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The_Language_Of_Business
| The Language Of Business
There are certain concepts that successful business owners
create, and then refine, over and over again. Does your business
have a mission statement? Have you defined the strategies and
objectives of your business? What if a lender asks about your
ROI?
Successful business people talk to each other in these terms.
(If you're curious, skip ahead to the end of this article and
read other concepts that you need to define to increase your
chances for business success.) If you're not familiar with these
concepts, brush up on the "language" of business. Spending your
energy defining and applying these concepts to your business can
build a strong, solid foundation.
Plan on spending some time crafting these terms as they relate
to you and your business. The language of business provides a
handy framework for review, but there is so much more to each of
the concepts than its dictionary definition. In order for the
concepts to be effective, it's necessary to internalize and use
them daily. And keep in mind how not using these principles in
your business may cause problems later on. Consider these events:
--The dot.com, Enron, and WorldCom fiascos are excellent
examples of what can happen when businesses forget about the
basics. Some folks decided they were smarter than more than a
hundred years of proven-to-work business concepts.
--Established business owners who are stuck. To date, I have not
worked with an established business that is able to provide me
with a basic business plan-vision, mission, objectives,
strategies, etc. Some companies did create a plan for funding
purposes but haven't looked at it for years and years. If you're
running your business properly, you're looking at your business
and marketing plan at least once a week.
--The blackout on the east coast taught us to make sure we have
backup plans and that our web hosting companies have back up
servers, too. Do you know that most companies are so
computerized that their customer service departments don't know
how to process orders?
--Your death. Many business owners don't consider this
possibility at all. The goal is that in case of an emergency,
illness, death (or even a vacation!), your business will run
efficiently without you. Is your business this ready?
Weaving these ideas into the operation and administration of a
business produces clarity and helps management to make informed
decisions, save time, and reduce expenses. Yes, some businesses
function well without the groundwork for a time. However, at
some point within the first five years, the owner(s) end up
"stuck" or decide to sell their businesses. It's then that they
realize that the missing piece-yes, you got it-is that they're
not speaking the language of business -yet!
Have you added these concepts to your business?
Vision Statement Mission Statement Objectives Strategies
Marketing Plan Ideal Client Profile USP (Unique Selling
Proposition) ROI (Return on Investment) Assets Liabilities Back
up Plans Operations/Procedure Manual Licenses Insurance Customer
Service Asking for Help Hiring Help Networking
About the author:
© 2003 Maria Marsala, Business Growth Specialist. Helping you
attract clients and improve your bottom line by providing blue
chip methods, practical ideas and proven systems for businesses
growth. Request a consultation or join Elevating Your Business
Ezine now. Visit http://coachmaria.com
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