Four Things You Need to Run a Business

If you are running a business, I am betting you are feeling stressed out and overwhelmed. What if I told you that you don’t have to feel that way, because there are only four things you need to run a business. And I am going to tell you what they are in this video. WATCH NOW

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I am a Certified Public Accountant and have been working in businesses for the last 20 years. During that time, I have started to realize that there are four elements that are consistent across any business. If you want to run a successful business, you are going to need to have all four of these things.

There is a great quote by Bruce Lee. “The successful warrior is the average man, with laser-like focus.” This is the reason why you want to identify these four things: It helps you focus. Rather than run around trying to do too many different things, if you can just focus on these four things, it will make your life easier.

  • The first thing is product. You need a good or service to sell. This might seem simple, but businesses make it really confusing to understand what they sell. That is because it is hard to focus. It is easy to say, “We sell everything.” Businesses will give out lengthy prices lists with multiple options. Then people have a hard time answering the question, “What do you sell?” Become crystal clear on your product.
  • Second is importance. What you sell needs to be important to your customer. Your customers work hard for their money. They are not going to part with it, unless your product is important to them. It needs to create value. You can spend all your time writing an amazing book, but if no one wants to read it, you do not have a business. You need a product that is important enough that people will be willing to pay.
  • Third is customers. You cannot have a business without customers. But not just any customers. You want a target market. Not everyone is going to be interested in what you are selling. It is better to focus your energy on the type of customer who is actually going to buy your product, instead of wasting time on someone who will not.
  • Fourth is sales. Once you know who your potential customers are, you need to sell them your product. Sales is communication. If you do not communicate to people that you have this great product to sell, they will not even know about it.

Now you should never have trouble remembering these four things because they spell P-I-C-S. You just need to remember, every business needs great PICS.

  • Product
  • Importance
  • Customer
  • Sales

Here is the cool thing about this list: These four things also help you identify problems in your business. You will notice that if you are missing any of these things, you do not have a business. If you have no customers, you have no business. If you do not have sales, you have no business. If you are missing any one of these areas, or are even weak in one of these areas, your business will fail.

Let us go through a step-by-step on how to use this information. I would recommend taking 30 minutes and writing down the four things for your business. And I will make this really easy for you. I have a worksheet. This is a free PDF download. You do not have to sign up for anything. There is a link in the description down below. The worksheet is a list of questions you can read through, to help you think through the four things for your business. Using this technique, you should be able to describe your entire business on a cocktail napkin.

Leave a comment down below letting me know what you think!

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Neither Zach De Gregorio or Wolves and Finance shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.