Have you ever wondered what forms the basis of a solid business enterprise?
Is it Capital or Cash ? Not really….
Having worked with many small and medium businesses over the years , what I have observed are the following four Major Attributes to a successful business :
1. The Management Vision
2. Marketing and Sales
3. Delivery / Operations
4. Accounting and Compliance
A right and seamless work flow of the above four, lead to a successful business venture.
1. Management Vision: Clarity of the Management Vision and communicating in the way that the team understands and buys in the vision is critical to the functioning of the successful venture. Products or Services which are the core premise on the basis of which a business is built will grow only when the Management has a clear vision of where it has to head towards.
2. Marketing and Sales: Of little consequence it is, if you have a great product or a much- needed service and sadly if you cannot market your product or service. There would be no business in existence if there are no sales. A motivated and effective marketing and sales team are critical components of every business.
3. Delivery / Operations: The third critical cornerstone on which the business weighs heavily is the Delivery or the Operations Team. The team has to match the pace and promises made by the Marketing and Sales department. If they are not in sync with each other – business growth can be hindered.
4. Finance, Accounting and compliance: The final and the most important critical factor affecting the business is the Finance, Accounting and compliance team. Sometimes, in start-ups and small businesses this function is highly underrated and unappreciated – considering this to be only the cost component, without realizing how important and effective the timely review and reading of financial reports can impact and assist in the business growth. Being legally compliant at all times ensures a peaceful business environment and frees up a lot of valuable time to the management to make effective growth plans and implement them as well.
These are NON-NEGOTIABLE cornerstones for any business, be it start-ups, one-person company, or matured businesses, having the four Critical Path components either inhouse or outsourced professionals has time and again proved to ensure business grow and succeed.
Identify your Cornerstones today……
Additional Info :
- Renuka G., is the Principal Consultant, Centurion Consulting L.L.C., Dubai. Centurion Consulting is a business consulting firm that assists entrepreneurs in Market Entry strategy, Regulatory compliance, Market Research, Business Plans, Business Re-structuring, CFO and more such services.