Of all the things that occur in your business, which ones make the most difference?
If your top value is revenue, for example, which parts of your business make the most difference toward revenue? Is it lead generation? Is it having a good sales process? Is it knowing how to close and eventually sell the business?
Those critical factors that lead to success in your business—or really in anything—are those practices where you put more time, attention and effort, and where afterward you get even more in the return for that time, attention, and energy you put in.
For example, adding legal services might not transform your business, but adding lead generation systems (i.e. systematic marketing!) could really transform it. Adding a referral generation system could totally transform your business at an incredibly low cost.
There are some fairly broad success factors that really make a business hum to the tune you want to hear. Those factors include:
- - Lead Generation
- - The sales process
- - Client, customer, or patient services that make for returning clients, customers or patients
- - Knowing the cost of each customer you acquire
- - Delivering on your promises
- - Recruiting—your ability to staff up and deliver on what it is that you’re trying to do
- - Production or manufacturing, if you have things to make then sell
- - Product development—you can be great at acquiring customers, but if you don’t have anything to sell them, you create the product
- - Marketing communications and media—how you manage the media, public relations, articles, etc.
Compare each of these things to the things that tend to frustrate you in your business, or those factors that you consider to be most important to you. If revenue is your top value, lead generation is going to take on greater importance, but if it’s client services, then recruiting will be more important to you than lead generation. There is no fixed, one-stop shopping solution.
Your selection of criteria could be vastly different from everybody else’s, so you select your criteria first, and then you go through the list and you consider, “What are the pieces that are most important to how I get what I want out of this thing I call my business?” Naturally, the list above isn’t all inclusive; there are many others.
Once you figure out your criteria and then start looking at how to systemize whatever process you’re focusing on, that’s permanent. The hardest part of that is already done. You might look at your critical success factors every half-year or so—you don’t want to just do this once and get complacent in thinking that adjustments won’t be necessary along the way. But doing it in the first place is a key step in creating those systems that not only grease the wheels of your business for smoother function, but also those reasons why we started doing all this to begin with; more profit, more time, and eventually freedom from the business so you can do whatever you really want to do.
What do you think? What are the success factors that have been critical to your business, or where do you find yourself focusing your time? How does that pan out? What adjustments did you or do you have to make? The Millionaire Mind community wants to hear from you!!!