I’m in shock.
This question was asked in a LinkedIn post with the suggested answers:
1. Is it the culture 2. The business model/structure 3. The business plan 4. The leadership team 5. Vision, mission, and execution
What’s missing from this list?
When I suggested that the answer is to produce something that people want, at a price that they’re willing to pay, that also makes you a profit it was as though I was uttering profanities.
“Produce” (verb) includes everything that affects the pricing and ultimately the profit margin.
Tinkering around the edges with culture, mission and vision is fine and can certainly increase profits but they won’t fix a business that hasn’t got the basics right.
Are you making a profit and if not, do you know when you will and what you need to do to make it happen?
There is no secret, no magic formula, no silver bullet.
It’s all about the numbers.