Building The Cornerstones Of Business Success

Ultimately, building a business is a complicated task. Creating and using all those nuts and bolts, adding flair and creativity, and then producing something of value at the end of it takes some doing. But when you pare things back, the foundations of every single successful business are actually pretty simple. And today, we’re going to focus on those essential four cornerstones that will see you set up your startup or new company for success. Let’s get started right away.

The big idea

Regular readers of the blog will know the importance I place on ‘the big idea.’ And, while the difference between success and failure will involve a lot more between having that idea and delivering it to the public, it’s that initial purpose that is so important. Ask yourself why you are doing this - what is the reason for your business to exist? What problems are you solving? Is there a need in the marketplace for your product or service, and who, exactly, is going to buy it? And finally, what are your motivations? A desire to simply make you money will only pay off on rare - and lucky - occasions. But if you want to make something of yourself and your business, it will stand you in much better stead.

The big plan

Without planning, the best ideas in the world will come to nothing. I often wonder where we might be if the best thinkers with the best ideas made sure they met with the best planners - what sort of amazing products would we see today? How far ahead would society be? Planning is, therefore, at least as important as the initial idea and motivation, if not more so. The strategy will help you focus your efforts on the right areas, allow you to plan the wheres and whens of the business, and, ultimately, help you make sound business decisions.

The protection

Like it or not, your business is at risk from the second you have an idea until the day you sell it. And without the right protection, trouble could well occur, catch you off guard, and since your business before it gets off the ground. You'll need to protect your intellectual property, for example. It’s vital to have contracts in place with everyone from your employees to your suppliers to ensure you have covered in the event of an accident. You might need to explore construction site monitoring if you are a building firm, or loss prevention security if you are a retailer. There’s the threat of hacking and data theft to consider, too. It’s possible to cover yourself with insurance and legal protection, of course, but you also need to ensure your company culture is hitting all the right notes with regards to safety and health. Don’t forget, a single lawsuit, theft, or complaint could escalate into a company-ending disaster.

The team

Put all the above into place, and you might have a good idea of how to run a successful company. But without the right team in place, you won’t have a hope of achieving it. You’ll need to be an inspiring leader, and hire inspiring leaders to run teams in different departments throughout your business. It’s vital to hire carefully, wisely, and strategically - and bring people in that complements your company culture. And finally, you will need to instill the vision you had at the beginning of this process into the hearts and minds of every single employee.

And as for the nuts and bolts of creating your business - well, that’s another story for another time...