With 2017 almost upon us, individuals and organisations are looking ahead to see what improvements can be made. Business lessons are most readily apparent when a project has underperformed, but we should also do more of what we’re doing right. For a corporation to enjoy sustained and continued success, it must demonstrate that it can react well to fluctuations in the business environment.
Has anything happened in the last year to change the public perception of the product or service your company provides? How should your business plan or mission statement change compared to last year?
Business lessons of a company can be learned from People, Communication, Data, Budgets and Competition.
People :Every company comprises a team of personnel, and it’s important to make sure each member of the team(s) is equipped with the necessary tools, skills and attitude to make the business succeed. A team with shared goals and high aspirations is a winning team.
Communication : Communication is of great significance internally, but if sales are the most important part of your business, then you will need to communicate effectively with your target market. The equivalent for non-profit organisations would be communicating with your audience.
Data : Information is power. How much do you know about the performance of your company? Reporting should be much more than just number of sales and which areas produce the most profit. Nowadays a lot can be gleaned from factors such as the time of day that certain visitors view certain pages of your website, and big data can help with forecasting.
Budgets : Each area of the business has a cost associated with it. To a certain extent there will always be areas where more money and time should be spent, whilst other expenditure can be scaled back. Plans for the next calendar year or financial year should take into account those areas which need adjusting.
Competition : Almost every organisation has direct or indirect competition. If you are the market leader you need to still be aware of new trends and techniques which competitors could use to steal some of your market share. If your product or service is unique, ask yourself what other solutions your audience could choose.
