Today let’s talk about how to improve your business. Your business, of course. In this article, we will break down several business processes and components, which you can always improve, making the business more successful. I want to point out, entrepreneurship and business are all about continuous improvement. This is the main task of an entrepreneur. Whoever doesn’t understand that, it’s hard to be a successful entrepreneur, I’m sure.
A business is a lot of business processes altogether. But by improving each one of them individually, you can improve the business as a whole. Without limitation, even the smallest improvement in your business can have a butterfly effect (where small changes over time provide significant results).
But today we’re going to talk about the 5 business elements, the most important ones, in my opinion, that will take your business to another level. Plus, these 5 elements, you as a business owner and entrepreneur can always directly influence. And, therefore, improving your own business is all in your hands.
The following is a list of 5 business elements you can definitely start improving.
As I’m sure you realise, marketing is an essential part of the business. And thankfully, you have it under your control. It’s a blessing that you can control the most important process in your business. By improving your marketing, you can significantly improve the execution of your business idea. Make any marketing activity just a little bit better, and you’ll get results. Only, I emphasise, make it better, not just change something.
To do this, of course, you have to monitor and control, analyse and draw conclusions. Simply put, keep track of each of your marketing activities and evaluate the results. Here are some tips on how to improve your own business by improving your marketing:
- Follow the market and trends;
- Measure everything;
- Analyse results and discard any ineffective (and inefficient) methods;
- Remember the Pareto principle of 80/20;
- Try different marketing and advertising channels;
- Experiment with advertising: try various texts, designs, media;
- If you find effective channels, move most of your marketing there;
- But don’t stop looking for even better ones.
Change the strategy every week, of course, do not, especially to improve your business is unlikely to lead. But reviewing it from time to time is another matter. To revise your business plan and strategy is to check them against your goals and values (if something has changed for you). In that case, changing your strategy is the most powerful way to improve your business results.
I want to caution you – don’t think in terms of “I’m still the same, everything is according to plan, I don’t need to change anything. Maybe not, but to make sure, really take and do a “recalculation” of your business strategy on paper. Because your strategy is your business guide, and if it’s wrong…
3. Business model
A business model is how you run your business and what happens in it. So it’s a description of all the business processes in one: from purchasing or production to sales or accounting. Everything that goes on in your business, again. Improving any business process will yield results, have no doubt. Accordingly, there is room for manoeuvre. And you have to use it wisely.
I know you’re thinking – well, here we go, we have to reinvest the money. In principle, it would be good if there was money and there was a good idea. But, capital, besides financial capital, there is more. There is also human capital and intellectual and organisational capital.
First, about financial capital. But not about his need, but on the contrary. Additional monetary influences in business do not guarantee the result! If you run your business poorly or make a mistake with the niche, say, and things are not going well, then you think that spending more than another so-so thousand, you will fix everything? No. You don’t make a business better by spending money. Sure, making an extra investment, deliberate, with a purpose, isn’t a bad thing. But, just like that! When you understand what the money is for and why it works.
Second, about human capital. These people who work in your business, their knowledge, experience, skills. It is also a capital, and it is essential. You need to choose them more carefully or teach and grow them. Well, and pay them what they deserve. You want to improve the business, improve the employees.
And third, about intellectual and organisational capital. This is all the intangible property of your business. This answers the questions of how we use human and financial capital, how we handle all our qualities, skills, abilities, it’s all the rules, internal regulations, the scheme of doing business… about how to be effective, how to organise everything competently, how to use all your resources to the maximum.
If you, as an entrepreneur, don’t do that, you can’t improve your business. Or vice versa, you have a tremendous amount of room for improvement.
You’re the entrepreneur, aren’t you? Well… then you’ll have to work on yourself, too. But since you’re here and you’re reading all this, you probably don’t have a problem with it. In fact, it’s a very serious issue. You have to get better to improve your business.
If you don’t gain new experiences, new knowledge, skills, and acquaintances, how will you improve the business? If you don’t learn anything new, and your business will stand there. And one day, not a very good day, it will just go down altogether.
So if you want to improve your business, improve yourself!