Business Basics

7 basics of running a business in challenging times

As a Yorkshireman in business, I never thought I would be told by someone to be more blunt with my message! Being a ‘modern’ Yorkshireman, I took this on board and reviewed the advice I give and agree that, given the challenges we currently face and WILL face over the coming months, I need to share some home truths.  You have a choice – tighten your belt or do twice as much and do everything better.

Let’s start with why you went into business –

If it was to be a Philanthropist? You need to do the hard yards and earn the money before you give it back!

If it was to help people through your charitable side and altruistic approach, great! The world needs people like you – My gift to you is to stop reading at this point.

If it was to make money (addressing the elephant wasn’t that hard was it) then this and future articles are written just for you.

So you thought you had a business?

For your business to make money, you must master the following 3 basic functions – do them well or even just a bit better than you have done in the past, and you are onto a winner.

A business must have 3 functions –

1 – You must be able to sell something!

2 – You must deliver what you have sold!

3 – You must charge appropriately!

I did call them basic!!

If you scored each out of 10 – with 10/10 being world-class and 1/10 being not good, what would you score? HONESTLY! Where can you improve and how can you learn to do it better?

For each of these basic areas, you need a “road map” and a plan for what you want to achieve, how you will do it and how much you need to invest to achieve the goals. So we now add basics 4,5 & 6:

4 – Sales and marketing plan – to ensure you actually drive the sales and financial performance of your business

5 – Operational plan – to ensure a consistent & quality delivery of product/service

6 – Financial/Numerical plan – a basic score card for your business

Being direct – if you can’t do the above 6 basics and you are unwilling to learn quickly, then do not bother with basic #7, which is …

7 – Surround yourself with people who will make the journey easier and make you more money.

In conclusion do 1-7 well and you will make more money than your increasing cost base.

Please see the next article in this series to find the top tips around getting more CUSTOMERS, REVENUE AND PROFITS.

The WHOLE POINT of business coaching is not ‘just’ to coach you but to help you achieve an improved business performance – Yorkshire Powerhouse strongly recommends investing in a skilled business coach who can support and develop your performance to allow your business to grow.

Yorkshire Powerhouse – thinking about business coaching

Have you any questions?

Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:

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How much should I plan in my business?

If like everyone you have not hit all your goals then you need to learn to set better goals, to plan better, to make better choices, etc

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