{"id":10883,"date":"2020-11-04T09:57:36","date_gmt":"2020-11-03T22:57:36","guid":{"rendered":"https:\/\/www.letsbemates.com.au\/mate\/?p=10883"},"modified":"2022-03-02T13:55:24","modified_gmt":"2022-03-02T02:55:24","slug":"3-keys-to-a-strong-business-foundation","status":"publish","type":"post","link":"https:\/\/www.letsbemates.com.au\/mate\/3-keys-to-a-strong-business-foundation\/","title":{"rendered":"3 Tips to build a strong business foundation + examples"},"content":{"rendered":"

Starting a business isn\u2019t much like hanging up a shingle and waiting for the customers to come pouring in. (If only it were!) Instead, it\u2019s more like building a house. Hard, sweaty work where you\u2019re bound to smash a finger or two. And like building a house, building your business needs to start with a strong foundation.<\/span><\/p>\n

There are thousands of articles out there about the keys to a strong business foundation. These run the gamut from business essentials \u2013 such as insurance and technology \u2013 to marketing \u2013 such as building a professional website and having a customer focused content strategy.\u00a0<\/span><\/p>\n

Look, we agree that all of these things <\/span>are<\/span><\/i> important. But from our perspective, there are three keys that are absolutely vital for a strong business foundation.<\/span><\/p>\n

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51<\/div>\r\n per mth*<\/span>\r\n <\/div>\r\n <\/div>\r\n
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Crikey nbn 25\/10<\/h4>\r\n

Best plan for 1-2 people<\/p>\r\n <\/div>\r\n <\/div>\r\n

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Unlimited<\/h4>\r\n

*For first 6 mths with BINGE25<\/p>\r\n Then reverts to $76\/mth<\/span>\r\n <\/div>\r\n

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25 mbps<\/h4>\r\n

Typical busy period download speed (7pm to 11 pm)<\/p>\r\n *Speeds may be lower on FTTN\/B, FTTC<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/a>\r\n

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<\/i> Critical Information Summary<\/a><\/div>\r\n
nbn Key Facts Sheet<\/a><\/div>\r\n
More information<\/a> <\/i><\/span><\/div>\r\n <\/div>\r\n <\/div>\r\n<\/b><\/p>\n

3 keys to a strong business foundation<\/b><\/h2>\n

Planning<\/b><\/h3>\n

At MATE, we have weekly, monthly, quarterly and yearly plans in place. These plans set out our goals and the steps that we need to take to get there. Every business will have its own needs when it comes to the timing of their planning, but it\u2019s essential that you do the work and make the plans, whether you\u2019re a sole trader or a large corporation.<\/span><\/p>\n

Tips for making your planning more successful<\/i><\/strong><\/p>\n

Focus:<\/b> You may have dozens of ideas for your business \u2013 from marketing campaigns to systems operations. It\u2019s really important that you focus on what\u2019s most important.\u00a0<\/span><\/p>\n

Evaluate: <\/b>Evaluate your ideas. Ensure they\u2019re achievable, measurable and timely. Prioritise the most important and outline what resources you\u2019ll need in order to bring them to fruition. Make sure that your team is in the know and onboard as well.<\/span><\/p>\n

Learn: <\/b>Once you\u2019ve put some of your ideas and plans into action, learn from them. Think about what worked\u2026 and what didn\u2019t. Write down those learnings so you can reference them going forward.<\/span><\/p>\n

 <\/p>\n

Process<\/b><\/h3>\n

Planning is getting your ideas out of your head and onto the paper (or spreadsheet!). Process is turning those plans into action.\u00a0<\/span><\/p>\n

Process sounds boring. But a process is the lifeline of your business. It\u2019s through a process that you streamline individual activities and make sure that your resources are put to optimal use. It\u2019s the action that drives your ultimate success.<\/span><\/p>\n

The 5 steps of the business process.<\/i><\/strong><\/p>\n

    \n
  1. Set actions and assign stakeholders – y<\/span>our plan has already been determined. Now you need to identify the tasks each member of your team needs to take on in order to get the plan going.<\/li>\n
  2. Test the process – r<\/span>un the process on a small scale. See how it performs. Make any adjustments necessary to make it seamless and effective.<\/li>\n
  3. Implement the process – s<\/span>tart running the process in your business. Make sure you\u2019re always communicating with the team and other external stakeholders.<\/li>\n
  4. Monitor the results – d<\/span>on\u2019t forget to review the process and analyse the patterns and the outcomes.<\/li>\n
  5. Repeat – w<\/span>hen the process works well, repeat it. Replicating it for the future helps build efficiencies into your business.<\/li>\n<\/ol>\n

     <\/p>\n

    Communication<\/b><\/h3>\n

    The third key element of a strong business foundation is communication. For MATE, this is a two-pronged approach. We focus on our communications in-house, and our communications with our customers. And both are essential for our business.<\/span><\/p>\n

    For your customers<\/i><\/strong><\/p>\n

    We\u2019ve always worked hard to be the \u2018mate\u2019 on the ground for our customers. And part of how we do that is by reaching out to our customers where they are. In our case, that\u2019s online. So, you\u2019ll never see us on giant billboards, or running expensive TV marketing campaigns. But you will see us communicating with our clients via social media (and right here on LinkedIn!).<\/span><\/p>\n

    Communicating well with your customers is all about building relationships and listening. It\u2019s about meeting them where they are and responding to their needs. The dialogue needs to be two-way, rather than one-way, which is why social media platforms are such a great way to interact (rather than just talk at).<\/span><\/p>\n

    For your team<\/i><\/strong><\/p>\n

    Communicating with your team isn\u2019t that much different than communicating with your customers. It\u2019s still all about relationships. At MATE we continuously work to create a family atmosphere among our team members. We have a \u2018family\u2019 lunch together each day (cooked by our Aunty), we support and celebrate each other\u2019s successes and we even have a team gym. This creates a receptive atmosphere where people feel open to communicating.<\/span><\/p>\n

    In your business, finding out how and where to best communicate with your team is essential to building a strong business foundation. Maybe formal meetings work best. Or maybe it\u2019s better to grab a coffee every few days.<\/span><\/p>\n

    As long as you are allowing open communication with your team, you\u2019ll be on your way to building a successful business.<\/span><\/p>\n

    \u2018The most important thing in communication is to hear what isn\u2019t being said.\u2019 \u2013 Peter F. Drucker<\/span><\/i><\/p>\n

     <\/p>\n

    Takeaway<\/b><\/h3>\n

    At MATE we\u2019ve been incredibly fortunate to have had some great success. In 2016, we had 1,214 customers. In 2020, we have more than 100 times that number and our revenue is heading towards the $100 million mark. And in the last six months, we\u2019ve had 100% sales growth.<\/span><\/p>\n

    Having success is fantastic. But you can\u2019t get there by just building a website (hanging up a virtual shingle) and hoping people will come. The foundational work for your business \u2013 for <\/span>any <\/span><\/i>business \u2013 can be hard. You might smash a few fingers. And you\u2019ll probably need a beer or two after you\u2019re done. But by focussing first and foremost on planning, process and communications, you\u2019ll be off to an excellent start.<\/span><\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Starting a business isn\u2019t much like hanging up a shingle and waiting for the customers to come pouring in. (If only it were!) Instead, it\u2019s more like building a house. Hard, sweaty work where you\u2019re bound to smash a finger or two. And like building a house, building your business needs to start with a…<\/p>\n","protected":false},"author":3,"featured_media":10887,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[29],"tags":[],"acf":[],"yoast_head":"\n3 Tips to build a strong business foundation + examples | MATE<\/title>\n<meta name=\"description\" content=\"There are three keys that are absolutely vital for a strong business foundation: Planning, Process and Communication.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.letsbemates.com.au\/mate\/3-keys-to-a-strong-business-foundation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Tips to build a strong business foundation + examples | MATE\" \/>\n<meta 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