should be groomed and trained for new techniques on regular basis. Arranging skill-enhancement and self-learning programs for them will improvise the value of our team.
Data never lies. Every country, every business, every system runs through data. To check the growth of the business, develop ‘Key Process Indicators’ in the system. It indicates the growth of our business. Monitoring data is essential for a business. It tells the facts about ups and downs in our business. It even provides the details of different departments and their success reports. We can evaluate the working of each department and can timely plan strategies for the low ranking one. Maintaining the data of all departments lead us to success as a business is a combined effort of all the sectors. Failure of any one sector can fail the whole business plan.
The growth of businesses depends upon the review of customers. Lack of quality and standard limits the success. Customers anticipate the same quality every time irrespective of the changes in system, place or team. To understand it more clearly take the example of McDonald. The taste, size, quality, and service everything remains same in its Franchises all over the world. It can be achieved by making a System for all the processes in an organisation. SOP (Standard Operating Procedure) should be mandatorily followed by every person associated with the organisation.
To develop a system first we need to list out the areas where it is required. Then automate it through a valid procedure. The system should not depend on any person but should be on self-generated mode. Different departments and sectors of the organisation should be given a structured framework. Every department has its separate place and role which should be clear to the concerned people. Once structured, the next thing is to set goals of each department like sales dept., the marketing dept., accounts dept. etc. At last, a system for each working departments is made. A self-generated system for all the departments makes the whole business run in an automated mode with quality assurance, and thus keeps the customers satisfied.
The fourth very important wheel of business is the mindset of a businessman. The mindset of a businessman should be growth-oriented. Self-mind-set and willingness to learn new things, upgrade knowledge, to acquire new skills keep a person ahead of others. Instead of saying that I know everything successful businessman always believe in self-educating. They keep themselves aware of all the new techniques and trends and evolve as the best version of them. Their mindset is of doing it ‘then and their’ rather than waiting for a perfect time or place. They grow their business through their self-growth.