I believe that there are eight core elements or pillars to any business – what I call the Eight Pillars To Business Prosperity.
You need to be working on each of them to get the best results from your business but you should prioritise your attention to the pillar that provides your biggest constraint. This is stopping your business from developing in the way you want.
What Are The Eight Pillars Of Business Prosperity?
- Your Critical Numbers or KPIs – the way you measure and manage the performance and results across your all the functions of your business. Your critical measures provide the performance benchmark for any future business development ideas.
- Your Inner Game – how your vision for your life and businessare translated into Goals and Priorities that allow you to proactively manage your Time and the time of your employees.
- Your Strategic Market Position and how you find profitable opportunities and differentiate yourself from your competitors.
- Creating More Leads by attracting more prospective customers.
- Converting Leads Into Customers.
- Making More Sales To Existing Customers – I call this revenue regeneration.
- Leading Your Team of employees and suppliers.
- Systematising Your Business by streamlining your processes.
Culture vs External Factors vs Internal Factors
If you look at the eight pillars, they can be broken down into three groups.
The first two affect the overall organisation – performance and inner game – and help to determine the culture of the organisation. By emphasising the measurement of results, you create a performance culture.
The inner game of the business owner sets the tone for the entire organisation whilst it remains small and in one location. Gradually it gets diluted unless the vision, goals and values are reflected by the other layers of management.
The next four factors relate to what the business is doing in its external market. How it helps customers and beats competitors.
The final two factors are an internal perspective, bringing the goals and objectives of the culture and external realities into the business and the way it is organised through formal systems and the clear responsibilities of employees and suppliers.
How Do You Use The Eight Pillars Approach?
One of the ways I explain business coaching is that it is a process for helping you to get from where you are to where you want to be.
You can look at each of these pillars of business development and ask yourself two questions:
- How good is your business in this area?
- How good does it need to be if you’re going to have the success you want and reach your own Primary Aim and Strategic Objective.
The Business Development Advice blog is built around the Eight Pillars to help you to find prosperity in your business.
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