“You don’t have to be great to start, but you have to start if you want to be great.” Zig Ziglar
In this third article in a four part series, I look at creating a compelling mission, building a strong sales process, and the benefits of being fully compliant.
Mission Statement
“The most effective way I know to begin with the end in mind is to develop a personal mission statement, philosophy or creed. It focuses on what you want to be (character) and to do (contributions and achievements) and on the values or principles upon which being and doing are based.” Stephen Covey.
When I processed this saying by Stephen Covey, I created the following mission statement: “Entreprenacity exists to leverage 20 years of experience in the enterprise development arena to strengthen start- ups and scale ups”.
Simon Sinek similarly says that we should “start with why”. “People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe.”
This is why the maxim is held at many incubators, “Don’t start a business only to make money. Start a business to make a difference. (And the money will come).
So how does your business make a difference? What value are you adding to others?
Another advantage to having a compelling mission statement is that instead of you having to “pick it up”, the accurately captured mission picks you up! Does your mission “pick you up”?
Sales
Here are a few nuggets to consider as you build a sustainable business:
- Who is your target audience? The more you can define who they are (their preferences; what they think and do etc) and where they are (locality), the better you are able to build a “value adding” unique selling proposition that differentiates you from your competitors.
- Be realistic and creative in what you deem to be the USP of your business. Does it really make your business stand out? Is it obvious to your target market that overlooking your product or service would be a reason for serious regret?
- Building a sales pipeline/calendar. A great tool to consider having in your arsenal is that of the sales pipeline. To get an idea on how much sales you will make in the near future, you need to keep track of your customers. By creating a sales pipeline, you get a tool to follow the progress of your customer prospects.
This is a dynamic process that needs to be revisited monthly.
- Remember too to sell the benefits not the features. As Matthew Pattison quips, “When you think of iconic brands like Nike or Coca-Cola, what comes to mind? They aren’t merely selling products; they’re weaving intricate narratives around the benefits and experiences that their products deliver. Nike, for instance, doesn’t inundate you with technical specifications about the materials used in their shoes or the pattern of the sole grip. Instead, they kindle the dream of becoming the best athlete you can be. They promise you the status of a winner and the thrill of an inspiring journey towards greatness.”
- Your best understanding of the value of your product comes from your target market. Welcome and ask for feedback from your target market.
Legal Stuff – The Value Of Compliance
Compliance means ensuring business activities are in line with relevant regulations and legislation. There are considerable benefits to registering your business and becoming (and staying) compliant.
What are the advantages of compliance?
Beyond the legal aspect, compliance-based management provides important benefits for the company.
- Better credibility for your business
It’s undeniable that well-regulated companies appear more credible to the consumer. When processes are in line with what is expected, customers feel safer doing business and using a brand’s solutions.
Compliance ends up being a seal of quality and high standards, which govern all procedures and improve the quality of solutions that reach the public.
- Better competitive advantage
Compliant and registered companies often hold a much higher status than their competitors. This is competitive advantage, which can also be achieved with good processes.
They improve the company’s routine, ensuring ethical, effective, safe, and regulated solutions, which will be attractive to the consumer.
- Gains in productivity and efficiency
Process compliance also increases productivity, as it creates a standard for bureaucratic activities and ensures more organisation and control.
A compliance focus helps to create an culture focused on risk prevention and process efficiency, as well as information security and best practices.
Pay attention to business registration and keeping up to date (tax clearance certificate; BBBEE certificate or affidavit; registration documents etc). And rely upon your accountant to keep your updated on any changes in the tax landscape and to appraise you of any challenges/opportunities that may arise.
Of course, it is relatively easy to register a business (time and money), but it takes a lot of consistent effort to build a strong horse. New business owners tend to feed off their motivation initially, but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.
I suggest you keep a “business dashboard” that keeps your key information in one place and more importantly, keeps you focussed on keeping the first things…..first.
