The 5 Key Success Factors Of Business – No. 4: Marketing

This is the fourth in a series of posts on the 5 Key Success Factors of Business which can ensure your success and stand the test of time.

marketing-15880482_sToday we want to give insights into what the world’s best companies do regarding marketing – also called customer relations, sales and responsiveness.

As a reminder, the 5 Key Success Factors are:

  • Strategic Focus (Leadership, Management, Planning)
  • People (Personnel, Staff, Learning, Development)
  • Operations (Processes, Work)
  • Marketing (Customer Relations, Sales, Responsiveness)
  • Finances (Assets, Facilities, Equipment)

Here’s what the world’s best companies do for Success Factor No. 4, Marketing:

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The 5 Key Success Factors Of Business – No. 3: Operations

This is the third in a series of posts on the 5 Key Success Factors of Business which can ensure your success and stand the test of time.

people-working-31047430_sToday we want to give insights into what the world’s best companies do regarding operations – also called processes, or the work people do in your company.

As a reminder, the 5 Key Success Factors are:

  • Strategic Focus (Leadership, Management, Planning)
  • People (Personnel, Staff, Learning, Development)
  • Operations (Processes, Work)
  • Marketing (Customer Relations, Sales, Responsiveness)
  • Finances (Assets, Facilities, Equipment)

Here’s what the world’s best companies do for Success Factor No. 3. Operations

  1. …Are aligned and fine-tuned to deliver superior customer value.
  2. …Are documented, measured and controlled with full worker input.
  3. …Are explained so that people understand responsibilities for creating value.
  4. …Encourage innovation and collaboration throughout the organization.
  5. …Are changed or corrected when something goes wrong so it won’t repeat.
  6. …Are continuously improved with enthusiastic participation.
  7. …Are aided by effective computer information systems and programs.

How does your company stack up with these operations-management criteria? Think about it. In our next post, we’ll take a quick but penetrating look at the Marketing success factor. Meanwhile your questions or comments are welcome.

The 5 Key Success Factors Of Business – Based On A 20-Year Study

strategy-compass-23903825_sWhat are the key success factors of business that can ensure your success and stand the test of time? Not fads or solutions of the month, but enduring qualities you can bet your business on?

Over 20 years, reviewing and analyzing over 100 top-selling books, as well as many professional articles and practical experience with many different clients, we determined that there are 5 really big Key Success Factors, each one with 6 to 10 subcomponents. Over a 5-part series, starting with this one first, we will explain what those 5 Key Success Factors are, and how you can use them in your business right away.

First, here are the 5 Key Success Factors:

  • Strategic Focus (Leadership, Management, Planning)
  • People (Personnel, Staff, Learning, Development)
  • Operations (Processes, Work)
  • Marketing (Customer Relations, Sales, Responsiveness)
  • Finances (Assets, Facilities, Equipment)

In today’s post, we’ll examine the 10 elements of Strategic Focus first:

  1. Our firm is customer-driven based on current surveys of customer value.
  2. Our own core values are shared and taken seriously.
  3. Leaders “walk the talk” and demonstrate their commitments to our values.
  4. We are focused on what we do best, a sustainable competitive advantage.
  5. Our purpose is expressed with an inspiring, tangible vision and mission.
  6. The mission is supported with stretch goals that are achievable.
  7. Each goal is backed with a clear strategy, tactics and responsibilities.
  8. Progress toward goals is measured with a system guiding daily actions.
  9. Plans for the future are updated at least annually and communicated internally.
  10. All success factors are coherently aligned in a realistic strategic management system.

Very few companies can claim all 10 of these Strategic Focus elements, but there is always room for improvement. In our next post, we’ll take a quick but penetrating look at the People success factor.

How To Start A Business With Almost No Money

business-start-buttonAnyone can start a business with little to no money if they know how. Here are some important facts and tips you need to know if you want to start your own business while spending only a few bucks.

1. Buildings and equipment are expensive, but knowledge is free.

A business based on knowledge and information costs almost nothing to start. Some of the most valuable businesses in the world like Google and Microsoft are knowledge-information businesses, and they started very small. But don’t feel like you have to make billions to be successful. Many people make a good living selling ebooks, email or online courses, reports and videos about what they (the authors) know or learn about. This can be as simple as how to dance, how to ride horses, how to play the guitar, and many other how-to skills. Perhaps you have a hobby or special skills that the average person does not. You can make money packaging and selling that. If you want to start a bakery or a print shop, you are going to need a lot of money – which you may not have. Don’t set your heart on starting a business that requires a lot of capital. Focus on starting a business that requires specialized knowledge, and get it.

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“Getting The Word Out” Takes New Approaches Today

getting the word outRecently we were contacted by an aspiring new business owner who wanted help “getting the word out” about her new coaching service and a book she has written, to help her grow her business.

“Getting the word out” is a phrase deeply embedded in the culture, especially the business world, that is based on expectations that you can hire someone to “get the word out” for you, something like a “publicist” or a “marketer.” And time was, we could prepare a good press release or press kit for targeted newspapers and other media, send it to them, and expect coverage.

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Effective Marketing Strategy 2 – Analyze Your Strengths

How To Analyze the Organization’s Strengths and Limitations

company strengths     a. Determine Your Strengths

In Part 1, we stated that building on your strengths is key to effective marketing strategy. What are your strengths? From a marketing strategy perspective, your strengths have several dimensions:

(1) Your natural, genetic strengths. Each of us was born with a certain personality type and certain talents or gifts. The Myers-Briggs Type Indicator is the most widely used personality profiling assessment tool in the world and one we recommend highly to help you and all your employees or team members understand their natural strengths and preferences. You and your people may also have natural talents for selling, research, planning, writing, designing, strategy or other dimensions of marketing and business just as surely as some people have natural talent for playing the piano or throwing footballs. You know you have a talent because it is something you do better than most other people, naturally. That is something you can build on for competitive advantage, especially if it is relevant. (A musical talent might not be relevant if your product is battery chargers.)

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How To Develop An Effective Marketing Strategy 1- Determine Your Purposes

This is the first in a series of posts about: How To Develop An Effective Marketing Strategy. Step 1 isMarketing-Strategy-Small-Business: Determine Your Purposes

“Begin with the end in mind” is a well-known saying in business popularized by Stephen Covey in his famous 7 Habits of Highly Effective People. Many other consultants and authors have pointed out the great importance of having a clear purpose. Human beings are naturally goal oriented, and without stated purposes the people in any organization can pursue their own personal interests – whatever feels right to them, thus dispersing the resources of the company and not accomplishing very much as a team.

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Strategic Planning In The 21st Century – What Works Now

strategic planningStrategic planning evolved in the second half of the 20th Century, after World War II, as a way to apply methods that worked effectively in warfare to peacetime situations, especially in industry. Today the world is so different and fast-changing, old-style strategic planning can be a self-defeating waste of time, money and resources, yet certain fundamentals are still valuable. It is important to understand what works now in order to make good management and leadership decisions in the 21st Century.

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Emails Not Getting Through? New DMARC Rules May Be The Reason

dmarc-graphicDMARC is a new standard for “Domain-based Message Authentication, Reporting & Conformance” (more at http://www.dmarc.org). Basically it means that if you or your website or your software send an email where the “from” field is not the same as the domain actually sending the website, then AOL, Gmail, Yahoo, Hotmail and others are likely to consider it spam and bounce it back.

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Create Your Own Branded Blog-Website To Promote Yourself Online

Internet-web-design
More and more people come to us at Lawrimore Inc. wanting to establish an identity separate from their company website, or to stick their toe in the entrepreneurial waters without taking a lot of risk. This is important especially for people who work for big companies or want to offer consulting services.

When people first meet you or hear your name and want to learn more, they are very likely to Google you or use some other search engine. From that point forward, you control the impression they get. It’s like having a big online business card. Everyone needs one because in the 21st Century you are a brand, and the value you offer to the marketplace as either a business owner, employee or solo practitioner needs to be made clear in your own branded website.

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