Table of Contents
- 1 The Business Blox – What is it?
The Business Blox – What is it?
A successful person is one who can lay a firm foundation with the bricks others have thrown at him” – David Brinkley –
Just like the bricks at the base of the colosseum or the beautiful marble steps of the Taj Mahal, no building will ever stand the test of time without a solid foundation.
The “maestro” – Alan Greenspan said “to succeed, you will soon learn, as i did, the importance of a solid foundation in the basics of education”, now whether it be in life or business, i believe that no one should ever stop learning.
When i think business, my mind goes crazy with all the new technologies out there and the shiny objects being marketed and i feel that i am not the only one who can get distracted. Every small business owner I meet is flat out with the day to day functions of their business that thankfully they can miss these shiny objects but when they miss out on the foundational blocks, thats when i worry.
So what are these “Business Blox”, well i couldn’t afford the domain with the blocks so stick with me here. The first block is the:
Management – M Block
In this block we discuss the CEO issue in regards to character, aptitude and ability and what can happen if the CEO is running the business into the ground. Also we discuss the importance of relationships, recruitment and employee motivation, fairness and team leadership. (a) The CEO issue – character, aptitude, ability and finally the importance of clear communication within the business.
Strategy – S Block
Developing and focusing on the strategic plan and vision for the business. Understanding the difference between strategy and tactics and when to promote within the team the tactical plans to mitigate contingencies that may occur.
The best plan doesn’t mean jack when you cant execute so the planning around when and how to execute will help you see the importance. Business plans are great but we all need to keep in mind an exit, your exit strategy is just as importance as the business plan because you should always ask yourself, why am i doing this?
Financing & Cashflow – F Block
SMART financing in a business can be the difference between breaking even and killing it. When you develop SMART objectives for all your business blox, you can feel confident letting go the management of specific business functions and you can find out more about it here.
SMART – Specific, measurable, achievable, relevant and time bound
When focusing on financing the factors that we will discuss here are budgeting and resourcing, how to control spend and personnel, communication of the financial data and being open and honest, the legal environment in your business, pitching and selling ideas to your colleagues.
The triple triad – outlays, revenues and financing, all of these facets are key to monitor and to understand the levers that you can pull to keep these in check. Burning cash as slow as possible and maximising revenues in your business can keep the fire burning, and understanding how you can stay at a helicopter view of these using up to date metrics.
The Sales & Marketing Block – M Block
This area is my personal favourite in business and i hope that i can convince you as the business owner that this is your role, you are the marketer. I know you may know about the competition and your businesses position in the market but letting your team know this is super crucial as well. Also the positioning and placement of your products or services and your understanding of price and value.
Customer attraction and branding and the sales funnel (i love this one).
Training your sales personnel and if you dont have any, training your employees to become evangelist for the business. Developing support and training materials for your staff, setting quotas, metrics and timelines. Metrics mean nothing if you dont have a strategy around it another facet of the S block are the alliances, partnerships and distributor relationships that would be beneficial for your business.
Pricing obviously and some contract requirements around these.
Human Resources Block – The H Block
All these factors are important in any business whether you have 1 or 100 employees and they are:
– Hiring procedures and standards
– Employee management and review
– Motivation and goal setting
– Team building and fairness
– Incentives for employees (monetary and non-monetary)
– Outsourcing and consultants
– Legal requirements, employee contracts, rules and the career market.
Technology Block – The T Block
In todays fast paced society, some businesses may feel like they have to keep up with the latest trends and technology but really, all they have to do is understand what will make their business better and more efficient. Any piece of technology that proves itself to saves time, money or risk should be utilised.
The Legal Sphere – The L Block
All of the facets are important – intellectual property , trademarks and copyrights, personnel legal issues, preparing to be sued and working with attorneys and budgeting for these legal times (they can be expensive!).
<a href=”[https://plus.google.com/101040692111691180775]?rel=author”>[john elder]</a>
Ref – Professor Gary R Evans – Harvey Mudd University