In this video, the first of our ‘Golden Nuggets’ series, acclaimed Academy Speaker, Roger Harrop, takes us through the four fundamentals of business.
The world has changed. The world of business has changed. There’s a levelling of the playing field between small businesses and large and there’s a levelling of the playing field internationally. What I’m seeing now is the organisations that are truly winning all have the same focus and it’s almost nothing to do with what you did in the past. Whether you’re a commercial organisation, a partnership, a member association, a not-for-profit or a charity; all winning organisations have the same focus and what they’re focused on are the four fundamentals of business.
What’s number one? Well, it’s no longer good enough being good at what you do. It’s no longer good enough being outstanding at what you do. These days, quite simply you have to be exceptional at what you do and absolutely everywhere you do it.
Number two. It’s got to be a great place to work. Talent has a choice these days. There’s research that shows between now and 2030, there’s going to be a war on talent worldwide. If you want talent in your organisation, it’s got to be a great place to work. When you’re interviewing talent, they’re as likely to interview you and they’ll ask:
“What are the values of this organisation? Because I can’t find them on the website”.
If you can’t answer that, they’ll walk. They’d rather be unemployed than work for an organisation whose values they don’t share.
Number three may be the most obvious of all but you know what? Never again. Never again can we take the risk of assuming customers are going to find us. We have got to constantly, mercilessly prospect for business. We’ve got to knock on doors of people who’ve never bought from us or let’s say never bought from us in the last three years. The rule of thumb is whoever is responsible for sales in your organisation should be spending at least 20% of their time prospecting. That’s a day a week.
Finally, number four. businesses can’t stand still. They either grow or they contract and they only grow if you make them grow. There is only one way to grow a business, again, whether it’s a commercial business, a not-for-profit, a member association or a charity. There is only one way to grow a business and that’s to generate profit that you re-invest in part or in whole into the growth of the business. There is no other way.
If you can focus mercilessly on those four fundamentals of business, I guarantee, you’ll win.