Balancing the Art and Science of Business
Most people view business as a science. It involves math and strategy. In higher education, those who study business receive Bachelor and Master of Science degree. However, in application, business is both an art and a science. While the science ensures that your business runs smoothly, the art is what makes your business special and keeps customers coming back for more. The key to success is to balance these two factors so that they work together to create a sustainable model.
The science of business is really all in the numbers. The entire history of your business can be summarized in your financial statements and analytic reports. You can see your highs and lows, measure which strategies were successful, and use this information to make probable predictions of the future.
Ultimately, the science of business is about measuring whether or not you are making any money. Money is the fuel that keeps your business running. Without it, you can’t have a sustainable business. Using metrics such as profit margin, cost of goods sold, fixed expense, and return on investment allows you to track progress and create a plan for continued success into the future.
As humans we are all unique. We each possess a special set of skills, personality traits, and interests. The art of business wholeheartedly embraces this quality of uniqueness. In fact, a key aspect of a successful business is its ability to differentiate in the market. As a business owner, your company is a direct reflection of all the nuances that make you special. That is why it is important for you to first understand your own inherent strengths, interests, and goals so that you can leverage these to create a better value for your target audience.
Another aspect the art of business is your ability to think creatively. Many mistakenly believe that they aren’t creative people. However, just as anyone can start their own business, anyone can think creatively. With creative thinking you can develop innovative ways to communicate and market your business and discover new opportunities to grow.
When you combine the uniqueness of your business and yourself with your ability to think creatively, you can connect on a much deeper level with your customers. This genuine type of customer engagement enhances awareness, drives positive engagement and leads to long-term loyalty. Most importantly, it shows that you care about what you do and as a result, your customers will care about you and your business.
The most successful business owners understand that the art of who they are translates into touching customers in ways that reinforce the value or what’s being offered and that provide a positive emotional connection. At the same time, they also understand the importance of the science of business, which requires effectively utilizing business systems to drive operational efficiency and profitability. By balancing both the art and the science of business, individuals can create a business model that is both unique and sustainable.