Tanya Long, Human Capital Executive, Argility.
9 out of 10 businesses fail. What’s the formula then for success?
In our first article on this topic, I spoke about the surprisingly high statistics for business failures and the top item for success being the right product for the right market.
The #2 key success factor is: Pay Attention to Everything
You may have a fantastic product and a willing market, but if your underlying processes do not support sustainable actions then failure may creep up on you. Small issues suddenly turn into large issues.
Boring but necessary business processes, business models and scalability should always be top of mind. Make time to work ‘on’ your business, not always ‘in’ your business and ensure that you have effective solutions to give you the time to do so.
Let’s do a quick health check on the state of your business:
- What business processes do you have in place to effectively manage the different areas of your business?
· In buying and stock merchandising
· In stock ordering, receiving and despatch
· In stock takes and stock control
· In cash management
· In debtors management
· In staff management
….. to name just a few
- Are these supported by constantly updated and documented SOPs (Standard Operating Procedures)?
· With details not only on physical processes but authority levels and also software system processes
· Is time made to ensure that these are kept up to date with changes so that any person can walk into your business and be fast tracked to productivity
- Do you have the controls and measurements in place? And are the results reviewed frequently for active and quick decision making?
- Do your employees have clear job descriptions and a process of monthly measurement of results? Is someone providing monthly feedback to them and the stakeholders to make sure you have the right people performing at their optimum levels and servicing your customers with excellence?
- Is up-skilling and training of staff a priority? As the impact of this ultimately is felt by you and your customers.
How do you fare on the above? If you can tick the boxes and say yes, then give yourself a pat on the back and start delving for more… If not, then it’s never too late, this is one of those things that you will be saying “What in one years’ time will I wish I had started today?”
Whilst manual processes are still a fall back, look towards technology that will enable you to get access to information quickly and with as little effort as possible.
Flash Figures gives your business users key performance data, as mobile business intelligence, at their fingertips, enabling them to make informed decisions on the go.
Article contributions taken from Neil Patel, Forbes Magazine.
Read more: Focus on Growth – Success Factor #3
Tanya Long, Human Capital Executive, Argility
Tanya Long is a Qualified Performance and Business coach, with over 25 years’ experience in Software Development for Retailers. The fusion of her retail, software and coaching knowledge is used by many to uplift businesses, entrepreneurs and individuals in achieving the results that they desire. She currently serves as Human Capital Executive for Argility plus works with various organisations to design and implement their Culture Strategy aligned to enhancing their Employee Engagement to drive business results.