The 4 M’s
The renowned business school Cranfield School of Management extoles the virtues of running a business. And like any business mantra for improvement, it has a catchy phrase to get you hooked; “the Four M’s.”
So what is it all about?
ME
Articulate your personal goals and focus your business so that it is aligned with those goals. Take time on your business rather than in it, and make sure the business is not too reliant on you day to day.
MANAGEMENT
Your management team is key to your success. Allocate enough of your own time to coach your team; delegate real responsibility to your key personnel and work on your team’s dynamic to ensure effective performance.
MARKETS
“Stick to the knitting”. Sell more of the some type of stuff to more of the same type of customers. Profile your ideal customer for existing product and find more of them.
MONEY
Turnover is vanity, profit is sanity. Concentrate on profit, rather than turnover. Maintain margin and beware of discounting. Cash is king (especially in this economic downturn).so look after cash–flow.
So how does your business measure up to the “Four M’s”? for more information, check out the Cranfield BGP programme.
