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How Does Your Business Stack Up? 9 Key Elements To Small Business Success

by Jonathan Raymond

May 16th, 2013

 

The results are in – and the 2013 State of The Business Owner (SOBO) Report is live. We wanted to share one of the report’s key findings. Here’s a preview of the “The Ownership Stack” – a powerful set of best practices successful business owners are using to grow their business in today’s rapidly changing economy. Business owners who followed these best practices had 59.4% greater odds of hitting their profit targets.

Companies that implemented 9 Best Practices had 59.4% Greater Odds of meeting their profit targets.

Here they are:

1.  A Written Vision for what the business will look like, act like, feel like and perform like when it’s treating customers how you want it to, every time.

2.  A Clear Set of Values that come from your heart, and inspire a team of people who share your priorities and won’t fight you on the definition of great work.

3.  A deep understanding of your Ideal Customer, so you’re spending those precious marketing dollars speaking to their needs, and not wasting energy trying to reach everyone.

4.  Position Agreements for your employees – think of them as Job Descriptions 3.0 – that are focused on results and values, not tasks and policies.

5.  A Revenue Plan that is both realistic and stretches you – so you stay in control while you have something for you and your team to reach for.

6.  A Marketing Plan that isn’t scattershot, but rather is designed to meet your ideal customer where they are with what they need.

7.  A Repeat Sales Plan driven by powerful customer experiences.

8.  Visibility into how you’re doing through a system for Tracking Your Marketing efforts, so you have actionable data to maximize your impact.

9.  A simple dashboard of Key Business Indicators to track your progress towards your vision, so you can course correct in real time.

You don’t have to get all these elements perfect. And you can’t do it in a day – these are “roll up your sleeves” pieces of work that we’ve been coaching clients on for 35 years. But just imagine – what if you had one by the end of June? And another by the end of July? Image how different your business will look in nine months.

Jonathan Raymond

  1. Dave Robbs says:

    I’m a business consultant & coach that has been through your basic training program. As I have been dealing with small businesses over the last 5 years on 2 continents. I agree whole heartedly with your findings. Businesses without a written plan are generally successful by accident, not on purpose. Love the 9 bullet points.

  2. Danielle MacInnis says:

    I am a customer centric marketer. I would add one other point.
    Businesses like ours are struggling at the pace of technology and the groundswell of individuals using this technology to take control of the market. We can create, promote, publish and influence at one to many. We have stopped listening to marketing messages and are listening to our peers.
    Information is free and search can happen on any device. It is now about having an honest connection and how organisations can humanise their services. We like being human and expressing ourselves. Now we can.
    The challenge for us is to not drown in tactics but align our products and practices to meet the needs of their customers and make that journey from end to end human, real, and delightful. The technology is an enabler to that can can drive core growth.

  3. Albert Kalaja says:

    Having been in a professional services business since 1992 -I couldn’t agree more with the nine best practices. What struck me as insightful were Danielle’s comments. In particular her line about not drowning in tactics but aligning our services to meet needs, in a meaningful, authentic and real way.

  4. Adeleke Muhammed says:

    i love the nine bullet,business owners needs to be strategic not tactical in their business effort

    • VIC says:

      This is a powerful statement on marketing in todays world. “We have stopped listening to marketing messages and are listening to our peers.”
      Thanks Danielle.

      Another vote for social networking. Nine areas, nine strategic plans. Good article.

  5. santhosh says:

    what is the minimum investment need for a small business in $

  6. Mark Stewart says:

    Yes very good love the 9 dot points. When I stated Classic Contractors 18 years ago the E Myth was such a big help and something that drove me to excellence. Even 18 years later it so important to go back to when it stated and consistently review the basic’s with what we do today. Keep the good work up E Myth.

  7. james ekpenyong says:

    without a written down vision, the business will only succeed by default not by designed.