The,Language,Business,There,ar business, insurance The Language Of Business
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There are certain concepts that successful businessowners create, and then refine, over and over again. Doesyour business have a mission statement? Have you defined thestrategies and objectives of your business? What if a lenderasks about your ROI?Successful business people talk to each other in theseterms. (If you're curious, skip ahead to the end of thisarticle and read other concepts that you need to define toincrease your chances for business success.) If you're notfamiliar with these concepts, brush up on the "language" ofbusiness. Spending your energy defining and applying theseconcepts to your business can build a strong, solidfoundation.Plan on spending some time crafting these terms as theyrelate to you and your business. The language of businessprovides a handy framework for review, but there is so muchmore to each of the concepts than its dictionary definition.In order for the concepts to be effective, it's necessary tointernalize and use them daily. And keep in mind how notusing these principles in your business may cause problemslater on. Consider these events:--The dot.com, Enron, and WorldCom fiascos are excellentexamples of what can happen when businesses forget about thebasics. Some folks decided they were smarter than more thana hundred years of proven-to-work business concepts.--Established business owners who are stuck. To date, I havenot worked with an established business that is able toprovide me with a basic business plan-vision, mission,objectives, strategies, etc. Some companies did create aplan for funding purposes but haven't looked at it for yearsand years. If you're running your business properly, you'relooking at your business and marketing plan at least once aweek.--The blackout on the east coast taught us to make sure wehave backup plans and that our web hosting companies haveback up servers, too. Do you know that most companies are socomputerized that their customer service departments don'tknow how to process orders?--Your death. Many business owners don't consider thispossibility at all. The goal is that in case of anemergency, illness, death (or even a vacation!), yourbusiness will run efficiently without you. Is your businessthis ready?Weaving these ideas into the operation and administration ofa business produces clarity and helps management to makeinformed decisions, save time, and reduce expenses. Yes,some businesses function well without the groundwork for atime. However, at some point within the first five years,the owner(s) end up "stuck" or decide to sell theirbusinesses. It's then that they realize that the missingpiece-yes, you got it-is that they're not speaking thelanguage of business -yet!Have you added these concepts to your business?Vision StatementMission StatementObjectivesStrategiesMarketing PlanIdeal Client ProfileUSP (Unique Selling Proposition)ROI (Return on Investment)AssetsLiabilitiesBack up PlansOperations/Procedure ManualLicensesInsuranceCustomer ServiceAsking for HelpHiring HelpNetworking
The,Language,Business,There,ar