Vitamins for your business
“Just like vitamins for your body, a business needs essential vitamins for its health! “
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Vitamins for your business
We all know that it takes more than a positive mindset to ensure a healthy body, and not surprisingly, the same is true for our business! With this in mind, let’s explore the 8 essential vitamins we all need to keep our business fresh, fit and financially healthy!
It’s a longer message this week – so settle down with your coffee and take it all in.
V. Value 4 money
One way to maintain vitality in our business is to seek and give value for money. A value for money mindset is not about ‘least cost’ or lower prices it’s about the overall cost: benefit package. Look for the best cost: benefit for your business, … and know that your customers are doing the same.
Actions:
Find ways to reduce expenses without compromising brand reputation.
Incentivise staff to suggest innovations and improvements.
I. Information
Busy entrepreneurs easily become obsessed with the inside of the business and forget to sense check the bigger picture. Really great leaders use data to guide decisions and improve performance. They analyze and interpret the data to generate insights for a competitive edge.
Actions:
Gather regular information and insights from different sources such as market research, industry trend reports,
Use your own data such as sales trends, customer feedback and overhead costs to inform your leadership decisions.
T. Technology
Make technology your friend! Never before has technology been so easy to use with many amazing tech and even AI tools available to the ‘non-tech entrepreneur’. Use these to automate and streamline your processes and reduce the risk of manual errors.
Actions:
Set a daily task to learn about a new product and sign up for a course if you feel the need for extra hand-holding.
Master tool such as ChatGpt and similar AI tools so you stay ahead of your competition.
A. Accounting
Accounts tell us how healthy the business really is, by giving accurate information on the true situation of our money. Accounts are the toolbox to manage cash flow and are absolutely essential for raising growth finance. They are also the area that many entrepreneurs fail to master, only to later regret this gap!
Actions:
Understand your emotions around money by exploring hidden blockages that might hold you back. Attend an emotions of money or personal money workshop to unlock financial freedom.
Commit to creating and using accurate monthly accounts to make informed business decisions. Seek professional advice so you are sure to solve today’s problem and be prepared for the future.
M. Market
A huge number of entrepreneurs are unclear about which market they are targeting and fuzzy about why their product fits that particular market. Get clear on this, and to avoid being swallowed up in the big seas of the open market, create a micro-niche where you can build a reputation for your specialist skills.
Actions:
Use your personal origin story, own experience and individual passion to find a small segment of a market that wants exactly your specialist product or service.
Get closer to your customers by asking what their needs and preferences are, learn how they behave and make decisions, so you can understand how to delight them.
I. Investment
If you have plans to grow, you need to learn about Investment readiness so you feel confident in conversations with grant or debt finance providers, equity partners or even big clients.
Actions:
Seek out guidelines and practical tips on investment readiness for small business
Sign up to an investment readiness master class. To Learn what investors value and what needs to go into a compelling and convincing business plan and pitch deck.
N. Networks
At all stages of the business from startup to scale, your success will be enhanced by the strength of your network and the people who know people who know people….
Actions:
Actively participate in networking events and platforms, by both seeking and offering value.
Acknowledge and appreciate your network and give back whenever possible.
S. Sales
Sales are the lifeblood of the business. The sales success equation requires marketing + product + an easy, simple sales journey.
Action:
Improve your customer sales journey – so they love the process and want to return for more. Visit your shop, warehouse, website or online store with the eyes of your customer.
Dedicate 10% of every day to your sales activities.
To sum up, like vitamins for your body, every business needs support to nourish and strengthen it. By paying attention and focusing on one of the 8 essential Vitamins each month we can boost our entrepreneurial performance and achieve our vision for business success.
And lastly, let’s remember that our business is only as healthy as we are, and be sure to take good care of ourselves as well, so we can enjoy the fruits of our labour!
