What Footers Does Your Business Have in Place?

Posted by karllebert on October 3, 2017

Learn the Three Keys to Building a Solid Foundation!

Ask any home builder or civil engineer and they will tell you that one of the keys to a structurally sound building is having solid footers in place. The primary purpose of footers is to distribute the weight of the structure over a greater area and thus prevent settling that would likely occur without them.

Solid foundations are critical to building a successful business as well. This article addresses three key areas of business development and how you can put the right foundation in place upon which to build your business.

The three main areas of business development that we’ll address are:

  • Innovation
  • Quantification
  • Orchestration

If done well these three areas will help you build a solid foundation for your business. Let’s talk about each one of these for just a minute.

Innovation

Innovation is real work and should not be confused with creativity, which is the expression of ideas. It is about methodically analyzing opportunities, developing imaginative responses and then putting them into action.  Peter Drucker maintains that most innovative business ideas are the result of looking for opportunities in the following seven areas.

  1. Unexpected Occurrences
  2. Incongruities
  3. Process Needs
  4. Industry and Market Changes
  5. Demographic Changes
  6. Changes in Perception, Meaning and Mood
  7. New Knowledge

The most successful business owners and entrepreneurs realize this early and maintain a commitment to the systematic practice of innovation. This is where a large amount of your focus should be in the early stages of your business and should remain throughout your business’ entire lifespan.

“The enterprise that does not innovate, inevitably ages and declines.”

– Peter Drucker, American Management Consultant

Quantification

Of course, it takes much more for an innovative idea to lead to business success. The question becomes, does the idea have value and will there be a return on investment? Research confirms that over 50% of ideas lead to losses of all kinds due to the inherent risk and uncertainty associated innovation.  Some these losses are monetary but they can also include such things as motivation and trust.

So how do you attempt to measure an innovative idea?

The best way to gauge the merits of an innovative idea is by assessing potential customer response. How much energy, time and effort does your potential customer need to put into using your product or service to meet their real or perceived need compared to how they are currently meeting that need.

Then once an idea is placed into action, look for positive responses for what you are doing right and keep doing it. Also, look at any negative responses to find out what you’re doing wrong-and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

“Innovation is both conceptual and perceptual… Successful innovators…look at figures, and they look at people. They work out analytically what the innovation has to be to satisfy an opportunity. And then they go out and look at the customers, the users, to see what their expectations, their values, their needs are.”

– Peter Drucker, American Management Consultant

Orchestration

Once you have determined what areas are working best, you can begin the narrowing process. Concentrate on these areas and make them stand out ideas. By shifting your focus to these select elements of your innovation, you will get the most out of your business as well as satisfy the needs of your customers.

“An innovation, to be effective, has to be simple and focused. It should do only one thing, otherwise, it confuses. All effective innovations are breathtakingly simple. Indeed, the greatest praise an innovation can receive is for people to say: ‘This is obvious. Why didn’t I think of it?’”

– Peter Drucker, American Management Consultant

We can help you implement these three areas in your business while you take your FREE test drive of our E-Learning system.

Over the next few weeks we are going to address following seven specific areas that you need to consider while systematizing your business.

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These seven critical areas will fine tune your plan to reach your ultimate level of success.

Kinetic Business Strategies helps overworked business owners systematically transform their business so they can more effectively grow revenue, improve cash flow & profits, increase the business’s value and achieve a better work / life balance. 

 

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