The Ken Tasch Business Imperative Framework for Success
I’m asked all the time what’s on my short list for business success. Here’s an undetailed list of nine imperatives that businesses must implement to be successful:
- A clear vision-and mission-statement (they are not the same) that every individual in the organization not only understands, but enthusiastically subscribes to and supports. They each must convey the company’s purpose. For example, in my last company, our purpose was “designing and manufacturing products to save soldiers’ lives.”
- A five-year strategic plan that must include: a specific-revenue forecast, marketing plan, technology roadmap, product-or service-development, operations, IT, HR (including headcount), capital expenditures, working capital, and a detailed profit-and cash-flow forecast. The plan should be refreshed as things evolve, but at least once a year. Whenever a major decision is about to be made, the question must be asked, “Does it comport with the company’s strategy?”
- Someone in the organization (normally a marketing individual) must have specific responsibility for tracking competition, and upper-level management must review this on a regular basis—cannot be ad hoc.
- Intellectual property must be protected at all costs—cannot be an afterthought.
- Employee engagement: an overused and misunderstood term these days, but absolutely critical for success.
- Robust internal systems, processes, and procedures: they should be simple but complete, so people know what they’re supposed to do and how they’re supposed to do it. If the company has the money and resources, they should institute ISO 9001.
- A remuneration structure that is performance based and coupled to company profit: employees should always have regular (minimally annual) formal performance reviews that relate to this.
- A methodology to systematically measure customer engagement and customer satisfaction. Customer acquisition cost is exponentially higher than keeping the customers you already have!
- Every individual in the company, from the CEO down to an administrative clerk, must enjoy what they do and have fun doing it!
Ken Tasch is the inventor of the LAUNCH™ Selling and Business Capture System: a simple and easy way to significantly increase the odds of winning new business.
I retired this year from over 40 years of starting my own businesses and managing businesses for corporations. My goal is to help others succeed and grow to be everything they want to be; to give back and share my life experience.