As the school summer holidays are a matter of weeks away employers are likely to be...read more
Emma Wimhurst knows about running a successful business. A mumpreneur, she set up her own successful cosmetics company and now gives business advice to many companies around the UK. Here she details what it takes for a business to be successful, even in a recession.
The recession is simply an excuse for bad business management. Businesses which are run properly will continue to perform well and out-perform the market place regardless of the global economic situation. Some of you may wonder how I can possible say this with huge corporations, well known brands, going out of business: Woolworths as an example. Well, I believe that I can. Regardless of the global economic situation, it is important to have your finger on the pulse of all areas of your business and I wonder, just how much information was swept under the carpet at Board Meetings at the fallen companies, who did or didn’t ask the right questions?
As a supplier to BHS of own-label colour cosmetics gift sets (Diva Cosmetics Ltd), we were often told by the Buyers that they had to present to the owner, Philip Green, on a regular basis and that he would question them in detail about each individual line and its potential profit. I am sure that BHS will survive and indeed thrive in this recession – from the very top down, attention is being paid to the detail, detail, detail.
Paying attention to the detail is absolutely crucial and, unless you can do this, your business will not survive regardless of the economic climate. With one in six businesses now majority-owned by women compared to less than one in ten, three years ago, it is good news indeed. Women are renowned for their ability to multi-task and it is these skills and paying attention to the detail which will guarantee success and standout from other businesses.
It is not a question of putting all of your focus and attention on one particular area – something which is so often advocated by business experts. It is essential, indeed VITAL, to have a finger on the pulse in the many areas which affect your business, not just one ……I believe that there are 7 key areas which require total attention, utmost clarity and regular review.
I refer to these as Disciplines – they are not rules because we all know that rules are for rebelling against and are made to be broken. They certainly are guidelines and they are also firmly held principles – but principles are optional and guidelines are flexible.
They will let you off the hook on a bad day. Disciplines, on the other hand, become fixed in routine, they impact on who you are, and become a practical habit. Disciplines will help you to stay on track when the going gets tough. They become an intrinsic part of the way you think, the way you act, the way you lead and the way you conduct your business. When you apply self-discipline to your management style and business disciplines to your management structure, you can’t help but improve your company’s profitability and performance.
Business Disciplines 1-4, as detailed in my new book published today, BOOM! 7 Disciplines to CONTROL, GROW and ADD IMPACT to Your Business (Diva Publishing), will help you to plan and achieve whatever you want and take you wherever your ambition leads you. They are the building blocks of business, without which you will be unable to survive. They are the practical disciplines that affect the systems and processes that you implement within your company.
By focussing on these 7 areas within your business, you will become an expert on your business, and with this level of knowledge comes a huge amount of power as well as the profit-making potential. You will not only know that decisions need to be taken, but you will also be aware of the areas which require your greatest attention. By being on top of this level of your detail, your business will not simply survive during these economic times, it will thrive and grow. Make it your responsibility to ensure that your business BOOMS!
Emma Wimhurst is a motivational speaker, business turnaround expert, entrepreneur who has been widely featured in the media and has appeared on BBC’s Beat The Boss. She is author of BOOM! 7 Disciplines to CONTROL, GROW and ADD IMPACT to Your Business, Diva Publishing, £14.99, published today 12th November 2009. Emma will be presenting at everywoman, start ups live/London and Jo Cameron’s WOW Conference all in November. To order BOOM! go to www.BOOMpreneur.co.uk. Read more about Emma and her mentoring services at www.emmawimhurst.com