For your business to be successful and achieve the growth you desire, you need to consider and manage a series of fundamental elements that are common to every business.
A well-run business requires effective management of each of these elements, which are inextricably 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.
In this way, a business could be compared to the human body, which 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. And if you do not receive treatment, you could die.
But before it gets to such dire straits, your body gives you signs and symptoms to tell you that things are not as they should be. If you’re smart, you’ll go see your doctor and hopefully there is 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 ensure that your business is as healthy and profitable as it can be 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, with the understanding that optimal function of all five 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 Rise. Our advisors can give you peace of mind by performing a business diagnostic—we analyze every aspect of your business and provide a scorecard highlighting areas of operations where you can save money, generate more revenue or even just reduce the amount of time spent putting out fires.
In the coming weeks, we will be highlighting each of the five major elements 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.