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the business cycle
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what are the fundamentals of business?
Each company has characteristics and functions that make them successful, but every business must demonstrate certain qualities in order to be profitable and they must master them to reach peak performance. These qualities are called 'fundamentals'. Every endeavor has its own set of fundamentals; in basketball you must shoot, dribble, pass, and rebound; to build a house you must have a foundation, walls and a roof.
In business, our fundamentals are:

Vision
Every successful business must have a clear, focused and realistic description of whom they are and where they want to go. This is the most basic fundamental - you cannot get there if you cannot see where you are going.

Vision encompasses the following four fundamentals:

Product You must offer something of value
Customer You must have someone that agrees your product is valuable
Money You must have the capital to create and market your product
You must earn a profit to stay in business, but more importantly, you need enough profit to grow your business
Leadership You cannot move forward without leadership. Leadership creates and nurtures your vision

People
You must have people qualified to implement and execute your vision
You must hire people with the needed expertise or you must find a way to get them this expertise
You must develop your people so they grow - they must become better in the characteristics that your company requires
Your people must be satisfied.

Communication
Every person in your organization must be on the same page. They must understand and believe in your vision.
You must be able to give them the required information and you must be able to get needed information from them.

Trust
You must be comfortable assuming that what is supposed to happen, will happen - what you or your people say they will do, they will do.

Creativity
You must be able to recognize change and generate ideas that bring about the innovation needed to keep up with change. This is the only way to create a sustainable organization.

Urgency
Your organization must be able to prioritize your needs and get things done when they need to be done. You must be able to adapt to change in a timely manner.

Operational Flow
Technology, systems and functions must be intertwined and effectively work as one.

Carpenter-Brown can assess your fundamental performance. We can help you determine what you need to be successful. We can then develop a customized program to help you master business fundamentals and create a high performance organization.

alpate@carpenterbrown.com
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