From my very early days in business a mentor of mine talked to be about critical business foundations.
The first time I heard the words “Foundations in Business” I wondered what this had to do with running a business, surely this was more to do with building houses.
So, what do business foundations look like for a business?
The obvious answer would be available cash or funding. Having a cash surplus by which the business can operate not the most important foundation.
Foundations are the support structure on which any business stands.
Read on to discover the support structures that you should incorporate into your business every day, and, on which to focus to build a successful business.
Core Values by which the business operates – Core values represent the culture of the business which in most cases originates from it founder.
So as founders you have a responsibility to understand the business value.
How do you identify and measure value?
It’s a broad framework which includes the purpose of the business, vision and strategy that allows the business to meet the long-term needs of its customers and other stakeholders and the world as a whole, on an ongoing long-term basis.
Value includes:
- Partners
- Processes
- Activities
- Resources
- And Outputs.
So how do we create business value and from whom?
How do we create products or services that meet the needs of our customers?
How do we match our products and services to meet our customer needs?
It starts with the identification of the business model, where as a leader, you can see how a business defines, creates and delivers value of its stakeholders in a consistent manner.
A business model tells the story about how the business works to make value and from this delivers value to its customers for an appropriate cost.
It’s like a continuous circle where via thought processes the business can create value, use technology to deliver the value, capture the value, define it and feedback results to the management team.
Values should be incorporated into the strategy and objectives of the organisation to keep the focus and grow business success over time.
They should also be used to meet the customer needs continuously.
Think about your business value and how you are meeting your customer needs.
Vision – It serves as a strategic blueprint for success.
A vision statement declares the business objectives and provides a guide to direction for growth.
As a business grows the vision might change slightly over time to adapt to differing needs, but the core idea remains the same.
Some organisations advertise their vision statement on a variety of different platforms.
A vision statement can be used to motivate employees and stakeholders.
When a vision statement is able to align and connect with the inner values of the organisation, in a simple manner, it is easy to admire the business and support it in a variety of ways.
Think of big successful companies such as Apple, Coca Cola, and Nike – they are well known and continuously in the public domain. They inspire, excite and make customers truly believe in their products.
How exciting would it be for you to develop the next big vision for the world that we live in today.
Think about what is important to you, what is our passion, how do you include this within your business to build success.
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