The 4 Major Components of Business Growth & Profit-Building Success!

Your business can be broken down into 4 segments or component parts.

I call these as the 4 MAJOR COMPONENTS of a business.

Through extensive research and study of the most successful businesses worldwide, I have likewise determined that there are 4 common focal points found in a successful strategic plan for Business Growth and Profit-Building. These common focal points, or 4 MAJOR COMPONENTS, are interrelated and can be made to fit together like the pieces of a puzzle.

The 4 Major Components of Business Growth & Profit-Building Success!

When you clearly identify them in your own business, and then strategically harness their power to function cohesively, the 4 MAJOR COMPONENTS can produce EXPONENTIAL business growth. And that kind of business growth leads to an increase in bottom-line profits!

So what are these 4 MAJOR COMPONENTS to a successful strategic plan for business growth and profit-building?

Let' briefly explain what these 4 MAJOR COMPONENTS are, and what they have to do with developing a strategic plan to successfully grow your business and increase your profits.

The 4 MAJOR COMPONENTS

MAJOR COMPONENT 1 is your business' VISION, GOALS, & MISSION.

When you consider your business' VISION, GOALS, and MISSION, your chief aim is broken down into 2 parts. First, you must carefully analyze and clarify what direction your business is currently heading in right now. What is your VISION for your business? What are your personal goals and business objectives? And finally, what is your Mission for your business? Do you have these 3 clearly set out? You need to in order to start seeing real growth in your business.

Second, you must determine whether you need to change course to develop the business growth you want and the increase in profits you need. Having clarified your VISION, GOALS, and MISSION, you will then know in what direction you want to steer your business to generate the business growth and increased profits that you want.

As you work through and implement any business growth plans, keep referring back to MAJOR COMPONENT 1, your VISION, GOALS, & MISSION.

MAJOR COMPONENT 1 is the guiding direction for your business, just like a compass pointing to "True North".

MAJOR COMPONENT 2 of the business growth and profit-building process is your Business Operating Systems, Management, & Training.

I liken MAJOR COMPONENT 2 to the engine that drives a car. When you consider MAJOR COMPONENT 2 in your own business growth plans, you accomplish 4 things:

1. You undertake a review of your business' engine; that is, your staff and contractors. How can they play a positive role in growing your business and increasing your profits?

2. You consider your hiring practices. How they can impact your successful business growth at the front end..., when you hire others to join you.

3. You evaluate and design your management and training processes to support the business growth that you are striving for. And,

4. Most importantly, you strategically develop the specific operating systems that your business must have in place to effectively and efficiently run your business; whether you, the business owner, are there on the job, or not.

Are you driving a sputtering jalopy or a precisely tuned race car? MAJOR COMPONENT 2 answers that question.

Once you've got MAJOR COMPONENT 2, your business systems, running smoothly, it's time to start filling up the tank.

MAJOR COMPONENT 3 of your business growth plan is Strategic Marketing, Lead Generation, & Lead Conversion systems.

When you consider MAJOR COMPONENT 3 in your business growth plans, you must analyze your systems for servicing your current customers and clients, for identifying and obtaining more of your Ideal customers and clients, for marketing to your unique target market, and for converting more prospects to bring in more sales and increase your bottom-line profits.

Finally, a successful business growth and profit-building strategic plan must never leave out the all-important topic of MONEY.

MAJOR COMPONENT 4 of your business growth plan takes a hard look at Financial Position, Cash Flow, & Reporting.

In MAJOR COMPONENT 4, your primary focus is to review the systems that you have in place to know where you're at financially, to handle your money, to control it, and to keep it coming in. What changes do you need to make in your financial operating systems to ramp up your business growth? Where is your money? How is it being spent? Do you have operating systems that you have designed and put in place to control expenses and costs? Is your money coming in consistently? What Cash Flow "production" strategies are unique to your business? Are there any other "production" strategies that you can implement immediately? Are there any other ways that your business can "manufacture" additional Cash Flow?

Well, there you have them.

Those are the 4 MAJOR COMPONENTS of a successful strategic plan to grow your business and increase your profits.

First comes knowledge. You have it.

Now, must come action!

So it's time for you to take action.

ACTION STEPS:

Follow these 4 steps and get your business growth plans roaring like the powerful sound of a race car crossing the finish line in first place!

1. Write out on a sheet of paper each of the 4 MAJOR COMPONENTS of your business as outlined above.

2. Analyze each MAJOR COMPONENT in comparison to your present business operations.

3. List the focal points lacking in your business compared to each MAJOR COMPONENT.

4. Come up with just 1 action that you can take to improve in each of the 4 MAJOR COMPONENTS.

If you've completed the 4 action steps, then you've got some momentum going. Constantly focus on the 4 MAJOR COMPONENTS of your business. Keep working on improving in these 4 MAJOR COMPONENTS.

Because if you do, you'll be developing a successful and proven plan not only to grow your business, but to increase your profits as well!

This article is an excerpt taken from the MasterMind Business Growth System, as written by noted Business Growth Expert and Attorney, Miguel Mendez, Jr., Esq.

Copyright 2008. Miguel Mendez, Jr. All rights reserved.

The 4 Major Components of Business Growth & Profit-Building Success!
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The author of this article, Miguel Mendez, Jr., is the Owner of MasterMind Group International. He is an Attorney, Business Growth Expert, and Speaker. Miguel Mendez has represented and performed consulting services for start-up and fast-growing businesses for over 22 years. For more FREE Business Growth ideas, and to learn how to jump-start your business growth in just 5 days, visit [http://www.mastermindgroupinternational.com]

And for that SPECIAL BREED of Business Owner, Entrepreneur, Manager, and Professional seeking EXPONENTIAL Business Growth. The MasterMind Business Growth System is for you!

A 310 page downloadable, interactive workbook. Comes with an attractive binder system broken down into the 4 MAJOR COMPONENTS. 102 checklists, 37 lists and tables 74 fill-in-the-blank charts and worksheets, and 58 of the most crucial forms you can download to easily design and implement your unique, and custom-tailored business growth plan. 8 CDs of audio training included extra! 3 Special Bonuses! And all without breaking the bank!

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International Business Success

There is a lot of talk today about being "global". What does global mean? A person of the world? Every country is as different. So is every locality and city or town. The skills a business person needs to be successful in international business go beyond being global. While not comprehensive, this list based on over a dozen years of international business experience should help.

Travel

For the international business person, travel is a way of life. Long distance air travel can be especially brutal. The best advice is to arrive one day before any important meetings or conferences to adjust to any time difference. In the air, eat, sleep, work and read but do all in moderation. Air travel gluttony is common among international travelers. The on thing you cannot do is exercise on an airplane.

International Business Success

Lodging

Stay where your host, whether a local office or a client recommends. While cost is a consideration, so is safety, convenience to meeting locations and services provided. This is the home away from home so chose it with care.

Meals

Eat in moderation. Business travel is not the time to make up for every diet that one has ever been one. There is the temptation to eat more than usual. On the other had, when with people who live locally, whether colleagues or clients, ask what they recommend when dining together. Apart from allergies, one should be open to eating local cuisine.

Drinking

Some cultures drink more than Americans. Some drink less. And some not at all. The best advice is to drink in moderation or not at all. Similar to eating, international business travel is not the time to beat ones college drinking record. It is not healthy and it is insulting to clients and colleagues.

Dress

Most American business people, even after the business casual trend, still dress much more casually than business people internationally. Find out from local colleagues or even clients what attire is appropriate. If you do not know, dress in traditional business attire (suits for men and for women). This can always be dressed down if appropriate. Dress like you mean business but more importantly, dress appropriately. The same applies to evening dinners and functions outside of business hours.

Meetings

Be at meeting early. Do not leave until the meeting is over. Even if others leave to take calls, do not do so except at scheduled breaks. Eat in moderation if lunch is brought in. Do not drink too much coffee but bottled water is good. Clean up after yourself after the meeting. And do not sit in the meeting with your laptop and read your email. That is rude. Do make sure you bring plenty of business cards. Introduce yourself to everybody. Do not interrupt, raise your voice or swear. If you have other calls, schedule them for the evening when not meeting with the clients or your colleagues.

Recreation

In the evenings it is common to have dinner with clients or colleagues. After dinner is often a time to relax, exercise and catch up on some work before the next day. If staying over a weekend or taking a day off, visit local historical sites, museums, cultural events and also shops and restaurants. Staying in the hotel doing work is not healthy and it does not make one more internationally-minded or cultured.

Communication

Find out how your clients and colleagues prefer to communicate when not face-to-face. E-mail is common today. Conference calls are important too. Video conference calls can be very effective. Snail mail and faxes are less and less common today but are still necessary from time-to-time. Keep all communications clear, crisp and to the point. On international conference calls, listen more than talk. And do not interrupt. Ever. Take notes or minutes and make sure they are distributed within one business day of the call. Never e-mail jokes, gags, anything obscene or off-color. Do not swear or raise your voice on calls or video calls. Listening and patience are valued in most non-US cultures.

Language

While most non-US business people speak 2-4 languages most from the US speak 1 or perhaps 2 and not well. To this end, speak clearly in English. Be patient if asked to repeat or explain. This is especially true on conference calls. It is acceptable to pick up local words or phrases. Make sure they are appropriate and that they are pronounced flawlessly. Do not make a joke out of local words or phrases. This is insulting to clients and local colleagues.

While business has a lot to do with finance, technology, human resources, research and development and law, it has more to do with people than anything else. To that end, doing business internationally is about people. By traveling and working with dignity and respect for customers and local colleagues, one is taking the first step toward the extensive skills needed to be successful in international business.

International Business Success
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George F. Franks, III is the founder and CEO of Franks Consulting Group, a Bethesda, Maryland based management consulting and leadership coaching practice. He is a member of the International Coach Federation and the Institute of Management Consultants (USA).

George can be contacted at: gfranks@franksconsultinggroup.com

Franks Consulting Group is on the web at: http://franksconsultinggroup.com

George's NEW career and leadership E-zine is: [http://careerandleadership.com]

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