Let’s say you’ve owned a culinary business for years and you’re doing pretty good until recently you’ve hit a plateau. You have a great food product or service, but you can’t seem to get more customers for whatever reason and experience the growth you’ve been hoping for.
This plateau in business is pretty common, especially if you hit the ground running before you could really add some structure to your business. As an entrepreneur you are just trying to figure out this whole “owning your own business thing” one long day at a time. What I have come to find out, is that you will never get past that plateau/rough patch, without having solid business foundations in place first.
Here’s why. Let’s say you want to get x amount of new customers each month, so you sign up for a really great webinar or listen to a podcast and feel totally inspired to try all of the latest and greatest marketing techniques that you just learned.
While that is all fine and dandy, unless you have the business foundations down, you can’t successfully accomplish those (well, sometimes you can but then you hit the plateau again).
If this is all clear as mud, let me explain better because business foundations is a term that gets thrown around a lot in the business world (obviously), but what exactly are the foundations you need?
An example of a business foundation would be your company’s vision and mission statements – what is your company’s purpose and where do you see your business going?
If you don’t know the answer to that question, then everything else in your business will eventually crumble. Vision/Mission is often overlooked but it’s the roadmap to all of your business decisions because it identifies who you are as a company, what you value and what you stand for (what makes you different!).
Real growth in the long term can’t happen without that clarity first…I know, that means you have to do some leg work, but it’s worth it.
Here’s my list of foundations that every business needs:
- Mission and Vision
- Clarity and Direction of Your Business
- Services and Product Offers
- Strong Brand/Website – your brand is the number one thing that you can invest in for a strong foundation and continued business growth
- Finding Your Ideal Client
- Staff Management
- Sales Conversion
- Client Care and Results
- Marketing Online/Offline
- Time Management
- Business Systems
- Understanding your Numbers
- Consistency of Income
- Lifestyle Design
So go ahead and do an exercise now. Under each foundation category, go ahead and rate your business on a scale of 1 to 10. 1 being you have no clue/foundation is not in place, to 10 is the very best it can be.
Once you “score” yourself, you’ll be able to tell which areas need improvement and which areas you’re doing great at!
Not sure how to even go about rating each area or what each area is? Schedule a free 30-minute consultation (email me at [email protected]) with me and I’d be happy to go over some of these with you and see how I can help you make these areas stronger.