For your business to reach new heights. To be successful and achieve the growth you desire – it needs series of fundamental business elements:
- Strategy – a long term version and goals for the business
- Product/Services – a clear understanding of what products or services should be offered, to meet business goals
- Marketing and Sales – creating awareness of your product or services and generating sales through a defined sales system
- Processes – defined ways of doing things, to deliver the products or services
- Information – actionable information useful in managing the business
- Technology or Data – the right technology and raw data to create useful information to manage the business
A well-run business requires effective management of each of these elements, which are dependently intertwined. These elements feed off each other and feed back to each other and if one isn’t working at an optimal level, it can disrupt the efficiency of all the other areas and the business will suffer.
Compare a business to the human body. It has systems that work together and depend on each other to maintain life. If one area is compromised, the effects can be felt throughout the whole body. For example, if your liver stops working you will become very sick. If you do not receive treatment, the results could be fatal. Before it gets to such dire straits, your body gives you signs and symptoms to tell you that you’re not at 100%. If you’re smart, you’ll go see your doctor and hopefully there is a treatment that can help you get back to health.
As a business owner, you could wait until your business becomes “sick” and then deal with issues that could threaten its long-term goals. Or you could pre-emptively ensure that your business is as healthy and profitable as possible. Prevention is easier than a cure, try to act quickly before there are systemic problems.
Your team at Rise Advisors is like a comprehensive health care center where we consider the patient (your business) as a whole. We understand that the optimal function of all six elements is the ultimate goal. We don’t want to come into your business and look at only one piece (i.e. supply chain or tax), we want to look at the entire business on a holistic level to make sure that all these intertwined systems are working together in the healthiest way.
If you are not 100% sure that your business is running at its most optimal level (symptoms of this might be decreasing profit margins, staffing challenges, or 80 hour work weeks), you may want to consider contacting your trusted advisor. Rise advisors can give you peace of mind by performing a business diagnostic. We analyze every aspect of your business as well as providing a scorecard highlighting areas of operations. Which will help in saving money or/and generate more revenue. Or even just reduce the amount of time spent putting out fires.
In this series, we will be highlighting each of the six major elements starting from strategy of a business to help you gain an understanding of what your business needs to be successful. If you feel like your business isn’t very strong in one or more of these areas, give us a call and we can determine what the best remedy might be.