What To Build When Building A Business; Part 1

Building something new is risky, it is challenging, and there is not guarantee that people will like it – actually there is much more of a chance that people will flat out reject it.

On the other side of the coin, building something is one of the best ways to maximize your value. It is the magical synergy that is the catalyst for earning a profit. Buying some form of finished product is the cornerstone of the industrial economy.

Here are two simple examples of how this works;

Here are a couple thoughts on you should focus your building efforts:

Build Relationships:
Relationships require lots of energy, patience, and effort. I landed my first professional job because of a relationship I built with 2 key people. I didn’t ‘work them’ in order to get the recommendation. I built genuine relationships with them by treating them as respectable human beings. I volunteered on their committees, and even asked one to formally be my mentor.

The nest relationships are built on trust. They cannot be bought, sold, or traded. So if you are trying to calculate what the return on effort spent with them, you don’t have a relationship. What you do have is a connection, and those follow different rules altogether.

If you build relationships the right way, people will be more likely to trust you and the organizations you represent.

Build Revenue Streams:
My first career-job was on the sales team of an advertising firm. I learned hundreds of ways to build revenue streams for our various clients. Each different, yet practical, way we found to increase the revenues that came to our clients was a significant victory for everyone involved. New products, nicer packaging, and more detailed flow of information were some of the ways we helped accomplish this.

If you build sustainable revenue streams, you can rest-assured that others will begin taking interest in your operations.

Build Sales Channels:
Building on these first two concepts, we can see the power in building sales channels. It is more than a network of distributors who carry and promote your product. Sales channels include all the formal marketing and communications as well.

The key here is a sell-through as opposed to a sell-to. Products and services must move all the way through the channel in order to be most effective.

 

Build others:
It takes very little effort to tear people down, especially when we are threatened, insecure, or have wrong information. Too often business owners and leaders insist on being the smartest or most productive person in the company. They limit everybody, including themselves. Building others is about igniting the flame within them so that they may contribute to the best of their abilities. Recognize that EVERYBODY has something worthwhile to contribute.

There are many more things to build when building a business. I am sharing them with you in the order that I learned them. It took me years to discover and work through these, and I am happy to share them with others.

Tune in next week for the conclusion of this article.

About David Frick
David brings a holistic approach to business growth that unites advertising, marketing, sales with aspects of leadership and operations. As the founder of SuccessVentures, he is driven to help build people, build value, and build business