Why building a business today is not as it use to be

You have a great idea, you developed it, established your products and then found some customers who bought them.

Repeat...

Repeat...

Repeat...

Congratulations, you have built your business! Easy wasn't it?

Well is it possible that this "model" if you call it that, which no doubt has worked in the past, is not the one for today's world of disruptive technology and socially astute and globally connected customers?

If this is indeed the reality of today, then which is the right "model"?

These questions are the ones I asked myself when setting up my own businesses

Having come from a family entrepreneurial upbringing, mixed with time in senior positions in the corporate sector as well as management consulting and academic research, I could not resist when I came across Jeff Haden's 2014 article on Inc titled: The Top Leadership and Management Experts - Who Makes The List? More Important, Whom Should You Be Listening To?

In his article, Jeff conveniently lists 100 business thought leaders. People you would expect such as Peters, Kotter, Drucker and Collins of course, but also others including Ries, Buckingham, Pink and Robbins.

For the next 18 months I spent reading, researching and deciphering each business guru's "code" or as academics like to put it, theory or hypothesis

Having immersed myself into this, I realised that there are many principles that are common across all 100 thought leader's "code". These principles have stood the test of time, but there are other considerations now, particularly how we go about executing them, is what matters today.

You see, we are not living in the Industrial Revolution, nor is it the Technology Revolution. Today is the start of the Entrepreneurial Revolution which is opening up opportunities for everyone through technology and globalisation. The cost of entry of setting up a business today is at its lowest ever, with accessible knowledge, affordable technology and a global market place freely available.

So this realisation, or "ah ha" moment, led me to develop what I call the 5 Imperatives. It is these 5 Imperatives that you need to learn and master if you want to set up, scale up and sustain a successful business in today's world of the Entrepreneurial Revolution.

Let me explain...

 

The First Imperative

If you have this in place, with the right focus and with the right balance, it will ensure your personal motivations for setting up a business are aligned to the overall business direction. 

Of course I am talking about The Imperative Of An Empowered STRATEGY. 

STRATEGY is about being clear on the why. 

STRATEGY is also about defining your niche. 

Who you want as your ideal client – your client avatar and the solutions that you will provide to solve your client’s problems. 

If I was to use a metaphor, STRATEGY is the brain. 

STRATEGY, when done right, is about you becoming empowered.?

 

The Second Imperative 

STRATEGY alone is not sufficient. You also need something else. When you have this, your offerings, products and services will be accessible to your desired clients. 

I am talking about is The Imperative Of Achieving Effective SALES or Marketing and SALES. 

This is about developing the content for your channels that you communicate to your desired clients. 

It is about generating interest, not just passive, but creating overwhelming curiosity that leads to action being taken. 

SALES therefore is the life force of your business. 

SALES when done right, is about you being effective. 

Can you see how this might work for you?

 

The Third Imperative 

Having STRATEGY and SALES without this next imperative means you do not have a business. 

This imperative is so powerful in that, when you have it, your business will be able to scale-up as your impact or revenue grows – nor will not be that tension between SALES and the ability to service growth. 

And what I am talking about is The Imperative Of Creating Efficient SERVICES. 

This is where you create, produce, manufacture, supply and service your ideal clients. It is about leveraging the latest technologies the best operating models… whenever, where ever. 

SERVICES are the heart of your business. 

SERVICES are about you being efficient. 

Could this be useful to you??

 

The Fourth Imperative 

Next to STRATEGY, SALES and SERVICES this next one is often overlooked and when it is, it is to the detriment of the business - but in my view it is critical. 

What I am referring to is The Imperative Of Engaged SUPPORT. 

This is where you take a commercial view from day one and that you have the right approach and financial acumen in place. 

You are connecting with the right people through partnerships. 

And you are embracing ongoing learning through coaches and mentors so that you are continually stepping up to the next level.

If SERVICES are the heart, then SUPPORT is the skeleton of your business it needs to be strong and when it is it keeps you engaged.?

 

The Fifth Imperative 

Lastly, as equally important as the preceding four, this Imperative is about sustaining your business into the future and leaving a legacy. 

Do you want to leave a legacy? 

What I am talking about here is The Imperative Of Evolving SYSTEMS. 

SYSTEMS that scan the future for trends, opportunities and threats. 

SYSTEMS that take you from where you are now to where you want to be. 

SYSTEMS that propel your forward with momentum. 

If you do not have effective SYSTEMS in your business, then it may be that your business today will not be sustainable. 

SYSTEMS are the sensors. 

SYSTEMS keep you evolving.

 

So if you are considering setting up a business, or have goals or scaling up and dreams of leaving a legacy with a sustainable business, make sure your learn and master the 5 Imperatives. - Strategy that is empowered, Sales that are effective, Services that are efficient, Support that is engaged and Systems that evolve.

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Dr Ross McKenzie helps entrepreneurs and businesses to set up, scale up and sustain their business, so that they can focus on dreaming big, creating a vision and build an awesome legacy.

For more information, visit The Startup Business. 

Also visit the Fair Trade Store.