By Abha Maryada Banerjee, humanitarian leader, entrepreneur and business consultant
We always begin with the ‘expected potential’, but how many Entrepreneurs can safely guarantee the ‘achievement’ potential of their business? It is not just the good idea or a good plan, but the executor and execution of that idea and plan. It depends on the Entrepreneur himself, he being at the center of ‘sowing the seed and reaping the fruit’ in business. I call it the ‘Nucleus or Center of business’. It is about holding the center so well, that one is able to understand, fill and bridge the gaps that go unnoticed, when we are looking at the big picture of the business. How does one then strategise and measure the ‘achievement potential’?
1. The Ambassador Dynamic: You are the ambassador of your idea, its benefits, the value it creates and how you intend to turn it into a profitable business. That makes you a seller, a marketer, a mouthpiece, a face, a life revolving around your idea. A compelling story of the needs, solution, value and benefits becomes your language and communication. You have to be a great ambassador if not exceptional.
2. The Visibility Dynamic: This is one of the most important things to keep in mind. We have heard of the differentiating factor but we have to figure positioning of the business. The intent is to create the right kind of visibility that turns the business into a profitable venture. How you are seen and how do you want to be seen? How do you find a place in the minds of an already overcrowded market and over exposed mind space? This is what will drive your entire marketing activity, customer identification, your own understanding of the need and your unique solution.
3. The Receiver Dynamic: Who is at the receiving end of your product or service? The market and the customer need not always be the same. The markets look at you as a supplier as well as a competitor, while the customer engages with you on the value you provide to him individually. While one builds a customer, it is essential to keep an eye on the market that not only houses your customer, but depends on a variety of customers and suppliers. Once you enter the market, you have to watch out for the customer and the competition both.
4. The End Game Dynamic: A question that every Entrepreneur must ask himself is, ‘What is the value that you would want to gain if you were to sell your business?’ Given that the ‘maximum’ a business would be valued would be at the time of it being sold, even if it were not meant to be, is a thought to be pondered upon. What kind of value can you create within a business for it to become valuable for a buyer, investor or partner? Not just monetary business value, but the business health too. How healthy the business is to run and continue to make money.
5. The Tangent Dynamic: The business will always have multiple areas of activities/tangents. Each tangent is individual, but never mutually exclusive. Each part of a business depends and /or affects other parts of the business. Do you have tangent checks and balances system in place? Have you any systems in place that measure the effect of performance or non-performance of one tangent on another? This is where most gaps, losses, loss of opportunity occur. This will clarify the gaps to be filled and /or bridged, so they can support each other. A continuous check on their performance and balance is essential.
6. The Measurement Dynamic: The growth factor in your business is the primary selling point of your business. Which tangent needs to grow and which can stay neutral and how to concentrate resources on a particular tangent becomes crucial. Measuring growth in each tangential context is the key. Systems to cross-measure will give the lead into how much financial and non-financial support is needed in each tangent. The need for a new strategy to replace an old one, or an innovation in any one tangent, or across tangents becomes visible.
7. The Stake Holder Dynamic: If you need to raise capital for your business it is important to have a big picture and a well strategised and understood tangent picture to present to investors, or prospective stake holders. Once aligned and visible from the top and sides, raising capital becomes easier as the detailed blueprint instills more confidence than the idea by itself. This is the best way to reduce the risk in an investor’s mind.
With the Nucleus outlook of being at the Center and creating systems for tangential control and growth, laser focus is created within a business. It simplifies spotting and fill gaps, identify risk areas, build hedge strategies and create right kind of controls.
It is ideal to run the business with its achievement potential fully strategised and from the Nucleus.
Abha Maryada Banerjee is a lawyer by profession and is the author of “Nucleus – Power Women: Lead from the Core (£19.99 Panoma Press). She is India’s first female motivational speaker of international acclaim, rates as one of the Top 10 Life, Business and Success Coaches in Asia Pacific, and is an expert in Leadership, Human Peak Performance and Emotional Intelligence. For more information visit http://www.abhamb.com/