Friday, September 2nd, 2016
For many people, the idea of creating and operating their own Inspired Business is a dream come true. And…there are a lot of budding entrepreneurs entering the world of business today to the tune of 300 000 per annum. Some of the factors that govern, at least to some degree, your ability to own and run an efficient and highly profitable business are effort, energy, attitude, skill and knowledge.
However, the important thing to understand with an Inspired Business, as with all businesses, is that turning your good idea into a great business, being able to build, grow and sustain it and still generate a profit over the long term, can be easier said than done. Navigating your way towards becoming a successful and highly lucrative business owner takes a certain courage and trust in yourself.
In fact according to the Australian Bureau of Statistics, the data clearly demonstrates that more than 60% of small business cease operations within the first three years. And the percentage of these remaining businesses that continue to operate over the next 5 to 10 years is considerably less.
The reality is however, that small to medium business represents around 97% of all businesses in Australia. They cross a wide range of industries including transport, manufacturing, business services and retail. Interestingly, non-employing businesses are the largest group and so small business is where it’s at. Small business makes the Australian economy’s heart…beat.
Starting a small business is akin to beginning a new chapter in your life and this usually includes stepping out of your comfort zone. Sometimes, you just need to have conviction and simply take a leap of faith. To avoid some of the early potential pitfalls, there is one basic, timeless principle which underpins and ultimately drives success. And which, if followed will give you a great foundation to create the Inspired Business you envision.
So, if you are keen to start your own Inspired Business or are interested in applying this 1 insider key to your existing company, below is the top pick….it may surprise you.
The number one key for your business is for you and your team to have clarity around the fundamental and foundational aspects of your business. This means that you know exactly why you are in business, you understand what your business does, how it performs this role and also whom its products, services and offerings are designed to serve. Just as importantly, you need to be able to clearly and simply articulate these to others.
So the questions to ask yourself to gain clarity in these areas are:
- Your Why? What is your core intention, your driving reason for being in business? What is your intended Mission which is the ongoing, overarching benefit that your business gives to your clients or end users? The corollary of this is your Vision, which what you intend to receive or get as the reward for the work you do?
- Your What? What does your business actually do? Which industry is it in and what makes it different.
- Your How? The key is to identify how your company best serves your customers and achieves your targets. It is also important to consider how your business delivers your product, service or offerings to your customers. And…how your business is perceived in the marketplace.
- Your Who? Knowing and defining exactly who your clients are and how they live. Some of the demographic information you will need to determine are; gender, age group, beliefs, level of education, geographical location, their earning capacity and spending habits and…why they shop with you.
The answers to these questions will provide you with the insight and knowledge to create the solid foundation upon which all good businesses are founded. It is the quality of the questions we ask ourselves which determines the quality of the results you achieve.
I wish to thank you for helping me to improve my business by a rate of 30%. Normally our takings during winter are lower. I cannot thank you enough for all your help and highly recommend you and your business. The improvements are so noticeable it’s almost unbelievable.
SM Jones Como WA
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