Get your business flying far and fast by getting these 6 key areas working well

Most business owners have never been taught how to run a profitable business. The problem is, learning how to do it can cost a lot of time and money. The good news is that many of the challenges faced by business owners are not unique and most of the strategies used to overcome them are universal.

In this article I am going to highlight the six key areas of your business that if working well and working together, will make your business run like a well-oiled machine that makes you money - a money-making machine.

If each of the six areas are not healthy and not working together, you’ll probably never create the business you deserve.

As a Business Made Simple Coach, I’m going to use the analogy that we use in our coaching program - that of an airplane. You see, whilst airplanes can get more complex as they get bigger, the basic parts are the same and it's the same for businesses.

Here's how the components of a successful business relate to the components of an airplane:

Leadership: The Cockpit

This area of the business is crucial – even if you are a solopreneur or a micro business. Knowing who you want to be and what you want to accomplish in your life and your business will give you and your team the focus you need.

Marketing: The Right Engine

For your marketing to be successful, you need to focus on your prospective customers. Many businesses position themselves at the centre of everything they say, whereas they should be thinking about the benefits and results they provide to their customers. In doing so, they are more likely to cut through the clutter of today’s marketing and get the attention of the prospect.

Sales: The Left Engine

Having been in ‘sales’ for most of my career, I probably haven’t sold anything for the last 35 years. People have however bought from me. This is because I have identified who my ideal client is, I have researched what will motivate them to buy, I have generated and qualified leads from prospects I know I can (and want to) help, and I’ve listened to what they’ve told me they think they want.

Products: The Wings

How many products or services could you sell? How many do you want to sell? Knowing the profitability of each product, the resources required to produce them, and the part they play in getting customers to buy other products is only the start. Could you replace a product that isn’t making a great contribution to the bottom line with a new product that will?

Overhead: The Body

Just like an airplane, if you are carrying too much weight in the fuselage (passengers or freight) you either won’t stay in the air for long, or you’ll crash. Spending falls into two categories – costs and investments. Think about the ROI you are getting from every pound or dollar you spend. Is it necessary? Could that budget be spent elsewhere??

Cash Flow: The Fuel Tanks

Cutting unnecessary overhead will improve your cashflow to a degree but getting cash into the business faster will do just as much, if not more. Pricing strategies are important here. I’ve come across businesses that haven’t increased prices, even with inflation, for several years. This is crazy! Also, think about incentivising early payments or pre-payments by offering a discount. Just make sure that your most discounted rates are still profitable.

Once you know where you need to improve your business, you’ll want to plan how you are going to bring each area up to the level it needs to be. You’ll no doubt set yourself some goals – milestones that will show you are on the right track. Whilst setting a goal is a big step in the right direction, you still need to know what you need to do to achieve it.

Find out if you're fit to fly and where you could improve your business by completing a quick questionnaire here . It takes less than ten minutes and it’s free.