We have thousands of thoughts that run wildly through our minds. Well, I needed a way to organize my business thoughts as well as my writings. I developed the Four Components of Business system. This system allows me to place my emphasis on each area as needed. The four components are management, marketing, financial, and legal. I challenge each of you to find a business topic that can’t be ‘shoehorned’ into one of the four components. For example, shrinkage (theft of inventory) is put into the management section but could be spoken of in the financial section. I choose management because rules should be put in place immediately, by management, to prevent shrinkage from occurring. But it affects finances also. It has to be accounted for due to its negative impact on the bottom line. So it is obvious that my theory is not perfect but it does work. With all of the business chores to be done, it helps to have a way to organize one’s thoughts. I set all tax and regulatory matters in the legal section and I think of these issues only when it is time to ‘open the legal component box’. This system actually helps prevent wondering whether all of the tasks of the day are done. Not worrying yields peace which then allows for creativity to be maximized.I use these same components when conducting meetings. An ideal meeting should have a brief introduction, discuss each thought in the management component section, then review each remaining component, and lastly a overview and action plan conveyed by the leader of the meeting. Good meetings are the sole responsibility of leaders and bad meetings can ruin the creativity and organization of a company.The Four Components of Business system works. Organization is an admirable trait that business champions possess. However, organization can be learned. Try this system and let me know how it works. It is used throughout my book, The Six Common Small Business Failures. You can reach me via email at fredvjones37@hotmail.com.
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