3 Pillars of Business That You Need to Understand to Succeed!
Your business has three main components;
1. Sales & Marketing
2. Operations & Fulfillment
3. Finance & Accounting
Think of your business as being situated on a three-legged pedestal. If one of the legs fail, your business is prone to stumble!
Let’s discuss the three pillars;
- Sales & Marketing is responsible for driving the revenue. From creating a marketing strategy, to making the actual sales, all the way through closing the deal.
- Operations & Fulfillment is what you do for your customers or clients. The part of your business that delivers your promises.
- Finance is the fuel that ensures that your business runs. Finance will ensure that you actually are making money and that your business model is viable and sustainable.
All three pillars are crucial to your business, and you cannot operate even when one of those are faulty or not performing as needed.
Sales & Marketing -If you fail to bring in fresh leads and you don't obtain new customers, there is no business!
Operations & Fulfillment - Operations include hiring the right people, purchasing the right equipment, making sure your software works as needed, etc. Suppose your operations are in shambles and you don’t deliver on your promises in a timely, qualitative, and satisfactory manner. In that case, your customer won't work with you again or buy your products. Even worse, they will refuse to pay you for the work they feel wasn’t delivered as promised.
Finance & Accounting - this will ensure that you set the right price and are profitable on every sale and job. Finance should ensure that you have the cash to hire and expand, as well as you have a written plan for growth. This is the part of your business that handles your books and records. Finance and accounting is the department that helps you with taxes and other legal compliance issues with the IRS and related governmental agencies.
Which of the three pillars do you need help with?
Understanding where your business can do better is the first step to growing your business. Now that you have a fundamental understanding of the 3 main business components, you should be able to make better decisions and address what needs to be fixed.
Keep in mind that you don’t have to be able to do everything by yourself to be successful. You just need to find the right people to help you, people that will genuinely care about the success of your business. At Oberlander & Co, we focus on the finance and accounting function; however, our work may overlap somewhat with sales and operations decisions because of the nature of the work. Why is that? When we review or plan the revenue, we will check your sales targets to ensure that your growth plan isn’t just a wild dream; it's attainable.
The same goes with operations; we need to understand your processes to the extent that we should be able to help you be profitable and keep costs to a minimum.
If you’re interested in learning more about how Oberlander & Co can help your business grow, reach out to us to chat with one of our team members.