Proven Principles for Profitability In Your Business
How profitable is your business? Are you truly developing and running a profitable business? Is your business organized to grow as a profitable business? Your Strategic Thinking Business Coach has some principles to share with the business owners and managers who either could not answer the questions or had a negative response. These proven principles for profitability in your business include:
Principle #1: Develop a clearly defined and focused vision for your business. This is a critical need for successful and profitable businesses. This is where the successful journey begins.
Principle #2: Develop a strategic plan with a vision statement, a mission statement, a list of company core values or guiding principles and a list of short term and long term goals. This strategic plan will serve as your compass and as a “screening device” for decisions made to profitably grow your business.
Principle #3: Develop a strategic Integrated Marketing Communications (IMC) Plan and use that document to help drive the strategic marketing efforts of your business. This is a powerful and proven tool to keep your marketing efforts focused and on track.
Principle #4: Develop and commit to the highest standards of ethical and personal conduct. Demonstrate this commitment each day and in each transaction in your business. This will help you stand out from many other businesses.
Principle #5: Develop a strategic client relationship management system, which includes a plan for keeping in touch with your clients and customers, your prospects, and your stakeholders. This will help you achieve Top Of Mind Awareness (TOMA).
Principle #6: Build your business on a solid commitment to a team-based, versus an individual-based approach. Manage the team to take strategic advantage of each team member’s strengths and to continuously promote and reward effective teamwork.
Principle Tip #7: Develop well documented systems and procedures for your business. This will assist in delegation and in the training of future team members.
Principle #8: Develop a strong support staff and make sure that your team members are in the right job. Avoid having team members “playing out of position.” Make sure there are clear “up front” expectations for the support staff and how important they are to the team.
Principle #9: Develop a sound management system for the financial aspects of your business, which includes the management of monetary resources and human capital. Make sure that managers have the tools to manage the areas of financial responsibility given to them.
Principle #10: Seek advice. Find a good mentor, retain a professional business coach, and/or participate in peer advisory groups or mastermind groups. Benefit from the experience and outside opinions and views.
Your strategic thinking business coach encourages you to fully realize the benefits of business coaching to strategically grow a profitable business. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at firstname.lastname@example.org
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