How To Run A Business? Business Coach | Executive Coach

The Best Business Podcast With Daryl Urbanski

How To Run A Business? Business Coach | Executive Coach

See 1 of 100 New Videos on this topic & more.

In fact, our research specifically proves 8 Critical Success Factors for small & medium-sized businesses.

Visit www.BestBusinessCoach.ca for more info.

Or https://www.members.bestbusinesscoach.ca/success-research/ for more on the research behind it.

Transcript:

Well, all a business is:
A person/group of people solving a problem, experienced by another.
Via a product/service.
That's it.

It means:
You have a group doing something, to solve a pain experienced by someone.
And doing it at scale.

A great analogy I like to use is:
I call a business a "Black Box".
Let's say this is a dentist's office.
On one side, people are crying & in pain.
Put them into the black box, it will fix all their problems.
[relating to their teeth.]
On the other side of the box, they come out happy and satisfied.

This is what a business is.
So, how do you run a business?
To run a business,
A) You need to have a problem to solve.
B) Identify people having the problem.
C) Solve the problem for them on win-win terms.

That's what it is.
I've also heard a couple of rules of thumb.
Like for a company, you need 3 key people.

1. Product Person.
-A person involved with the product/service.
-In charge of quality control.

2. Finance & Operations Person.

3. Marketing & Sales Person.

All 3 are different.
That is one thing I've heard about how you run a business.
Last year, I hired 7 different research teams.
To go through all the scientific literature availabl,e to find out:
What are the Critical Success Factors for Small & Medium-Sized Businesses?

We found 8.
8 critical success factors.

1. Self-Efficacy.
2. Strategic Planning.
3. Market Intelligence.
4. Marketing Strategy.
5. Sales Skills & Strategy.
6. Money Management.
7. Business Operations.
8. Business Intelligence.

1. Self-Efficacy.
When you wake up, do you plan your time well?
Do you get things done on your to-do list?
Are you effective at communicating your ideas?
If you hired someone to perform a role, but they fail to do so.
They are not effective in their responsibilities.
Self-Efficacy is the ability to have:
Energy, skills & capacity to get things done,
To communicate effectively.
To collaborate with others towards goals.
This is the self-efficacy factor.
It's leadership, team work, communication, time management, etc..

2. Strategic Planning.
You might be the best swimmer.
But if you jump in a pool with no water, you'll get hurt.
You don't want to invest in something that is disappearing.
Strategic planning makes you diligent.
To understand the landscape.
What are the other options out there for consumers?
What are the problems consumers are having?
Where are things in the industry going?
Supply chain considerations.
Labour market conditions.
What is your strategic plan for bringing something bigger, faster, cheaper, newer to the market?

3. Market Intelligence.
This is part of strategic planning but a little different.
It's about knowing who the market is.
What pain point are they experiencing?
What's happening in the market?
It's having a connection to the reality of their world.
You don't want to use resources on making a product.
Then realize your product is already obsolete.
There are a lot of products launched & failed because they were too advance for society.
It is not only about marketing.
It's also understanding the situati

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