Business Differences & Similarities

Date: 29 April 2013
Category: RealTime CEO
Tags: RealTime CEOs, Fiscal Focus

In our last blog, The Perfect Skill Mix of a CEO, we talked about differences among business leaders and the ideal mix of skills. As people are different, so too are businesses. At RealTime CEO we’ve assisted businesses all around the world. These businesses differ in:

• Industry – the type of industry in which the business is involved e.g. manufacturing, engineering, financial, hospitality, consultancy etc.
• Resources usage – some businesses are reliant on machinery; others rely more on people; others rely on technology.
• Commercial versus charity motivation – some businesses have a commercial, profit motivation; others have a charitable or not-for-profit motivation.  (Note: Don’t get them mixed up and become a commercial, not-for-profit business. It’s not a good combination!)
• Capacity and constraints – some businesses have greater resources and can buy the best machinery or attract the best people.

But there are other things that all businesses have in common. They all:

• Use INPUT to create OUTPUT – businesses add value (either through production or people) to resources to create a product or service.
• Have foundation principles – your business foundation is the reason your business exists, why you do what you do (more about this in our next blog, Business Foundation).
• Utilise people – where would any business be without its people?
• Have operational functionality – including procedures that govern how to do something and standards against which the business is measured.
• Are seeking access to a market – obviously there needs to be a market for your particular product or service. Some business leaders are also able to influence their markets. RealTime CEO can help you do this.

At RealTime CEO we accept that businesses are different and we can accommodate the needs of your business. We also know the people in your business have different skills and backgrounds and don’t always understand the financial impact of their decisions.

If you’d like some information on teaching your people to speak the same “financial language”, check out our Fiscal Focus blog.

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