It takes real-world knowledge to run a business today. Regardless of the size of your business, there are three B’s that drive it, and having a true working knowledge of them are key to its success. The first B is the business of the business. Running a business is no small chore, if it’s a solo practice or a Fortune 100. The more efficiently you manage it – at the lowest cost per point – the more profit you will keep. Which is why they are referred to as “For Profit” corporations and why it’s so essential!
The second B is the business services you deliver to your clients. Without excellent services most businesses will struggle or find themselves out of business in a fairly short period of time. If you have this problem, no amount of business management is going to help.
The third B is perhaps the most important and least liked activity by so many, Business Development. Without a strong business development program that initiates and closes new clients any business puts itself at risk.
Taking clients for granted is a huge mistake. Taking for granted that you will attract new ones is equally reckless. The best business that can be earned requires a persistence that is analogous to a hedgehog. The dogged pursuit of this specific B is the lifeblood of any business. It keeps you growing, or it keeps you from growing, depending on how well you do it.
So how is your business doing – surviving or thriving? Chances are if you’re currently experiencing the first condition it’s because you’re good at the first and second B. If it’s thriving, chances are you’re good at all three.