What do successful business owners rely on to ensure all parts of the business works together like a well-oiled machine? Of course, they hire the right people, select the best equipment, watch financials, keep customers happy and bring in new business. They're also effective in other areas.
They optimize their time, focus on the right things, delegate the rest and find ways to do things faster, cheaper and better. And, they do all this while continuing to produce high quality products or services and providing top notch customer service.
The following seven parts contribute to their success. Sometimes they spend more time with one part and less on another, but together they complete the business picture.
Communication. This involves all facets of communication including internal and external communications. Customers and prospects can't get the best from your company without well-informed employees. When employees receive mixed messages, or worse, no message, they can't support the business as well as in the know employees can. Lack of internal communication leads to fear and other emotions that get in the way of employee performance. A successful owner makes sure communication remains open.
Organization. Executives who know how to manage their time stay on top of the who, what, where, when and how for all parts of the business. Many books, tools, software and web-based applications can help you with organization and getting things done.
Education. The world changes faster now than it did 100 years ago. You can't keep up with everything. Obviously, you need to stay on top of the latest in your industry and it benefits you to be aware of advances in other areas. For example, you're in the oilfield services business, and you learn about social media because it can improve your marketing program and for little or no cost.
Marketing. You can be doing an amazing job of keeping current customers, but you don't want to slow down as nothing is guaranteed. No matter the size of a company, marketing is an important part of business. The Internet has changed marketing making it a good area for education, or at least, hiring the right people who know how to exploit today's marketing opportunities especially in social media. Social media may be hot, but you still need to make sure you go where you can find your audience.
Technology. Few companies survive without any kind of technology. Smart businesses owners watch for technology they can incorporate into the business to increase efficiency. This can involve adding a reporting or dashboard app that provides insight into the company's cash flow and daily activities. Even the simple act of adding or improving reports and dashboards could make a difference.
Networking. Word of mouth is one of the more effective ways to bring in new business. Networking lets you interact with others through social media, emails and newsletters. The key is to stay in touch so people remember you when they need you.
Innovation. Can you picture life without a cell phone or computer? Think about a company that has been in business for a long time. What has changed? Something had to have changed because it's tough to keep a product or service going strong without innovation. Ask your customers questions and listen to their answers. It may lead to the next big thing that grows your business.
What other parts do companies need to succeed? What would you add or remove from this list? Why?
What Our Clients Are Saying
- Keri Gray,
The HUGE difference I found since we are working with you... is in the day-to-day life... Since Capital Solutions is funding us there is no "fear"... when I talk to a vendor or need to make payroll. You guys have also bent over backwards... to make it work for us. I really appreciate that.
- George Del Toro,
We were funded [in 10 days] (the approval process was very smooth). The way I spend my time has changed dramatically since then. I can spend as much time as I need visiting with customers and out on the field... In closing I would like to tell you that Capital Solutions has made it possible for GDT Well Service, Inc. to triple (300%) its business in the last year, without any of the "growing pains".
GDT Well Service
- Brenda and Mark Neufeld,
In our very first conversation I noticed that you not only understood our situation, but also the Oil & Gas trade. Capital Solutions has been an invaluable help... We have grown our business exponentially thanks to you. I can now probably qualify for a traditional line of credit (...but I'm not sure I want to).
B.N.M. Piloting Services