The 7 Essential Parts of a Business According to My Experience

I have spent several years in the business world, and during this time, I have learned a lot about what truly makes a company work. I have gone through many experiences, some more difficult than others, but each one has taught me a valuable lesson. I want to share with you the seven parts that I consider essential for any business, based on my personal experience. Each of these parts has been crucial on my path to success, and I hope they can be helpful for those who are starting out or looking to improve their own businesses. 

1. Mindset, Spirit. Why Start the Business? 

The first and most important component of any business is the mindset, the spirit with which it is started. I remember when I decided to open my own office. It was not a decision made lightly. There was a burning desire to create something meaningful, to help the immigrant community in the United States, and to prove that, no matter where we come from, we can achieve great things. This clear purpose has sustained me through difficult times and given me the energy to keep going. It is essential to be clear about why you start a business and keep that purpose in mind every day. 

2. The Importance of Marketing 

Once you are clear about why you are in business, you need others to know it too. This is where marketing comes into play. I remember that at the beginning, I did not have many resources for large advertising campaigns, but I used the tools at my disposal: social media, word-of-mouth recommendations, and community events. Marketing is not just advertising; it is telling your story, connecting with your customers, and making them feel that you are the best option for them. Over time, I learned that investing in marketing is investing in the future of your company. 

3. Sales — From Prospects to Contracts 

Marketing attracts prospects, but sales convert them into contracts. I learned that selling is not just about offering a product or service, but about building relationships of trust. At first, I was very nervous about talking to potential clients, but over time I understood that sales are more effective when you focus on the client’s needs and how you can help them. Listening, understanding, and offering clear solutions are key in this process. Converting prospects into contracts requires patience and communication skills, but it is essential for the growth of any company. 

4. Physical Premises 

The location and physical environment of your business also play a crucial role. I remember when I was finally able to open an office in a good location. It is not just about having a nice place; the physical premises must be accessible, functional, and reflect the image of your company. A well-organized and pleasant office can improve employee morale and customer confidence. It is a space where the dreams and goals of the business materialize, so it is important to invest in a place that inspires and facilitates daily work. 

5. Personnel 

The team that surrounds you is one of the most important assets of your company. I have been fortunate to have incredible people who share my vision and are committed to the success of our office. Selecting and maintaining a good team is not easy. It is essential to look for people who not only have the necessary skills but also share the values and culture of the company. The motivation and well-being of the personnel are crucial for the efficient and harmonious operation of any business. 

6. Production (Procedures, How the Process is Managed) 

A company without clear procedures is like a ship without a rudder. From the beginning, I realized the importance of having well-defined processes for every aspect of the business. This not only ensures the quality and consistency of our services but also facilitates the training of new employees and improves operational efficiency. Documenting each step of the process, from client acquisition to the final delivery of the service, has been a practice that has allowed me to maintain control and continuously improve. 

7. Metrics and Financial Goals 

Last but not least, are the metrics and financial goals. From the start, I set clear and measurable goals for my company. This has allowed me to evaluate our progress and make adjustments when necessary. Financial metrics are not just numbers; they are indicators that show you if you are on the right track. Establishing a budget, monitoring expenses and income, and regularly analyzing financial results have helped me make informed decisions and ensure the long-term sustainability of the company. 

Each of these seven parts has been crucial in my business journey. By sharing my experience, I hope you can find inspiration and some practical ideas to apply in your own businesses. Entrepreneurship is not easy, but with the right mindset, a good team, defined processes, and a clear vision, anything is possible.