Your business could be divided into four components or segments.
I refer to them as the four MAJOR elements of a business.
After extensive research and analysis of the most successful companies worldwide, I’ve found four common focal points in the most effective strategic plans for business growth and profit-building. These focal points or the 4 major COMPONENTS are interconnected and can be a part of the puzzle pieces.
Suppose you can clearly define the four components in your business and strategically use their capabilities to work together. In that case, the four MAJOR COMPONENTS can create an EXPONENTIAL expansion of your business. That growth in your business results in increased profits for your bottom line!
What are these four essential components for a successful strategy to increase profits and business growth?
Let’s briefly discuss these four components and what they can do to make a plan of action to help you expand your business and boost your earnings.
The 4 MAJOR COMPONENTS
Major Component 1. is your company’s goals, vision, and Mission.
If you think about your company’s”VISION, GOALS, and MISSION, the primary goal is divided into two components. The first is to look over and decide on the direction your company is moving in today. What is your vision for your company? Which are your goals for yourself as well as business goals? What is the Mission of your company? Do you have these three clearly defined? This is the first step you must take to see an increase in the size of your company.
In the second step, you have to determine whether you require a change in direction to achieve the growth in your business you desire and to increase the profits you want. Once you’ve clarified your VISION goals, Mission, and GOALS, you can then determine which direction you wish to guide your business to create the business growth and profits you desire.
While working through and implementing any expansion plans, refer to the MAJOR COMPONENT 1 and your vision, goals, and MISSION.
MAJOR COMPONENT 1 is the primary direction you should follow for your company, much like the compass that points toward “True North.”
Major component 2. of the development and profitability-building process Your Operations Systems and Administration, & Training.
I like to compare MAJOR COMPONENT 2 to the engine that is driving the car. When you look at MAJOR COMPONENT 2 as part of your plans for business growth, You accomplish four things:
1. It is time to review your company’s engine: your employees and contractors. What can they do to help in expanding your business and maximize the profits you earn?
2. You consider your hiring practices. How do they impact the growth of your business at the beginning …, as you employ other people to join your team?
3. You analyze and develop your training and management processes to help you achieve the growth you’re striving to achieve. And,
4. In the end, you must strategically create the specific operating systems your company needs to have in place to efficiently and effectively run your business, regardless of whether you, the business owner, are working.
Do you drive a beater that is sputtering or a highly tuned race car? MAJOR COMPONENT 2 can answer this question.
Once you’ve got MAJOR CONNECTOR 2 or your business system is running well, It’s time to begin filling the tank.
THE PRIMARY COMPONENT Three of your company’s growth strategy is Strategy Marketing and Lead Generation and Conversion systems.
Suppose you are considering the MAJOR COMPONENT 3 in your expansion plans. In that case, you should review your strategies for providing services to your clients and customers as well as for identifying and acquiring more significant numbers of Ideal clients and customers as well as to market your business to your specific customers and converting more prospects into more sales, and boosting your bottom line profit.
The most important component 4. of your business’s growth strategy is a severe examination of the financial position, cash flow, and reporting.
When you are in MAJOR COMPONENT 4, your main goal is to examine your systems to see where you stand financially in managing your money, controlling it, and ensuring that your cash flows in. What are the changes you’ll need to make to your financial operations systems to accelerate the growth of your business? Where are your funds? What is the way it’s being used? Are you using operating systems you’ve designed and implemented to manage costs and expenses? Do you have money flowing into your business regularly? What are Cash Inflow “production” strategies unique to your company? Are there alternatives to “production” strategies that you can implement immediately? Are there other ways to help your business “manufacture” additional Cash Flow?
There you go. They are them.
These are the four MAJOR components of a successful strategy to expand your business and increase profits.
First comes the knowledge. You already have it.
Now, it’s time to take to the action!
Now is the time to act.
ACTION STEPS:
Follow these steps and make your business growth strategies roaring like the thrilling sound of a racing car that crosses the finish line in the first place!
1. Note down on a piece of paper the four MAJOR COMPONENTS that comprise your company in the manner described in the previous paragraphs.
2. Examine each major component when compared to your current business processes.
3. Find the key areas lacking in your business, compared with every MAJOR COMPONENT.
4. Create one thing you can do to increase your performance in the four Major Components.
If you’ve completed the four actions steps, you’ve started to build momentum. Always focus on the 4 major components of your company. Always strive to improve in these four major components.
