Did you know that 80% of businesses have a lot in common, despite their unique characteristics? Find out more in our latest article.

“Your business is not as unique as you think it is and that is a good thing.” - Major Williams

Your business is not as unique as you think. And that is a good thing.

Over my years of helping companies improve operations and implement technology, I’ve worked with various types of businesses in various industries.  From Government Services, Payment processing, Warehouses, Healthcare, Service, Agriculture, Food manufacturing, and Utilities.  Each industry has its unique characteristics but when you peel back the top layer, they have a lot in common.  

Don’t get me wrong, it's undeniable that having in-depth knowledge of a specific industry is incredibly valuable. Understanding the latest trends, advancements, and even outdated tactics can give you a competitive edge. But have you ever considered the benefits of bringing a diverse range of industry experience to the table? By drawing on standard practices from one industry and applying them to another, you can bring a fresh perspective and potentially even innovate in a new field. Don't discount the value of diverse experience!

As a consultant, I've come to learn how the 80\20 rule applies in the business world. In this case, 80% of all businesses are essentially the same.  This should not be a unique concept.  It is very similar to being a human, when you truly look at us as humans we are mostly the same, we all have organs, largely made of water, require blood, water, food and interaction with other humans to survive.  We all want the best for our families.  We all have our unique set of skills, passion and purpose.  But mostly we are the same.  

Every business has the following functions:  

● Customer Acquisition

● Customer Experience

● Cash Management

● Capacity Management

While each company may approach these tasks differently, it's important to recognize that all of these systems are equally vital to the overall health and success of the business. Ignoring or prioritizing one system over the others can lead to an unhealthy imbalance and ultimately hinder the company's performance. It's essential to approach these functions with a holistic perspective, ensuring that all systems are working in harmony

Let's explore each of these systems.

4 core processes MHRD Group Inc copyright 2022

Customer Acquisition 

A business needs customers as a source of income.  This is the process of attracting new customers to the company.  It is composed of the various marketing and sales activities to establish the playground your company will occupy.  It is how the company establishes its brand identity and guides potential customers along the path to becoming customers.  Answering their initial questions, expressing the value and solution you are offering to the world.  

Customer Experience

The customer experience starts from the very beginning of the customer acquisition process and should continue to improve even after the customer has made a purchase. After all, you've done the hard work of convincing the customer to give you a chance to provide value, so it's important to deliver on that promise. This is where operations come into play - the output and input of your operations directly affects the customer's experience. That's why it's crucial to design your operating flow with the customer in mind, ensuring each task or step is built to meet their needs. When your operations align with the customer's expectations, you create value and a positive experience. It's important to note that the customer experience goes beyond just customer support - while that is a crucial component, it is only one piece of the puzzle.

Cash Management

Cash is the lifeblood of any business, and proper management is essential for survival and growth. After all, a business should be treated as an investment, with the expectation of a return on that investment. If you're consistently putting in $1 and only getting back $0.95, it's only a matter of time before the business fails. This is true for startups as well - while it may take longer for the pressure to build, eventually a profit must be turned and good cash management is key to making that happen. Cash management involves everything from pricing products or services, to making purchases and paying employees. No matter how great your product or team may be, poor cash management will ultimately lead to the downfall of the business.

Capacity Management  

Capacity management might sound like it's all about equipment, but it's actually about the people who have chosen to join your team and embark on this journey with you. Whether they're motivated by money or a belief in your mission and purpose, it's your responsibility as a leader to nurture and grow their capacity. Unfortunately, this element of capacity building is often ignored, which can lead to disengaged employees and high turnover rates. COVID-19 has shone a light on this issue, as many people have been forced to take a step back and reevaluate their career paths. It's more important than ever for companies to create a welcoming and fulfilling work environment that leads with purpose and treats employees as valuable individuals with unique skills and abilities, rather than replaceable components in a process. Those who prioritize capacity management will have a competitive edge over those who do not.

It may seem counterintuitive, but not being unique in your business isn't always a bad thing. While it's important to make the most of your unique qualities and stand out in a crowded marketplace, remember that you're not alone in your journey. There are many other people and businesses who have faced the same challenges and struggles that you're currently facing, and they've likely found solutions to those problems. Rather than trying to reinvent the wheel, be open to receiving help and advice from those who have come before you. Remember, it takes a village to raise an entrepreneur - don't be afraid to seek out and accept help from others.

Until Next time…