Your business can be broken down into 4 segments or component parts.
I call these as the 4 MAJOR COMPONENTS of a business.
Through extensive research and study of the most successful businesses worldwide, I have likewise determined that there are 4 common focal points found in a successful strategic plan for Business Growth and Profit-Building. These common focal points, or 4 MAJOR 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 cohesively, the 4 MAJOR 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 MAJOR COMPONENTS to a successful strategic plan for business growth and profit-building?
Let’ briefly explain what these 4 MAJOR COMPONENTS are, and what they have to do with developing a strategic plan to successfully grow your business and increase your profits.
The 4 MAJOR COMPONENTS
MAJOR COMPONENT 1 is your business’ VISION, GOALS, & MISSION.
When you consider your business’ VISION, GOALS, and MISSION, your chief aim is broken down into 2 parts. First, you must carefully analyze and clarify what direction your business is currently heading in right now. 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 set out? You need to in order 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 increase in profits you need. Having clarified your VISION, GOALS, and MISSION, you will then know in what direction you want to steer your business to generate the business growth and increased profits that you want.
As you work through and implement any business growth plans, keep referring back to MAJOR COMPONENT 1, your VISION, GOALS, & MISSION.
MAJOR COMPONENT 1 is the guiding direction for your business, just like a compass pointing to “True North”.
MAJOR COMPONENT 2 of the business growth and profit-building process is your Business Operating Systems, Management, & Training.
I liken MAJOR COMPONENT 2 to the engine that drives a car. When you consider MAJOR COMPONENT 2 in your own business growth plans, you accomplish 4 things:
1. You undertake a review of your business’ engine; that is, your staff and contractors. How can they play a positive role in growing your business and increasing your profits?
2. You consider your hiring practices. How they can impact your successful business growth at the front end…, when you hire others to join you.
3. You evaluate and design your management and training processes to support the business growth that you are striving for. And,
4. Most importantly, you strategically develop the specific operating systems that your business must have in place to effectively and efficiently run your business; whether you, the business owner, are there on the job, or not.
Are you driving a sputtering jalopy or a precisely tuned race car? MAJOR COMPONENT 2 answers that question.
Once you’ve got MAJOR COMPONENT 2, your business systems, running smoothly, it’s time to start filling up the tank.
MAJOR COMPONENT 3 of your business growth plan is Strategic Marketing, Lead Generation, & Lead Conversion systems.
When you consider MAJOR COMPONENT 3 in your business growth plans, you must analyze your systems for servicing your current customers and clients, for identifying and obtaining more of your Ideal customers and clients, for marketing to your unique target market, and for converting more prospects to bring in more sales and increase your bottom-line profits.
Finally, a successful business growth and profit-building strategic plan must never leave out the all-important topic of MONEY.
MAJOR COMPONENT 4 of your business growth plan takes a hard look at Financial Position, Cash Flow, & Reporting.
In MAJOR COMPONENT 4, your primary focus is to review the systems that you have in place to know where you’re at financially, to handle your money, to control it, and to keep it coming in. What changes do you need to make in your financial operating systems to ramp up your business growth? Where is your money? How is it being spent? Do you have operating systems that you have designed and put in place to control expenses and costs? Is your money coming in consistently? What Cash Flow “production” strategies are unique to your business? Are there any other “production” strategies that you can implement immediately? Are there any other ways that your business can “manufacture” additional Cash Flow?
Well, there you have them.
Those are the 4 MAJOR COMPONENTS of a successful strategic plan to grow your business and increase your profits.
First comes knowledge. You have it.
Now, must come action!
So it’s time for you to take action.
Follow these 4 steps and get your business growth plans roaring like the powerful sound of a race car crossing the finish line in first place!
1. Write out on a sheet of paper each of the 4 MAJOR COMPONENTS of your business as outlined above.
2. Analyze each MAJOR COMPONENT in comparison to your present business operations.
3. List the focal points lacking in your business compared to each MAJOR COMPONENT.
4. Come up with just 1 action that you can take to improve in each of the 4 MAJOR COMPONENTS.
If you’ve completed the 4 action steps, then you’ve got some momentum going. Constantly focus on the 4 MAJOR COMPONENTS of your business. Keep working on improving in these 4 MAJOR COMPONENTS.
Because if you do, you’ll be developing a successful and proven plan not only to grow your business, but to increase your profits as well!
This article is an excerpt taken from the MasterMind Business Growth System, as written by noted Business Growth Expert and Attorney, Miguel Mendez, Jr., Esq.
Copyright 2008. Miguel Mendez, Jr. All rights reserved.