Creating a high-performing business means aligning five critical elements.
- Vision – The starting point is the vision or picture of your business at some point in the future. Vision answers the question: “Where are we going?” It describes the direction in which you are taking the business. Your Vision sets the context for everything you do as you grow the business.
- Strategy – The articulation of your Vision begins with the written description of what you are going to do to achieve your Vision. This is your Business Plan. Strategy is defined as the systematic output of what you want to do, the resources and capabilities you have and the opportunities and challenges the environment gives you.
- Structure – Your Strategy determines the Structure you require to grow your business. Structure is defined as the system of roles, role relationships and policies that define accountabilities and authorities within the organization. As you grow, the Structure of the organization will become more complex. Clear role definition is critical to the success of a business.
- Systems and Processes – As you grow and your Structure becomes more complex, you will require systems such as Client Relationship Management (CRM), HR systems, inventory management systems, accounting systems etc. These systems organize workflow processes and facilitate the flow of information and knowledge throughout your business.
- Skills and Knowledge (People) – Ultimately, the success of your business will depend upon the harnessing of the knowledge and skills of people, yourself included. Over time, you will require increasingly specialized skills and knowledge as your business grows.
Your Vision and Strategy describe what you want your business to become and how you will get there. Structure identifies who will be accountable for each aspect of the work required to achieve your business objectives. Systems and Skills (People) are integral to building your business.