6 ways to make your small or medium size business exceptional?
Focus on your customers
“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” -Sam Walton
- Becoming exception starts with how well you understand and treat your customers. As the old saying goes the customer is always right. How do your customers see you in relation to your competition?
- Capturing customer insights and feedback is imperative when it comes to becoming an exceptional business.
- How can your business use its business insights and market intelligence to improve the experience of the customer?
Manage your business finances
- Prepare management accounts
- Think about how you will fund the future growth of your businesses
- Think about your desired mix of debt and equity. What sort of leverage or gearing is appropriate for your business and how will this change over time?
Improve your operational effectiveness and effectiveness
- What is your strategy to make your business operations more efficient and effective?
- How are you going to ensure that your business operations are capable of responding to business challenges?
- What operational changes have you put in place to improve customer experience.
Managing risk should be a priority for your small or medium size business
“Business people need to understand the psychology of risk more than the mathematics of risk.” ― Paul Gibbons
- There is no point in making massive profits in one year and then get shut down in the next year because of a non-compliance issue or other business risk.
- How well do you measure your teams performance on managing risks?
- Have you prepared a stakeholder map to assess how shareholders are affected by business risks? Is the communication around risks adequate and effective?
Transactions and strategic alliances
- Strategic alliance partners are important as they can fast track the growth of your business. How far can your business go through organic growth alone?
- To grow your business, think of mergers and acquisitions. How can you identify potential acquisition targets or partners?
- Set KPIs around transactions and alliances. Think about the critical success factors that make transactions and alliances create real value for your business entity.
Get the right people, train them, retain them
- Your employees are an asset to your business. They support your vision and mission. Get people that share the same values as your business.
- How can you attract the best people to work for your company?
- What are the values of your business? Do your core business values underpin the culture of your business?