There are 5 key choices businesses make, which ideally will be reviewed on a regular basis. This will allow the business to rectify choices that have been poorly made, and to help improve future choices, to ultimately increase the chance of success:
- Choice of staff
This is arguably still the most important component of creating success in business. A group of high quality people (values, competence, team players) will create, implement and adapt successful approaches for any business. If poor choices of staff have been made in the past they should be rectified now. Moving forward, extreme skill, high level process and care, must be taken for every person chosen to be added into the business.
- Choice of customers
Unprofitable, unreasonable, un-engaging, overly demanding customers are the bane of any business. Highest levels of success for business will only come when its target client is clear and articulated, and no customers are accepted if they don’t meet the criteria (nor kept if they have already found their way into the business through poor choices in the past). Success demands that non target clients are rejected or dismissed.
- Choice of ventures
Successful businesses can go broke by entering poorly chosen ventures. What seems to be a good idea at the time may not be, so stringent process must be placed around how to choose future ventures. A lot of success can be quickly undone by entering unprofitable or cash draining ventures in future. External input to the choice of ventures to be taken on is often invaluable to heighten objectivity in the analysis.
- Choice of partners
This means equity partners and venture partners. Years of dissatisfaction, conflict and sub standard performance will result from poor choices made on these fronts. A lot of time, analysis and objectivity has to go into these choices. And, if poor choices have been made in the past, undo them immediately. Many businesses reject that notion because it is a difficult decision to make emotionally and practically, but it is a necessary decision for future success and happiness.
- Choice of what to provide
Products and services provided to the market are what
we primarily exist for in business. But what has been provided in the past rarely survives into the future, in today’s rapidly changing word, certainly not, at least, in the same format. So the choice of what to provide to the market has to be continuously reviewed, notwithstanding the fact that additional products and services can require changes in operational structures and resources. Also, what is provided to the market can have a significant impact on how easy and effectively high quality staff can be attracted into the business.
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