by Ronald Manalastas

Created on: January 24, 2011

Good governance practices are necessary to do better business and achieve desired results. If you happen to be in the shoes of a business owner or manager, there is wisdom in being guided by the following good governance tips that continue to help many high performing businesses.

1. Stick to a well-thought business plan.

A business plan is your basic but vital document that embodies the goals, strategies, and key actions of the business. A good business plan originates from specific, measurable, achievable, relevant, and time-bounded (SMART) objectives. Against these objectives, you can gauge the progress of your business; and when necessary, make proper corrective actions on time. With a business plan, you stay on track, while having the flexibility to consider new variables whenever necessary.

Without a business plan, it is difficult to imagine how you would know if the business is doing good or not, or whether or not your goals have been achieved.

2. Differentiate and spend best resources on key competitive strengths.

To stand out and build a loyal following for your brand, you need to develop and offer a compelling value (e.g. cost, technology, product benefit, or service) that differentiates and sets your business apart from competition. Avoid being typecast as “just like everybody else” industry player.

Once you have identified your differentiator, excel on it. Pour your best resources (i.e. people, systems, logistics, service, and communication) in cutting-edge strategies for your differentiator, which represents your key competitive advantage. You have a great value to crow about, so be the best. Chase perfection in everything. Never miss the thought that there is no substitute for a timely offer of a unique product/service embellished in quality.

3.Genuinely cherish customers and keep in touch with them over their lifetime.

Learn to truly love your customers, even the most unreasonable and obtrusive ones. They remain the lifeblood of your business. Do not create even a single adversary that can induce unnecessary churn. An irate and dissatisfied customer can cause irreversible damage to your relationship with at least 10 other accounts.

Give your best to your customers. Serve and respect them well. Delight them and they will voluntarily take the privilege of being your most qualified sales ambassador to at least 10 new accounts. Let their referrals bloat your prospecting base to the brim.

When old and new customers keep coming, you get

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