There are three fundamental cornerstones to growing a business.
Each cornerstone underpins your business and plays a vital role in ensuring you achieve your financial and lifestyle goals.
This is a high-level overview of the three cornerstones to help you understand how they interact.
They are then covered in more detail within their own materials.
The three cornerstones:
THE BIG PICTURE
Your Big Picture will be a key driver for the direction of your business.
It matters because it will directly impact the business strategies that you will use. For example, if your vision is to have a nationwide distribution for your product in 10 years-time, you’ll need to implement strategies that push the business in that direction.
Besides, the Big Picture impacts the culture of your business and can therefore change the type of employees and customers you attract.
This first cornerstone is ‘anchored’ by the following:
- WHY: Why you’re in business and why should anyone care
- VISION: The long-term vision you have for your business
- PRINCIPLES: The core principles that you truly believe in and won’t waver from
These three anchors make up the ‘belief system’ of business’. They don’t tend to change quickly or often.
However, it’s important that they evolve. For example, if you start a family after starting your business, your priorities and beliefs are naturally open to change.
This means that your Big Picture is open to challenge by both yourself and your team members.
The second cornerstone to underpin business growth involves taking action: designing and executing the strategies you decide to follow, while also keeping in mind your Big Picture.
All strategies should be developed in order to achieve your vision, while staying true to who you are and the beliefs you hold.
The world is constantly changing, so your strategy will also need to adapt and evolve.
When these strategic ‘shifts’ become necessary, the more clarity you have the more likely you’ll be successful.
But your strategy will mean nothing if it’s not executed.
We believe that having effective ways to execute your strategies is the most valuable asset a business owner can possess. Because so many business owners fall at this hurdle.
So that’s why much of BMC is focused on execution of strategy.
An average strategy, ruthlessly executed, has a great chance of achieving amazing success. (Though we’ll obviously work with you on a great strategy, ruthlessly executed!)
You will be better positioned to develop and execute successful strategies if you’re also constantly striving to be better as a person.
As a business owner, you need to develop a wide array of skills. These can help you create better services/products, market and sell, and engage with customers/suppliers/team members more effectively; not to mention get the best from your employees and use your money wisely, etc.
But your development should not only be limited to professional skills. Your success will be measured by the quality of your life, so you’ll also need to work to develop your emotional, physical and spiritual wellbeing.
Who’s the BMC for?
We’ve specifically designed our Business Mentor Club principles for small and micro-sized businesses: with a turnover between $200,000 and $10 million.
Most of the concepts you read in the books on running a business are geared towards larger businesses.
Small business owners struggle to relate to the innovation of industry ‘disruptors’ such as Uber and eBay, which are highly praised by analysts and writers.
It is simply not relevant to most small business owners. Such disruptive businesses and their founders truly are one in a million.
We purposely avoided these concepts as they can distract and mislead you. BMC is for the other 999,999 small businesses out there that will never become that big.
If you’re a forward-thinker, that’s great. But you don’t need to be an incredible innovator to run a successful business.
It simply takes a vision that you can relate to others, a strategic direction that makes your business useful to a specific group of people, and a desire to execute the important things better than your competitors.
That’s the philosophy.
And we’ve seen it work countless times.