Three Basic Ways to Build a Successful Business

SuccessHave you ever hired a consultant or a coach, and you wanted to really start out with a clean slate and from the ground level? Then once you begin your work together, the actual work you are doing together has you on chapter five in your business and you do not even know for certain the title or what the book is about?

Sometimes you might see this in an article where the author states, “Let’s start with some business basics…” The next thing you know, the article is discussing the use of websites to represent your business properly, buying advertising and possibly how to utilize the internet in order to most effectively grow your business.

These topics are certainly important to any business owner. The point here is these are not business basics. These are advanced subjects for many business owners. You must begin with the basics in mind when you are building a business built for success. This holds true when you are conducting a review of where you are in your business today compared to where you want to be in your business in the future.

This is the type of discussion which might easily move into the realm of “what came first, the chicken or the egg?” This is especially true when the topic moves over to sales and marketing. Here is the point, when we begin with the basics we are not even up to sales and marketing yet!

The first and most basic item is, what business are you in? Some people say they either service or supply whatever they do, for everyone and anyone. The definition of what business you are in is, to define clearly what it is you supply and service and to whom?

For Example:

“We sell HIPA compliant software packages to physicians in private practice to help their back office work more efficiently.”

“We provide professional video solutions of high quality to bring your business attributes to life. We will help you to produce DVD’s and online videos to promote your business.”

You may note from these examples the value to the customer is stated as well as who you work with and what you do. Are you able to state clearly and cleanly in one or two sentences your answer to “What business you are in?”

The next basic item is the transaction value. Are there people or businesses that will pay for what you are selling or providing? This makes a difference to established business owners as well. If you have plans to grow your business or add new product lines or services to your business offerings you must conduct this analysis. For the new business owner you must conduct some surveys or beta tests. You may clearly see the value.

The question is – does anyone else see the value? For a non-profit organization the test might look slightly different. You would be asking potential donors if they resonate with your mission statement and would they contribute money to support your stated mission.

Lastly, in order to keep it simple, what are your resources and what are your projected costs? You may choose to hire a financial professional to assist you with this analysis. It is up to you. From my point of view this is something you should be able to start on a napkin in a diner. Once you know what your business is, who you will be working with, and what they will pay you – you start. Keep it simple and get going. Too many people are spending their entire lives dotting the ‘I’s’ and crossing the ‘T’s’.

It will never be perfect and you will never be ready. Just start.

Are there more items on the list? Absolutely! Another article might be coming soon with more basic tips for you. The promise here is to keep it simple and basic.

Mitch Tublin is an advanced certified personal and executive coach who lives in Stamford, CT.