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The 8 Fundamentals of Business

By Simon Cooper
March 3, 2020

Whether you are starting a new business or, you’ve been in existence up and running it from a long time, it can be simply too easy to be overloaded by the intimacy brought by the various divisions within that business. Returning to some of the crucial joints and tightening some of those with metaphoric screws and bolts can well be the way to make you feel overpowered and in control of your business.

Be that as it may firstly, you needs to figure out the various territories of your business and which of them are generally significant?

We accept that all the areas of your business can be assembled into 8 fundamental areas. It’s critical to comprehend the part every one of these areas play, and routinely consider how each of them are performing.

So, what are these 8 fundamental Business functions you need to review? Let’s look at them separately:1. “YOU” (Owners/Managers)” use_theme_fonts=”yes”][vc_single_image image=”10583″ img_size=”large”][/vc_column][/vc_row]No matter how surprising that can be, the first and foremost area of the Business that needs to be reviewed is “You” yourself. Since habits (good or bad) start at the top and stream down. In case you’re living in confusion and not dealing with your time well, odds are the group will be battling as well.

Fundamental systems to have in place for Business Owners/Managers include:

  • Good Time management skills
  • Task/Project and Risk Management
  • Great Hygiene in terms of Business and Personal

2. Business Plans and Goals” use_theme_fonts=”yes”][vc_single_image image=”10584″ img_size=”large”][/vc_column][/vc_row]A business plan despite how much overrated it might be, is one way to ensure that you have your goals set alongside a plan towards achieving them.

Your plan doesn’t need to be confounded. A straightforward one-pager or visual business board works great too!

This fundamental is about:

  • Characterizing your why; for what reason would you say you are doing what you’re doing?
  • Your WHAT (what do you offer?)
  • Your WHO (who are both your optimal group and perfect client?)
  • Your WHEN (think launch dates and so forth)
  • what’s more, in particular Your HOW (how are you going to accomplish each of these objectives?)

3. Finances” use_theme_fonts=”yes”][vc_single_image image=”10585″ img_size=”large”][/vc_column][/vc_row]Management of wealth and finances becomes the top most reason why businesses collapse. Allocation of funds for various projects, managing risks all become an integral part of the “Finances” section within the Business.

While considering your Business Financial Systems, we propose you consider:

  • Your revenue/sales systems
  • Your Accounting systems
  • Management of your assets
  • Reporting frequencies and financial compliance

4. Business Systems and Processes” use_theme_fonts=”yes”][vc_single_image image=”10586″ img_size=”large”][/vc_column][/vc_row]Whilst in the established businesses, these systems and processes just turn into this big word called ‘Bureaucracy,’ which is brought up every time a unique idea does not reach its due credential, in the young businesses it is the lack of these processes that creates some major problems. Hence, finding the right balance is extremely important.

Frameworks to consider are:

  • How you deal with your clients
  • How data moves through your business
  • How you communications between the group and your customers
  • How you track your business/jobs
  • How you track all your marketing

5. The Team” use_theme_fonts=”yes”][vc_single_image image=”10587″ img_size=”large”][/vc_column][/vc_row]A well-performing team at its peak is an ideal scenario that just savours the whole experience of working out a business venture. It’s also important to make sure businesses are compliant with their required paperwork and tax obligations.

Team frameworks to consider are:

  • Delegation of work in Teams
  • All legal paperwork compliances
  • Ways of Monitoring KPIs
  • Team’s Creative Climate
  • Individual fit/personalities

6. The Brand” use_theme_fonts=”yes”][vc_single_image image=”10588″ img_size=”large”][/vc_column][/vc_row]A brand creates a voice of its own; it is more what your brand is known for. For instance – quality, image, enhanced credibility, customer recognition can all become pillars for success with an established brand.

Brand frameworks to consider are:

  • A steady logo
  • Whether the brand conveys the messaging rightly for what it stands for
  • Is there a guidance for the enthusiasts to follow
  • Layout setup

7. Sales and Marketing Plans” use_theme_fonts=”yes”][vc_single_image image=”10589″ img_size=”large”][/vc_column][/vc_row]A tragic Accounting nightmare, Sales and Marketing plans have to be designed in a particular way that could foster the overall business growth. All those quirky initiatives might sound the best however, ROI is a metric to be looked out for.

Marketing & Sales Systems to consider are:

  • Overall sales and marketing plan
  • Social media/Digital marketing plan

In case you don’t know the difference:

A sales plan in a plan to promote a specific product or service, for a particular measure of time, to accomplish a particular measure of revenue. A marketing plan is about growing your general brand awareness in the marketplace. A social media plan bolsters both different plans. It’s the “HOW” in helping you accomplish your Marketing & Sales goals.[/vc_column_text][vc_custom_heading text=”8. Client/Customer Experience” use_theme_fonts=”yes”][vc_single_image image=”10590″ img_size=”large”][vc_column_text]Some business goals might bring this up as the most significant element however, ‘Client Experience’ or ‘Customer Satisfaction’ has to be reviewed to understand the way a business is performing. While upselling to some customers might be revenue generating to you but, a hindered long-term relationship after that customer notices price changes might just become your worst nightmare given that customer’s overall lifetime value.

Customer Satisfaction elements to consider are:

  • The ways you record, interpret and respond to customer feedbacks
  • How long does it take generally for you to reply to customer queries?
  • Effectiveness at communicating with clients

[vc_row][vc_column][vc_single_image image=”10598″ img_size=”large”][vc_column_text]Young budding entrepreneurs and small scale businessmen seem always feel that they are overpowered clearly because of the reliance of the business on their decision making.

Things being what they are, how would you ensure you’re doing everything?

All things considered, truly, it’s difficult to do the entirety of that well

The thing is – businesses change so quickly as they develop that brief we think we have it aced, and the following things are in pieces again or, we’re feeling the warmth of the growth.[vc_row][vc_column][/vc_column][/vc_row]

Simon Cooper

Managing Director

Financial Advisor. Entrepreneur. Co-founder and managing directory at Forward360, Simon ensures all clients get the financial advice they need to reach and exceed their financial goals — both personal and business.

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