Does this sound familiar?
Most companies are started by confident people who are experts in their chosen field. Confidence builds success and they soon hire more people like them to grow revenues and others to support the underlying business.
The company becomes profitable and most of those profits are invested back into the business. Revenues continue growing and more employees are hired. Then slowly but surely, issues begin to surface…….
The symptoms may include slower growth, cash flow problems, quality issues, customer complaints and a myriad of other occurrences that lead to fire-fighting. Employee dissatisfaction inevitably shows up.
How do companies overcome these problems?
All businesses experience growing pains. Success depends upon determining the underlying causes and implementing effective solutions. The most successful business owners understand and acknowledge their weaknesses. Then they bring in people who have the missing skills and experience.
Every company in the world has twelve major business processes. The processes generally weave their way through multiple people and departments.
Only three of them involve developing, producing, marketing, selling, and delivering your products or services. Continual revenue growth depends upon good execution and quality throughout these processes.
That means that 75% of every company’s process activity has nothing to do with the company’s functional expertise! Those are the processes that every growing business must learn to execute well for sustained growth and profitability.
About SCORE More Profits
Major Business Processes*
- Develop Vision and Strategy
- Develop and Manage Products and Services
- Market and Sell Products and Services
- Deliver Products and Services
- Manage Customer Service
- Develop and Manage Human Capital
- Manage Information Technology
- Manage Financial Resources
- Acquire, Construct, and Manage Assets
- Manage Enterprise Risk, Compliance, and Resiliency
- Manage External Relationships
- Develop and Manage Business Capabilities
* Process Classification FrameworkSM American Productivity & Quality Center (APQC)