Aug
24

There are 8 core areas that make up a long-term thriving business.

I call it the Better Bigger Faster Circle because they all form a cyclical foundation and are intertwined.

Kinda like a wheel. If one component is missing, your business becomes lopsided and doesn’t run as effectively and efficiently as it could.

I recommend tackling each of these areas in your business as least every 8 weeks. Meaning that each topic is addressed 6 times per year.

My clients go through a regular routine of enhancing each of these areas which enables them to stay ahead of their competition.

Below are the areas you want to focus on to have a successful business:

1. Mindset – Get your mindset straight and your business will flourish.

2. Marketing and Sales – Are you generating awareness, leads, conversions and repeat sales.

3. Customer Experience – Putting your business ahead by providing an unmatched experience that your customers rave about.

4. Finance and risk – Cash flow, cash flow, cash flow! Is your business generating enough cash flow to invest now and in the future. Don’t forget to identify and mitigate risks. Risk management is critical to avoiding costly mistakes.

5. Technology – It’s the single biggest factor for disruption. Keep an eye on the trends even if you don’t think that they directly impact you because eventually they will!

6. Operations – Running an efficient shop allows you to focus resources on other areas of your business, like innovation. When your shop isn’t running properly it sucks up unnecessary time, energy, manpower and resources that could be utilized elsewhere.

7. Strategy and Innovation – The fundamental starting and ending point for every business. Strategy gets your business going in the right direction and innovation ensures that your business remains relevant and survives.

8. Internal Culture – It’s all about having a high performance team. Having a great strategy with poor execution gets you nowhere fast. Having a motivated culture where your people live and execute your vision gives you a one up on your competition.

Schedule time in your calendar to work on these areas throughout the year and watch your business improve.

Have a great day!

Purdeep

P.S. For more business tips, check out my Perpetual Profits Podcast at www.profitspodcast.com