In business, there are always choices. Should we do this or should we do that? If we do this, what impact will it have on our bottom line, employees, or customers? If we choose a different approach, what effect will it have on our reputation, branding, or goodwill? If we disrupt the market, will it end up in the long run being positive or negative for our business?
The decisions we make may at times seem obvious and easy, but carefully thinking through our options is a necessity for growth and survival. Consider the following three choices that can change a business:
Focus on competitors or customers?
Certainly, every business needs to know its competition. What is their pricing, marketing, distribution, products or services, after-sales assistance, quality, refund policy, etc.? Meeting the competition head-to-head, however, is generally not the key to success.
On the other hand, if a business does not have customers, it really does not have a viable business. So, perhaps the focus should be on customers. Give them what they want in the way of pricing, delivery, customer service, and quality. More satisfied customers will mean more business. All of a sudden, it becomes the competition trying to figure out how to beat you and your business rather than you trying to figure out how to beat the competition.
Be a follower or leader?
As a business owner, do you prefer to be a follower or leader in your business segment? Whatever industry you are in you have a choice: follow what other businesses are doing or be a leader on the forefront of new ideas, new product or service offerings, a different approach to customer service, or a unique value proposition.
Being a follower might be a more conservative route to go, but will it provide the key elements necessary for you to achieve your goals and objectives? Taking the leader approach can certainly involve more risks, but the rewards can also be much greater.
Non existent or existent company culture?
A company culture is hard to precisely define. It’s an atmosphere that prevails within a business about how employees behave, how they interact with each other in and out of work, and how they deal with outside parties, such as customers and vendors. It is about their beliefs, and can even be how employees dress, hours worked, and office configurations.
When there is no real, cohesive culture within a business, employees do their job and little else. When the workday is over, everyone goes their separate ways. Conversely, a culture can contribute to the success of a business. A culture that embraces the vision of the business affects in a positive way how employees work and act.
Although every business will have its own culture, a positive culture is essential for success. When employees feel valued with a sense of belonging and loyalty to a business, company value increases.
Which is more important?
Every action in a business has some type of consequence. When making a decision, consider wisely what will produce the best results, not only for the short term, but for the long term, as well. It can often take just as much effort to produce a negative result as it does to produce a positive result. Direct your energies, therefore, into those areas that have the potential to produce the most positive business results.
At Grace Team Accounting our business coaching programme assists with helping you work on the business rather than falling into the habit of working in the business. Together let's create a realistic 90 Day Action Plan with timelines to keep you on track to achieve your annual Business Plan.