7 Areas of a Business You CANNOT Neglect

7 Areas of a Business You CANNOT Neglect

The following 7 areas of a business you cannot neglect will direct you to work ON your business as opposed to working FOR your business.

Working for your business will get you a wage, however working on your business will allow you to grow.

I encourage you to pick one area per week and dedicate two hours to how you are going to develop in that area.

They will probably be the most productive two hours of your entire week .

7 Areas of a Business You Cannot Neglect

1. Marketing

Marketing as discussed in the article What’s The Difference Between Marketing and Advertising? is your ability to build a relationship with both your potential and existing audience.

Marketing is often confused with advertising, but the two are hugely different.

Effective marketing requires you taking the time to understand your audience so you can serve them better and offer than more value and entice them to doing more business with you.

2. Sales

Sales should be target driven, as opposed to simply trying to get as much as possible.

When you are trying to get as much as possible, you really have no idea where you’re going. However, if you focus on a logical target, you can build a strategy, form partnerships, and be motivated to push that little bit more to get you where you want to be.

3. Optimisation

Looking at existing processes and analyzing them will help you see both flaws and opportunities to increase efficiency.

This could lead to smoother, more automated systems that can mitigate on errors and free up your time to focus on other areas, all the while increasing the quality and level of professionalism that you offer.

4. Financials

Nothing we do is about money, and yet business has a funny way of showing us everything we do is about money.

Keeping a tight line on your expenses will keep you competitive and highlight any redundant expenses that are costing your business money.

Just the other day, I questioned a $700 USD per month advertising budget. It turned out this campaign was bearing no fruit and it was costing the company $700 USD every month.

By simply questioning the expense our company saved 1,000’s of dollars over the course of the year.

You may also see that you are offering marginal services for free. The introduction of fees can be a great way to capitalise on this.

I’ve personally seen firsthand how adopting a fee system can be the difference between a company being profitable or not.

Certainly banks copped onto this a long time ago.

“If you’re good at something never do it for free– Joker

5. Culture

The culture of your place of work is a key to both attracting and keeping top talent in the workplace. As discussed in the article – Are You a Talent Magnet? – The 5 Essentials to Attract Top Talent.

This aspect of the workplace is often ignored, particularly in small companies.

There are so many things you can do everyday to build a desirable culture within your workplace, encouraging everyone to be happier and freer to express themsevles.

Focusing on the culture is a brilliant way for you to focus on the wellbeing of your staff.

“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” -Richard Branson.

6. Innovation

You’ll most likely not get ahead in business by doing everything standard.

If you desire to get ahead of the competition and become an industry leader then innovation is where it’s at.

Innovation starts with necessity. Raise your standards and then brainstorm new methods on how to achieve them, not by working harder but by changing the game through innovative ideas.

7. Customer Service

While it may appear customers want a product or service, what they really value is a quality experience.

It’s the experience which will make them pay above market rates, trust you and keep coming back to you.

The customer is one of your greatest marketing tools, business representatives, and a key player in quality control.

Honor the customer by bringing more value to your customer service and they in turn will honor you.

As I said at the beginning of the article pick one area per week and dedicate two hours to how you are going to develop in that area.

You will find yourself becoming more enthusiastic about your business as you rejuvenate it and grow it, bringing it to places you never thought possible.

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