Do you have the recipe for creating a successful business?2 min read

Do you own a business? Or do you own a job? While owning a business is great because you are your own boss and you can make up the rules, the downside is there’s no security. A successful business is one that will work without you. The goal is to consistently earn a residual income in addition to having the freedom to take a vacation any time you want.

Creating a business that works more effectively and efficiently is a recipe with 4 very important ingredients. Follow the directions below to cook up a successful organization:

Step 1

The base for your organization is the people. Without this crucial ingredient, your recipe won’t work and you’re back to owning a job.

Your people should be aware of the company’s vision and mission statement. Work with your people and ensure they receive the skill-based education and training necessary to do their job.  Give your team clear goals and show them that they are appreciated with a recognition program.

Step 2

The second step in your recipe for cooking up a successful organization is delivery and distribution.

Ensure your service is delivered with systematic consistency, or that your product’s quality is consistent and stocked for improved efficiency with orders.

Step 3

In everything you do, you need to test and measure. If you were baking a cake, you would need to measure all of the ingredients, right? Too much of any one ingredient or too little of another and the cake is a failure.

To test and measure your organization you need to keep monthly and yearly budgets, measure conversion rate of leads, measure the key performance indicators and the profit margin for each facet of the business.  By establishing these benchmarks, you can adjust your recipe to add a pinch of what works or eliminate a dab of what doesn’t.

Step 4

To complete the recipe of creating a business that works efficiently and effectively, your organization needs systems and technology.

Having concise systems for every step of the sales, service and delivery process, your team will deliver consistent quality product and services in a timely manner. These systems should be laid out in a policies and procedures manual. In addition, all transactions should have a standard flow process.

Establishing systems and technology may mean an investment in time and/or money but it is key to ensuring your business is working without you.

Following this recipe will not only help you own a business rather than a job, but will also serve up a more cohesive work environment that’s absolutely delicious!