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"The 4 MAJOR COMPONENTS to Business Growth & Profit-Building Success!"
Miguel Mendez, Jr., Esq
MasterMind Group International
Your business can be broken down into 4 segments or component parts.
I refer to these as the 4 MAJOR COMPONENTS of a business.
Through research and study of the most successful businesses worldwide, I have likewise determined that there are 4 common focal points found in a successful strategic plan for
Business Growth and profit-building. These common focal points, or 4 MAJOR COMPONENTS, are interrelated and can be made to fit together like the pieces of a puzzle.
When you clearly identify them in your own business, and then strategically harness their power to function cohesively, the 4 MAJOR COMPONENTS can produce EXPONENTIAL business growth. And that kind of business growth leads to an increase in bottom-line profits!
So what are these 4 MAJOR COMPONENTS to a successful strategic plan for business growth?
Let' briefly explain the 4 MAJOR COMPONENTS. Thereafter, we will review what these 4 MAJOR COMPONENTS have to do with your developing a successful strategic plan to grow your business and increase your profits.
The 4 MAJOR COMPONENTS
MAJOR COMPONENT 1 is your business' VISION, GOALS, & MISSION. When you consider your business' VISION, GOALS, and MISSION, your chief aim in MAJOR COMPONENT 2 is broken down into 2 parts. First, you must carefully analyze and clarify what direction your business is currently heading in right now. Second, you must determine whether you need to change course to develop the business growth you want and the increase in profits you need.
Once you clarify what you want your VISION, GOALS, and MISSION to be for your business, you then know in what direction you must steer your plans to obtain the business growth and increased profits you have always wanted.
When you work through and implement these business growth changes, keep referring back to MAJOR COMPONENT 1, your VISION, GOALS, & MISSION. MAJOR COMPONENT 1 will become the guiding principle for your business growth plans, just like when you view a compass pointing to "True North".
MAJOR COMPONENT 2 of the business growth and profit-building process is your
Business Operating Systems, Management, & Training.
I liken MAJOR COMPONENT 2 to the engine that drives a car. When you consider
MAJOR COMPONENT 2 in your own business growth plans, you undertake a review of your business' engine; that is, your staff and contractors, your hiring practices, your training processes, and most importantly, the operating systems your business should have in place to effectively and efficiently run your business (whether you, the business owner, are there on the job, or not). Are you driving a sputtering jalopy, or a precisely tuned race car?
Once you've got MAJOR COMPONENT 2, your business systems, running smoothly, it's time to start filling up the tank.
MAJOR COMPONENT 3 of your business growth plan is Strategic Marketing, Lead Generation, & Lead Conversion systems.
When you analyze MAJOR COMPONENT 3 in your business growth plan, you must profile your current customers and clients. Who are your best customers and clients? What kinds of customers and clients do you want to serve? These are what I call your "Ideal customers and clients." Analyze your present customer base with your potential Ideal customer base. MAJOR COMPONENT 3 does not stop there though. You must also determine what is your unique target market, and what are the best strategies and methods your business should employ to convert more prospects. What systems do you have in place to fill up your tank with customers and clients? What strategic plans and methods do you have to bring in more sales to increase your bottom-line profits?
Finally, a successful business growth and profit-building strategic plan must never leave out the all-important topic of MONEY.
MAJOR COMPONENT 4 of your business growth plan takes a hard look at Financial Position, Cash Flow, & Reporting.
In MAJOR COMPONENT 4, your primary analysis will be to focus on your financial position. In MAJOR COMPONENT 4, you review your financial reporting systems and your Key Strategic Indicators of your financial strength. How financially viable are you at the present time? The process is comparable to a diagnostic machine that reviews your car engine's systems. In MAJOR COMPONENT 4, you must diagnose how your business is handling your money, how it is controlling it, and how it is keeping it coming in.
What changes do you need to make in your financial operating systems to rev up your business growth? Where is your money? How is it being spent? Do you have operating systems that you have designed and put in place to control expenses and costs? Is your money coming in consistently? What Cash Flow "production" strategies are unique to your business? Are there any other "production" strategies that you can implement immediately? Are there any other ways that your business can "manufacture" additional Cash Flow?
Those are the 4 MAJOR COMPONENTS of a successful strategic plan to grow your business and increase your profits.
First comes knowledge. You have that now.
But then must come action!
So it's time for you to take action.
Follow these 4 steps and get your business growth and profit-building plans roaring just like a powerful race car crossing the finish line in first place!
1. Write out on 4 sheets of paper the title of each of the 4 MAJOR COMPONENTS above.
2. Analyze each MAJOR COMPONENT in comparison to your present business operations.
3. List the focal points lacking in your business compared to each MAJOR COMPONENT.
4. Come up with just 1 action that you can take to improve in each MAJOR COMPONENT.
Now you've got some momentum going. If you follow through with taking just 4 action steps guided by the 4 MAJOR COMPONENTS, you will be rolling the wheels of business growth success.
Focus on the 4 MAJOR COMPONENTS as you design, and then implement your strategic plan for Business Growth and increased profits. The results can be EXPONENTIAL!
This article is an excerpt taken from the MasterMind Business Growth System, as authored by Miguel Mendez, Jr., Esq.
Copyright 2008. Miguel Mendez, Jr. All rights reserved.
Article submitted Thursday, June 12, 2008
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