Business Management – The first pillar!
Recently, I posted a blog about the four pillars of business that I speak about occasionally to various groups. The first pillar that is so fundamental, but often assumed is business management. This ranges from basic cash flow to payroll, to unnecessary expenses. Businesses fail for many reasons. The biggest reason is that they weren’t managed properly.
Before you quit reading and say, no duh Brittain…I encourage you to continue. It’s not at simple and as easy as we assume. Business management applies to everything from running a State Farm agency to being a multi-level marketing rep. It all begins with proper management. Now, some would argue that if the other three pillars are succeeding, business management could suffer and people would still succeed. Part of me agrees with that. There are terribly run businesses that still succeed despite themseleves. Good for them. They’re lucky that their customers haven’t woken up and realized that there are other options out there with companies who are doing it right.
I’m a classic example of the above. I like coffee. I’m drawn to Starbucks like a mayfly to a zapper. I pay more than I should for coffee because of the persona that carrying that cup implies. That’s TOTALLY wrong of me to do. I’m smarter than that but, it’s how I roll. Why pay $3 for a cup of $.05 coffee, to a company who’s employees don’t even welcome me by name, anticipate my order or TRY to get to know me. I used to go there EVERY DAY. (notice the “used” word) I ordered the SAME THING every day. A grande bold coffee, oatmeal with brown sugar and fruit. Clockwork. No kidding. Five days a week. NEVER did they ask my name, ask if I wanted the usual or announce “Jeffffff” like “Norrrrm” when I walked in. So, why in the Sam Hill did I keep going back? I was hoping that one day they would. A major corporation knowing me by name and providing a kick tail customer experience. They didn’t. I kept paying. Until I realized the power of a $.20 Tassimo coffee disc and Quaker Instant Oatmeal. Saved $5+ a day! 🙂
All of that goes back to business management and maybe even more of another pillar to be named later. Ha!
As my preacher says, I’m going to start meddling in your personal business now! So what are the elements of running a successful operation in your business? If you’re an insurance agent, coffee shop owner, Mary Kay rep or CEO of a Fortune 500 company…is your business running the way it should? Do you have the right people in place to run it effectively? Have you thought about your programs around:
- Incentive programs
- Quality management
- Tracking results
- Your scorecard goals
- Executing your business plan
- Developing your leaders
- Does your team, group or company know your vision?
- Do you create a high performing environment?
- Do you know your market? Your challenges? Your SWOT?
- Do you manage the agreements you have with you B2B partners?
The key to the above is that someone or someones in your organization needs to be thinking about those things on a regular, if not daily, basis.
I encourage you to take pause, take a look at that list, and determine if you have something in place to take care of those needs, plus the myriad of other business management areas not covered in this blog.
Soon to come will be the other three areas that I’ll meddle in. With my current role, 100% of the issues can be identified by gaps in one of these four pillars of running a business. If you would like to know more or like for me to speak to your group of professionals about these four areas, don’t hesitate to reach out to me. You can contact me at firstname.lastname@example.org or by calling (757) 971-8119.
Go get ’em, Tigers!