The construction of a building traditionally starts with the laying of a cornerstone. It serves as the reference point for all the other stones and the masonry rises. Just like a building, a business has its cornerstones as well.
Identifying the foundations allows the entrepreneurs to ensure the strength of the establishment. A strong business foundation weathers time just like a well-built architecture.
It all starts with the idea of the business owner. Your cleverness and the rest that follows and goes with it are all where it begins. You are a cornerstone of your business.
Some are born into a family of entrepreneurs. Legacy businesses may seem easy to maintain as the paths are already established. However, keeping the relevancy, and updating to current demands and trends can be challenging.
Some entrepreneurs stem from passion. As the old adage goes, if you are good at something, never do it for free. It can be said that meeting passion and profession reduces life burnout. As a caveat, the rest of the business’s foundations must also be well maintained.
Others found an opportunity and grabbed it. Some traders started their endeavors by creating a supply to the demand.
No matter how which type of an entrepreneur you are, it is important to nourish yourself as the business heavily relies on you. Nurture your intellectual, social, emotional, and life skills and your business will go grow with it. Never forget your physical health, too.
Your contact database greatly influences the growth of your business. The Contacts cornerstone includes your potential clients and loyal customers. It also encompasses your business partners and employees, and even your suppliers and vendors.
The target is to have a huge pool of loyal customers. Effective lead conversions will help you achieve that. Furthermore, no business can thrive without happy customers. Hence, customer satisfaction must also be prioritized.
You need competent people in your organization to achieve your business goals. From business partners to managers and even clerks, you want to surround yourself with the right people.
Last but not least, the vendors, suppliers, and other external stakeholders. They support your organization by doing business with it. Their reliability and quality are pivotal to your company’s success.
Use contact management tools like Shared Contacts for Gmail© to handle your connections smoothly. Efficient collaboration occurs when you can easily share your client database or vendor list within your team. This then increases productivity, consequently, sales.
Capital represents all aspects of the business recorded in the accounting books. This includes the physical workspace, office equipment, software and licenses, and other expenditures. It also encompasses the financial aspects of your business like bank loans and other investments.
The Capital cornerstone can be reinforced in different manners. For example, keeping things organized makes the most out of your office workspace. Aside from the refreshing environment, a tidy office gives a good impression to your customers and reduces hazards.
Speaking of reduced hazards, mitigate risks and losses from your capital. Learn strategies to protect your finances.
Furthermore, be conscious of the warranty period and coverage of your assets. This can be a good deciding factor on which brand to buy. Invest in efficient machinery and systems to maximize the value of your money.
Last but not least, the Charts cornerstone refers to the plans for your business growth. Chart out the short-term and long-term goals. Set achievable goals first before you decide on whether you want to jump into staggering ones or keep a steady sail.
Charting also pertains to recording your achievements, documenting your processes, and managing your time. A good account of your activities will help you get a clear insight into how your business operates.
A weak Chart cornerstone shows up as aimless activities, poor execution of plans, and short-sighted decisions. On the other hand, a strong Chart cornerstone is projected through a clearly defined roadmap to success, proper goal execution, and a strong sense of history.
Takeaway regarding the four cornerstones of business:
Careful measurements were taken to ensure the cornerstone was square to ensure the proper alignment of the remainder of the building. As with business, having your cleverness, contacts, capital, and charts work for each other warrants success.