We all work in a business either as employees, managers, or owners. The well-being of the world depends on the well-being of the business. People in business tend to get on with operational responsibilities without considering the full and true definition of a business. Understanding its definition can determine the difference between winning and losing.
Defining business looks like this:
A business creates and delivers something of value that a group of people need or want, at a price they are willing to pay. It delivers the value in a way that satisfies the customer’s needs and expectations. This enables the business to generate enough revenue to make sufficient profit to makes it worthwhile for the owners to continue operations.
Unpacking this definition and clarifying it in a way that relates to your business will provide the perspective and clarity to identify unseen barriers and opportunities.
The Four Components Of A Business
Every business has 4 fundamental interdependent processes:
BRAND — the marketing, lead generation, and sales functions that promote the value offering to the identified target audience and generate revenue
OPERATIONS — the function that enables the creation and delivery of the value offering
TECHNOLOGY — the function that enables operations to function most timely, efficiently, and affordably
PEOPLE — the human capital that drives the brand, operations, and technology functions to ensure revenue, profit, and shareholder value.
If you take away any of these components, it will no longer be a business.
Not considering the full definition of a business when making decisions, or analyzing a business leads to uninformed decision making and missed opportunities. Growing a business relies heavily on perspective, and the best perspective is always at the highest level where everything can be seen and considered.
When thinking about your business, acquiring a business, or the start-up of a new business, think about this:
+ A venture that doesn’t create value for others is a hobby.
+ A venture that doesn’t attract attention is a flop.
+ A venture that doesn’t sell the value it creates is a non-profit.
+ A venture that doesn’t deliver what it promises is a scam.
+ A venture that doesn’t bring in enough money to keep operating will inevitably close.
Business is not as complicated as it is made out to be. Getting the basics right in every component, identifying the problems, and solving them in ways that benefit all the parties is the key to growth.
The perceived complications of business are created by people with intentions to impress, mislead or sell something you don’t need. They prioritize their own needs and benefits above anyone else. These are the people that prevent the business from living up to its definition and purpose.
That is why it becomes complicated.
The core purpose of our business is results-driven management consulting, advice, and execution services to optimize the
functions of a business. We enable our clients to deliver maximum client value and produce sufficient profit to make it worthwhile for the shareholders to continue operations.
If you are thinking about increasing your value, growing your revenue and profits, or expanding, we would like to be a part of your process and help generate maximum shareholder return.
www.digital-hq.com | firstname.lastname@example.org