Business excellence is an ideal that all good entrepreneurs strive to achieve. In fact, many organizations are devoted to honoring those businesses that best exemplify this concept. However, business excellence cannot be strictly defined. Rather, it varies from one industry to another. For example, in the automotive industry, business excellence includes customer commitment, quality control, efficient supply, and innovative management.
Leaders in the automotive industry understand the need to form a strong bond with customers. Perhaps more than other sectors, consumers are more likely to make a decision regarding an automobile purchase based upon their experience with those in the industry. Thus, entrepreneurs need to be concerned with two key features relating to customer commitment. The first is meeting the needs of the consumer, financially and socially. People need automobiles that meet their economic means. This not only means getting a good initial purchase price, but also finding a vehicle that will require minimal repair and maintenance down the road. Consumers also want to purchase automobiles that will not require excess money to be spent on fuel. Therefore, business excellence includes finding more cost-efficient production and distribution processes, and subsequently passing these savings on to the consumer.
The second aspect of customer commitment is meeting societal needs and desires. This means staying informed of what vehicle features are most important to consumers. Such information can be garnered using formal surveys and demographic research. Once you understand the buyer, you are more capable of catering to him or her. For example, people in some regions are especially concerned with the environmental impact of their purchases. Thus, the automobile industry would need to show those people they are committed to using recycled materials and alternative fuels. Additionally, many consumers want family vehicles that are safe and comfortable for children. Therefore, excellent automobile entrepreneurs will focus their attention on crash test results and extra amenities.
In addition to customer commitment, business excellence must include exceptional quality control measures. This means ensuring that automotive vehicles are safe and easy to maintain. Appropriate testing should be undertaken for each new product model, and the results of these assessments need to be made public in a timely manner. Additionally, individual dealerships should take care to ensure every vehicle is inspected prior to sale and stored under ideal conditions prior to purchase.
Efficient supply is an aspect of business excellence that is frequently overlooked. The balance between supply and demand is vital to the automotive industry. Producing too many vehicles can lead to severely diminished profits. It can also lead to a waste of resources that could have been better utilized for vehicles more likely to be purchased. Meanwhile, a supply that is too short can cause companies to lose customers. When an individual needs to purchase a vehicle, he or she may not be able to wait any extensive period for a desired product to come into supply. As a result, they will simply find an alternative automobile to purchase.
Finally, business excellence in the automotive industry requires innovative management. There are several parties involved in the manufacture and distribution of vehicles, and financial as well as labor resources need to be managed from the top down as well as controlled on a micro-level. Thus, not only do large factories need to communicate with business executives and the dealerships that asses supply, but individual sales representatives need to be appropriately trained and supervised at each individual dealership.
5 Secrets to Choosing a Business and Excelling in It
To achieve excellence in business you must be able to choose a suitable business to run with. Choosing a suitable business can be a herculean task. Many have loads of business ideas in their head but are at a cross road over which one to run with. This is a very common challenge especially if you are trying to switch from paid employment to doing your own business.
Many have found themselves in situation where they followed the crowd in starting up a business that looked like rave of the moment at one time without first understanding the intricacies involved with it only to end up losing all they put into it.
Every other day, you hear and read about the anguish and groaning of start-up businessmen and women who have failed to achieve excellence in business venture they went into due to one reason or the other. At one point it looked as if they could pull it through and built the business into a great success. But after a seemingly promising start, the entire business and their investments into it ends up in frustration.
What does it then take to choose a suitable business that brings with it profits and lasting fulfilments. To choose the right business and succeed in it, you need to follow the following steps:
Step 1 - Be prepared
In choosing a suitable business, you need to deliberately prepare yourself, I took my time to prepare for whatever I wanted to do, by reading relevant books, attending seminars and meeting mentors that I belief can give me useful advise. No one builds a structure without first putting on ground a solid foundation.
Step 2 - Be Focused
When I decided on the type of business to venture into, I took a decision and stayed with it. Focus is important in whatever you do. Take a careful study of anybody that achieve excellence in his business today, you discovered that focus is their key. There is need for you to discover your purpose and then do everything humanly possible to actualize it. It is possible to generate at least five sources of legitimate income from any business you are doing. So, it is advisable to start with the first one and as you move along you will begin to naturally see from that single business other sources of income.
Step 3 - Play The Integrity Game
Any business that must stand the test of time must be built on the bedrock of honesty. Never aspire to make all the money on earth overnight. Ensure to give people more than what they want and you will be smiling to the bank, shortchange them, and you will be shooting yourself on the foot.
Step 4 - Make Creativity Your Watchword
If you do not know, this is the engine room. There is always a better way to do whatever you are doing. The most important thing is to always look out on how to improve on anything. Find a way to subtract or add to ideas that are already in existence. This is what stand out a genius.
Step 5 - Secure A Mentor
Mentoring is one factor that assisted my choice of business in the past. Ensure you a have a mentor that you can confide in and must also be ready to show you the thread. It is believed that mentors have seen and experienced everything you are yet to experience and seen. This give them the right to guide you and give you all the necessary counsel, guidance and advice that will help you avoid all the pitfalls along the way to succeeding in business.
To be a millionaire, the best thing to do is to ask somebody who is a millionaire. If it took him ten years to become one, it will take you one year to become a millionaire like him. You can also use materials you can read on your own from such mentors.
In this case, a material from a self-made millionaire at a young age of 26 come handy. It provides you with the Ultimate Success Formula which will alter your perception and approach to work among other things.
Many have found themselves in situation where they followed the crowd in starting up a business that looked like rave of the moment at one time without first understanding the intricacies involved with it only to end up losing all they put into it.
Every other day, you hear and read about the anguish and groaning of start-up businessmen and women who have failed to achieve excellence in business venture they went into due to one reason or the other. At one point it looked as if they could pull it through and built the business into a great success. But after a seemingly promising start, the entire business and their investments into it ends up in frustration.
What does it then take to choose a suitable business that brings with it profits and lasting fulfilments. To choose the right business and succeed in it, you need to follow the following steps:
Step 1 - Be prepared
In choosing a suitable business, you need to deliberately prepare yourself, I took my time to prepare for whatever I wanted to do, by reading relevant books, attending seminars and meeting mentors that I belief can give me useful advise. No one builds a structure without first putting on ground a solid foundation.
Step 2 - Be Focused
When I decided on the type of business to venture into, I took a decision and stayed with it. Focus is important in whatever you do. Take a careful study of anybody that achieve excellence in his business today, you discovered that focus is their key. There is need for you to discover your purpose and then do everything humanly possible to actualize it. It is possible to generate at least five sources of legitimate income from any business you are doing. So, it is advisable to start with the first one and as you move along you will begin to naturally see from that single business other sources of income.
Step 3 - Play The Integrity Game
Any business that must stand the test of time must be built on the bedrock of honesty. Never aspire to make all the money on earth overnight. Ensure to give people more than what they want and you will be smiling to the bank, shortchange them, and you will be shooting yourself on the foot.
Step 4 - Make Creativity Your Watchword
If you do not know, this is the engine room. There is always a better way to do whatever you are doing. The most important thing is to always look out on how to improve on anything. Find a way to subtract or add to ideas that are already in existence. This is what stand out a genius.
Step 5 - Secure A Mentor
Mentoring is one factor that assisted my choice of business in the past. Ensure you a have a mentor that you can confide in and must also be ready to show you the thread. It is believed that mentors have seen and experienced everything you are yet to experience and seen. This give them the right to guide you and give you all the necessary counsel, guidance and advice that will help you avoid all the pitfalls along the way to succeeding in business.
To be a millionaire, the best thing to do is to ask somebody who is a millionaire. If it took him ten years to become one, it will take you one year to become a millionaire like him. You can also use materials you can read on your own from such mentors.
In this case, a material from a self-made millionaire at a young age of 26 come handy. It provides you with the Ultimate Success Formula which will alter your perception and approach to work among other things.
The Importance of a System in Business Excellence
Business Excellence is the catalyst for any growing economy in America, Europe, Asia, Africa, Australia and even in the Polar Regions. One of the fundamental keys in achieving business excellence is by building a system. A system is a group of sub-systems working together to achieve a common goal.
The key to effective system building is to understand that each sub-system has a unique function. Like we all know, a lot of people can make burgers better than Burger king or McDonalds but not everyone can build the system that works as effectively as theirs. Take a look at the speed at which meals are served, the environment, the uniformity of recipe all around the world in various franchise.
The truth is that a system is first of all built by technical skills. Technical skills are the skills that involve baking a cake, repairing a bike, fixing a car engine, writing a program; and so on. I hope you get my point? However, these technical skills alone would not effectively build a system.
To build a system effectively you need to develop MANAGERIAL SKILLS; this is the skill that involves dealing with people, it is the process of organizing and controlling the human and financial resources of your business to achieve a goal. Managerial skills involves; managing people and getting work done through other people. These skills can be developed and they can also be learned, by reading managerial books, attending seminars and programs.
However, it helps to go further to develop what I'll call LEADERSHIP SKILLS. These skills involve leadership, the ability to influence people, the habit of foresight. As the leader you are very much responsible for the growth of your company or business and this involve you to think, read, analyze decisions, make decisions swiftly and effect a change.
Understand the principle of synergy, Put ten men to do the work instead of do the work of ten men. Develop a training system for your employees and even when you loose money you will usually rise as a result of these skills that you have learned. If I can do it you can do it too!
The key to effective system building is to understand that each sub-system has a unique function. Like we all know, a lot of people can make burgers better than Burger king or McDonalds but not everyone can build the system that works as effectively as theirs. Take a look at the speed at which meals are served, the environment, the uniformity of recipe all around the world in various franchise.
The truth is that a system is first of all built by technical skills. Technical skills are the skills that involve baking a cake, repairing a bike, fixing a car engine, writing a program; and so on. I hope you get my point? However, these technical skills alone would not effectively build a system.
To build a system effectively you need to develop MANAGERIAL SKILLS; this is the skill that involves dealing with people, it is the process of organizing and controlling the human and financial resources of your business to achieve a goal. Managerial skills involves; managing people and getting work done through other people. These skills can be developed and they can also be learned, by reading managerial books, attending seminars and programs.
However, it helps to go further to develop what I'll call LEADERSHIP SKILLS. These skills involve leadership, the ability to influence people, the habit of foresight. As the leader you are very much responsible for the growth of your company or business and this involve you to think, read, analyze decisions, make decisions swiftly and effect a change.
Understand the principle of synergy, Put ten men to do the work instead of do the work of ten men. Develop a training system for your employees and even when you loose money you will usually rise as a result of these skills that you have learned. If I can do it you can do it too!
5 Habits to Achieve Small Business Excellence
Most small businesses gain their success in the industry not just because they introduced great ideas or because of their excellent customer services. There is a lot more than just having a great idea or friendly customer service department that makes a small business shine from the rest of the pack.
In order to have a quality business outfit, entrepreneurs need to develop these five practices and apply them effectively with your team:
1. Set Your Expectations Clear - You need to determine what you want and what the rest of the team's goal is for the business. It is important that your business is going for a specific goal whether in terms of employees, services to customers, sales and the teamwork of the people involved. If you have clear goals, you can set your expectations and get them as you motivate everyone who is with you in reaching that goal.
2. Gather the Necessary Data and Analyze Them - All businesses have the passion for data gathering. A manager is working on the establishment's data throughout the day. This is because it is important that the management team is up-to-date with what is happening within the business. There should be a regular flow of information coming into the management team.
3. Exceeding Expectations - Every business organization has their expectations and needs to handle 100% of that to their services. However, in case there is a need for more products or to give out more than 100% of the expected service, your business should be able to handle that. That is what all excellent businesses have that others don't. Small businesses that can handle those types of expectations and are able to deliver to their customers have the opportunities of becoming large corporations.
4. Employee Promotion - Quality businesses develop their employees' talents rather than hiring new ones every year or so. If you want to build a good relationship with your teammates, you need to stick with them and expand their knowledge about the trade. This will also save time in hiring and training new employees. If you trust your current employees and improve their skills, it will be a plus for your business in the long run.
5. Celebrate Victories - Include everyone in your business when celebrating your victories and successes. This will motivate your employees to work harder and better to gain more excellence and achievements in the future.
Building an excellent small business is all about developing your habits. Whether you're the head of the team or an employee, taking a big part in the management team is important for the success of the business.
In order to have a quality business outfit, entrepreneurs need to develop these five practices and apply them effectively with your team:
1. Set Your Expectations Clear - You need to determine what you want and what the rest of the team's goal is for the business. It is important that your business is going for a specific goal whether in terms of employees, services to customers, sales and the teamwork of the people involved. If you have clear goals, you can set your expectations and get them as you motivate everyone who is with you in reaching that goal.
2. Gather the Necessary Data and Analyze Them - All businesses have the passion for data gathering. A manager is working on the establishment's data throughout the day. This is because it is important that the management team is up-to-date with what is happening within the business. There should be a regular flow of information coming into the management team.
3. Exceeding Expectations - Every business organization has their expectations and needs to handle 100% of that to their services. However, in case there is a need for more products or to give out more than 100% of the expected service, your business should be able to handle that. That is what all excellent businesses have that others don't. Small businesses that can handle those types of expectations and are able to deliver to their customers have the opportunities of becoming large corporations.
4. Employee Promotion - Quality businesses develop their employees' talents rather than hiring new ones every year or so. If you want to build a good relationship with your teammates, you need to stick with them and expand their knowledge about the trade. This will also save time in hiring and training new employees. If you trust your current employees and improve their skills, it will be a plus for your business in the long run.
5. Celebrate Victories - Include everyone in your business when celebrating your victories and successes. This will motivate your employees to work harder and better to gain more excellence and achievements in the future.
Building an excellent small business is all about developing your habits. Whether you're the head of the team or an employee, taking a big part in the management team is important for the success of the business.
The 7 Steps to Achieving Business Excellence
Are you ready to make 2012 your lifetime best year? By following our seven steps to achieving business excellence, you can create successive years of lifetime bests!
Business excellence occurs when a business relentlessly and consistently executes effective and strategic action steps that lead to goal achievement.
Execution is the systematic, accountability driven, measurable way of effecting concrete action steps that are driven by strategy. Execution is fundamental to strategy and must be taken into account during the strategy development phase.
A business' success is dependent on the leader understanding what strategy and execution is, how they balance one another, and how to navigate them through the obstacles and surprises that show up in the course of business. Balancing execution and strategy is the key to business excellence and it is a lifelong journey for every organization.
All of this probably sounds kind of mystical and perhaps, rather "corporate America" for the business leader who has never truly sat down and developed his company's mission, vision, goals, and strategic plan. We have developed an easy-to-follow, seven-step formula to achieving excellence.
Would it be worth a couple of hours each week planning and measuring results if you could increase revenue and profitability while reducing the number of hours you have to work in a week? Yes? Then you will want to develop a strategic plan as soon as possible.
This is vitally important for every company - even solo-preneurs - who wants to achieve business success and excellence. Therefore, creating time for planning is a must. Another alternative to going it alone is to work with a strategy expert who possesses the knowledge to support you in developing the most comprehensive, objective, strategic plan possible.
Seven-Step Strategy to Business Excellence
1. Develop your company's Mission Statement.
The Mission Statement speaks to the "Why" of the organization. Why does it exist?
2. Develop your company's Vision Statement.
The Vision Statement speaks to the "Where." Where does the organization want to see itself in the future?
3. Develop your company's Value Statement.
The Value Statement speaks to the "What" of the company. What is the character or personality of the organization? What are its values and principles?
These first three steps are important because they direct how everything gets done. They provide the "soul" of the company. When a company isn't sure what to do in a given situation, they can turn to their Mission, Vision, and Value statements to determine exactly the right thing to do.
4. Set Goals.
The more vivid and concrete the longer-term goals are, the better the organization will do at aligning the near-term goals effectively. A one-year goal is always determined by the 3 - 5 year goals.
Quarterly objectives are derived from the annual goals. These quarterly objectives now frame the activity that must be accomplished each quarter to achieve the annual goals.
5. Create Alignment.
Transferring strategic activities to the appropriate people is the first step in achieving effective execution.
As you might expect, communication throughout all levels of your company is critical to business success. If you fail to communicate your plan to all players, no one will have a clue what it takes to succeed. Your people need to be intimately familiar with your Mission, Vision, Values, and your Strategic Plan if you are serious about achieving success and excellence.
6. Execute.
Managing the timely execution of the strategic activities is one of the most profitable tasks a leader can undertake. If you have more than one person or one unit in your company, the strategic action steps must be delegated to all departments and all of the people who are best suited to execute them. It is a waste of time to complete the previous steps if you don't execute on the plan.
7. Measure.
Measuring outcomes against objectives is important. It provides information to course correct in a timely manner or to adjust goals for acceleration.
A Strategic Plan is a living, dynamic document. It drives your business and must be integrated into every aspect of your organization. Achieving business excellence is not automatic, but it can be fun and it is a worthy goal. If you aren't playing to win, you might want to rethink what you are doing.
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