Today’s post is by John Spence – author of Awesomely Simple – Essential Business Strategies for Turning Ideas into Action. He’s going to take hundreds of thousands of pages of information and boil it down into a simple formula for business success. Seriously. Here’s John…
As global markets become increasingly more competitive and financial turmoil worldwide continues to put pressure on nearly every type of business, I have had more and more organizations approach me to assist them in finding ways to be more competitive and successful in today’s economy. Although there is absolutely no “one size fits all” solution, to me the absolute most powerful strategy is to make sure that the core elements of your business are running so incredibly well that your customers absolutely love doing business with you and are eager to tell their friends, family and colleagues about your products and services. All the marketing tricks, ads and social media efforts in the world simply cannot overcome poor quality or lackluster customer service.
That is why for the past 19 years my career has focused exclusively on studying the fundamental elements of business success. Traveling worldwide at upwards of 200 days a year, I have worked shoulder to shoulder with some of the best (and worst) business leaders of our generation. I’ve also maintained a strict regimen of reading a minimum of 100 business books a year since 1989.
In preparation for writing my book Awesomely Simple, I compiled all of my research and reading down to a single page that I called my “Strategy Map.” This single piece of paper represented more than 175,000 pages of reading on business excellence and an additional 5,000 pages of interview notes and survey results from my work as a consultant and trainer. I then took all of that information and tried to uncover the pattern… the formula for business success. Well, here is what I came up with:
(T+C+ECF) x DE = Business Success
Let me take you step-by-step through the elements of this equation.