9 Steps to Building a Better Business, Part 1

Updated: Jun 25, 2020

During the past 15 years we’ve had the privilege of working with great people many of them trying their hardest to start, run and grow their own businesses.

We’ve seen the some successes and failures of business ideas and application with our help and guidance, thereby taken some of the strain off the shoulders of business owners.

We believe, there are some simple steps if taken, vastly improve outcomes for the savvy business owner. These include:

  • Knowing your Where and Why

  • Getting your foundations right

  • Applying the 3 M’s

  • Refining your Offering

  • Focusing on your profits

  • Developing your team

  • Establishing systems

  • Finding and introducing a MRR stream

  • Scaling up for success

Businesses need to start at the beginning or even restart to have something solid to build upon. Whilst others might find it more productive to just dip into the steps where there’s a specific need.

In this first blog in this series we’ll outline the first four of the above nine steps. Future blogs completing the remaining steps and looking to expand on each.

If any reader has any comments, questions or experiences they’d like to share with us please feel free.

Knowing your WHERE and WHY

If you don’t know where you’re going how will you know how to get there?

If you don’t have a strong reason why getting there is important to you you’ll lack the focus and commitment necessary to key you on the right path.

This raises the point that you need to plan for success, knowing the steps to take and taking them will get you where you want to go with your business, anything else and you’re relying on luck. To be a great plumber isn’t a strong and compelling why. To run a successful and highly profitable plumbing business that can support your family and provide for their needs and wants is much stronger.

Getting your foundations right

Building a business on the basis of guesswork is a sure fire way to fail. We suggest to all our clients that they focus on a few important measures to ensure that they can keep control of the key elements of their business. Naturally as accountants we’d include key financial numbers but also as important are those Key Performance Indicators (KPI) that also measure the success or otherwise of your business venture.

For example:

· A sales agent that may include visits made or prospects quoted.

· For a restaurant this would be covers served on keys nights or booking for a key period.

The important thing is that these non-financial KPIs provide a measure or reference to the business that can tell the business something useful. Another important