Most would answer this question with the usual suspect – a Business Plan.
While an important document when starting a business, it often gets filed away collecting dust while the business runs adrift.
There are four areas or pillars to master which support a strong foundation for growth in any Business.
1) Destination – know where you are, where you are going and why. This includes a clear vision, mission and values supporting a culture for success. Goals and supporting plans for the next 10 / 5 / 3 years, 12 months & 90 days.
2) Financials– know the numbers integral to your business and manage them well. Past P&L, present Balance Sheet, future Budget & cashflow plan, Breakeven Analysis, Debtors / Creditor monitoring, etc.
3) Delivery – ensure there are no holes in the delivery of products and services. Keeping regular contact and feedback from customers, testing and measuring, consistent delivery defined in clear written processes.
4) Time – our biggest asset in life and using it wisely is imperative to success. Not only working IN the business but also working ON it too. Developing a standard routine, measuring productivity, ensuring leverage.
▶️ Are you a master of these four pillars?
See here for the answer to this question as well a poll of the answers.