As humans we all have a knack for taking simple things and making them needlessly complicated. We are experts at overthinking. This is shown particularly in our approach to business. Business can be as complicated as we make it, which is where most of us go wrong.
Thousands of sales funnels, courses, videos, and workshops sell you the #1 success factor to growing a business. Try this Facebook strategy. Make this funnel. Launch this kind of website. Most of that advice can actually come in handy, when it's used right. However the key to business growth will never be one thing. It's a combination of things - and more specifically how they interact.
Through our experience building and branding dozens of small businesses, and consulting for many more - we've found that profitability and sustainability in a small business boils down to 3 fundamental building blocks. In every successful business these 3 Ms exist and interact well.
Every business needs a mission. Not just a mission statement - but accompanying information as well, like the motivation behind the business. Everyone in a business needs to know what problem the business is solving, and why it's important that the business is solving it. They need to know what the future they are working to build will look like.
As long as the business has a clear mission, it can establish a method through which to achieve that mission. The method lays out how the business plans to solve the problem identified in their mission. It includes long and short term goals, a brand strategy, marketing plan, website strategy, and more.
Finally, once a business has established their mission and method for achieving that mission, it comes down to the means they need to execute their method. This includes their assets both physical and digital. It can include talent (staff), capital, inventory, equipment, designs (logos and graphics) and tools (apps, subscriptions, and software). The means are what allow a business to run smoothly and purposefully. Having the right means for their method is crucial to profitability.
No matter what industry or business model we examine, these three pieces must be functioning properly in order for a company to succeed. It's when businesses make these 3 Ms more complex than they need to be, or don't connect them with each other that issues arise.
We encourage everyone we work with to continually review the 3 Ms in their business to ensure it is functioning to its best ability, and not being made over complicated. When we can simplify a business down to these 3 pieces, it allows us to remove noncritical parts and achieve the mission much easier.
After all, why make complex what can be simple.