eight cycles of business
DESCRIPTION
Your business moves through eight cycles, each needing focused attention depending upon where you are and where you're headed with your business. Here's a broad overview of those cycles.TRANSCRIPT
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Recognizing and Managing the Cycles of Your Business
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Your business moves through eight cycles, each needing focused
attention depending upon where you are and where you're headed
with your business. “Where you’re headed” is your definition of
“success.”
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Good planning requires the ability to know the difference between a budget, a forecast, a
projection, and a financial plan. It
requires that you then know how to link them
together through a clearly communicated presentation that also explains how you're going to get there.
PLANNING
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INCOME
There are three ways to view your markets, and
they all must be aligned: how you approach your
markets and acquire sales; how you deliver to those markets; and how you price and sell
your products or services. You must tailor this 3-Way look at your revenue streams and
collections to maximize results and cash flow.
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PEOPLE
You only have two assets, people and products, and it’s
people who make the product. Given your definition of success, you must hire right,
align your employees with your vision and goals, tap into their
discretionary efforts, keep them on track, motivated, trained ,
and challenged.
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OPERATIONS
Everything you wrap around your assets and people to deliver your products and services
needs to be coordinated, delivered just-when-you-need-it,
and be at the lowest cost and effort level required to do that
successfully. You must plan and grow
operations to scale as you do, according to
your plans.
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RESOURCES
Having the right resources is critical to
support the people who deliver your goods
and services to the market. Knowing how
to buy right, make things last, and make
sure they are adequate, scalable, yet
affordable isn’t easy, let alone figuring out
how to finance or fund your purchase.
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RESULTS
You need a dashboard to evaluate results; how to discover and
track the activities you manage to be reliable, effective, efficient, and
profitable. Standard metrics are needed for
profitability and success, along with reporting methods
that help you scale, be productive, efficient,
reliable, and compliant.
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GROWTH
How scalable is your business? Knowing the difference between a “Life-Cycle” business and an “Investable Business” and then how to manage and fund the growth of
your business becomes critical for you to
succeed the way you want to.
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FINANCING
Whether its financing operations and people, intrinsic or organic growth, or scalable momentum, you always need to know ahead of time where your next “investable dollar” is going to come form and be spent.
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These eight cycles are interdependent and
each have cycles within. Viewing your
business from this perspective will help you categorize and
understand everything that’s happening or
should be happening within your business. Which cycles are your strengths and which
are your areas of weakness?
NOW WHAT?
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HOW DO YOU DEFINE SUCCESS?
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