7 Basics you MUST Master

7 basics of running a business through the good times and bad.

As a Yorkshireman in business, I never thought I would be told by someone to be more blunt with my message! Being a modern Yorkshireman, I took this on board - given that challenges will always happen, boom will follow bust, day will follow night and in the words of the great Jim Rohn - Never wish your life were easier, wish you were better, I need to share some home truths! Learn to walk before you run and without the correct foundations, your business will sink.

Let’s start with why you went into business –

If it was to be a Philanthropist? You need to do the hard yards and earn the money before you give it back!

If it was to help people through your charitable side and altruistic approach, great! The world needs people like you – My gift to you is stop reading at this point.

If it was to make money (addressing the elephant wasn’t that hard was it) then this and future articles are written just for you.

For your business to make money, you must master the following basics – do them well or even just a bit better than you have done in the past, you are onto a winner.

A business must have 3 functions –

1 - You must be able to sell something!

2 - You must deliver what you have sold!

3 - You must charge appropriately!

I did call then basics!!

If you scored each out of 10 – with 10/10 being world-class and 1/10 being not good, what would you score? HONESTLY! Where can you improve and how can you learn to do it better?

For each of these areas you need a “road map” and plan for what you want to achieve, how you will do it and how much you need to invest to achieve the goals. So we now add basics 4,5 & 6:

4 – Sales and marketing plan

5 – Operational plan for consistent & quality delivery of product/service

6 – Financial/Numerical plan – basic score card for your business

Being direct – if you can’t do the above 6 "basics" and you are unwilling to learn quickly, then do not bother with basic #7, which is……..

7 – Surround yourself with people who will make the journey easier and make you more money. - or in the words of Frank Dick "Know what you know, know what you don't and find someone who does!

In conclusion doing 1-7 well and you will make more money than your increasing cost base (inflation, National living wage, taxes, NI contributions etc). Do these well and spring will follow winter, do them poorly and your winter will arrive too soon for you to weather it.

If you would like to discuss any of the 7 basics, let’s have a chat.