The 3 Components to Master for an INCREDIBLE Business

TMH Business Coaching & Consulting

The 3 components of a successful business are:

1. Brilliant Leadership

2. Effective Marketing & Sales

3. Financial Mastery

If you’re not working on these three hugely important pieces of your business, you’re missing out on a lot of:

  • Happiness and fulfillment for clients, staff, yourself and your family,
  • The satisfaction that comes from a well-run business, and
  • Profit.

Today we will give you just a few very important tips for each area, so you can start improving things today!

1. Brilliant Leadership

  • Work on yourself! Work on your leadership skills, your emotional intelligence, and your overall level of happiness with your life, your health, and your relationships. YOUR BUSINESS is a reflection of YOU. YOU set the example for your team, whether you intend to or not. Trust me, they are watching.
  • Provide very clear job descriptions, KPIs, direction, and priorities for your team. Review these often.
  • Be open to feedback. In fact, ASK for feedback! AND listen to it.
  • Create mission, vision, and culture statements that INSPIRE your team. Have them involved in creating or updating them, so they are more supportive and bought-in. Remember, people support what they help to create. Work with your team to inspire them

2. Effective Marketing & Sales

  • COLLECT DATA on every lead, customer, sale, and opportunity for feedback.
  • Use data to make decisions.
  • Calculate ROI, CPC, CPL, and conversion rate SEPARATELY for each type of marketing spend to identify effective and non-effective types of marketing.
  • ASK and LISTEN TO your IDEAL CLIENTS ONLY. Don’t ask for feedback from people whose opinions are not important.
  • Remember there are only three rules for selling: 1) Be authentic, 2) Have their best interests in mind 100% of the time, and 3. Don’t be attached to the sale.

3. Financial Mastery

You need to understand how to read your financial statements. Start with the income statement (sometimes called a profit and loss), and move on next to your balance sheet and cashflow statements. Your bookkeeper or accountant (or business consultant) can easily explain these to you. 

You MUST plan ahead: build projections or a budget to plan out your revenue, expenses, and profit. Use this as a plan and hit it! Again you can use a skilled adviser to help with this!

Review your financials monthly, against your plan. Analyze every number and ask yourself 1) if you hit your goal and 2) why or why not?

I know this seems like a lot. That’s because business IS A LOT. There are so many facets to running a successful, thriving business that makes people happy (especially the business owner), but when you break it down into the three major pieces, it should seem more doable. Do what you can today, this week, this month and this year. Remember every little bit you do improves your business. The more you do, the better you’ll get. But do SOMETHING today. 

If you feel you need some help to make your company more successful and more enjoyable, contact TMH Business Coaching & Consulting today for a confidential, free, no-obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!

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