Priorities In Business: A Guide For Entrepreneurs.
March 28, 2019 by Staff
Filed under Money/Business, Tech/Internet, Weekly Columns
(Akiit.com) In business, it is crucial to ensure that you have your priorities well-organized. You have to know which areas of your business require the most focus, and which are less important. If you get your priority order wrong, the impact on your business can be catastrophic; but if you get the order right, then you can be confident of your business thriving for many years to come.
However, while it’s all well and good to know that getting your priorities right is essential, actually deciding the order of priorities is far from simple. There are, after all, countless considerations that have to be made when running a business: advertising, marketing, website management, IT, staff recruitment, customer service… the list truly does go on and on, which can leave business owners confused about how their priorities should be organized.
Thankfully, help is at hand; below, we’ve outlined the basics of establishing a hierarchy of priorities in business, starting with…
What should be the first priority for any business?
By far the most important priority in any business is security.
You may be surprised that this should be considered the Number One priority in business; many business owners, for example, would presume that the ability to generate revenue deserves a higher focus. However, the reason security is so crucial is due to a simple fact: it governs everything when it comes to your business.
For example, if your IT network is breached, or your business premises are vandalized, then much of the smooth running of the rest of the business will have to grind to a halt until the situation is resolved. Given these facts, there is little point setting any other aspect of business over security in terms of importance; security is the foundation upon which the rest of your business is built.
As we have touched on above, there are two types of security on which all businesses need to focus. The first is cyber, especially given the many examples and types of cyber security attacks your business may be subjected to in the modern world. Without adequate cyber security in place, your company is vulnerable to security breaches, which have the potential to be catastrophic – costing you time, money, and resources in order to fix them, and potentially permanently altering your customers’ perceptions of your business.
The second type of security is premises security; for example, ensuring you have installed surveillance equipment, cameras, good door locks, and much more besides. Most businesses will invest significant amounts in the equipment and stock that they store on their premises, so the security of this investment must be protected at all times.
If you can achieve strong cyber and premises security, and maintain this security as your business’ first priority, then your business will be in good shape to go forward. For a better overview of this matter, read up on the top 10 API security risks to help familiarise yourself with what cyber threats you may face and keep your business safe from hackers, digital disasters and, sadly, in some cases employees.
What areas of business should be prioritized after security?
As the focus on security exemplifies, the most critical priority in business is to keep your business running as it is today – which may not come naturally to you as an entrepreneur.
You, like most business owners, will likely be accustomed to thinking about the future and imagining how your business may grow and expand in future. Most entrepreneurs thrive on the new, the exciting areas of business; the chance to chart new territory and do something extraordinary. It’s therefore no surprise that the idea of merely continuing your business in exactly the same way as before seems less than inspiring.
However, the business you have right now is a key layer of foundations for your business. Whatever you hope to achieve in the future will only be possible if your existing business is capable of supporting it. As a result, the continuity of business is the second most important priority for every company.
Which areas of your company reflect continuity of business?
The most crucial aspect of business continuity tends to be financial; without sufficient cash flow, most businesses will fail. To maintain your finances, you will usually need to ensure you have sought expert advice, or hired a CPA, and that you are always cautious when attempting to grow your business. It may be necessary to raise funding for your business with a company like Growthink. The company can help you create business plans as well, you can check out Growthink reviews if you want to learn more.
With security as the first priority and financial health as the second, you’ve built a strong foundation. You can be confident that your business will be able to operate as it should in the future, which is the most important goal, but now you need to add your third most important priority: customers.
However, it’s at this point that many business owners make a mistake: they focus on new rather than existing customers.
Why should your third priority be retaining existing customers?
There is, of course, no doubt that new customers are important to a business, but your loyal, long-term customers are far more essential. Existing customers are the ones that have allowed your business to succeed thus far, and you will need their continued loyalty in order to succeed in the future, so your third priority should always be customer retention.
How should the rest of the business’ priorities be ordered?
It may be possible to write a long, complete list that encompasses every area of your business, so you can always know the hierarchy and dedicate your resources accordingly. However, such an exercise would be overwhelmingly time-consuming, and there’s no guarantee it would even be an accurate reflection of where your priorities should lie. As a result, there really is little point in trying to create a complete list.
The point to establishing your first three priorities is that the rest can then naturally fall into place, with you safe in the knowledge that the most critical areas of your business will always receive the time and dedication they require.
Final thoughts
As we have seen, security should be your first focus; financial health the second; and customer retention the third. With these three key priorities established, your business is on stable ground, ready and able to embrace all the opportunities the future may hold.
Staff Writer; Steve Barker