From little things big things grow.
You know the song right – by Paul Kelly?
Every business owner knows it’s vital to maintain the progress your company is making, but also ensure it’s also growing steadily. No one likes to be left behind their competitors!
That means working ON your business and not IN it so much.
But to be able to do this successfully you need the time and space to work on your business – you can turn it into the thriving powerhouse you always imagined it would become.
If you think back to the start of your business, in the early days you were probably focused on creating the products and/or services that were needed and valuable at het time, then gradually, you probably began taking on a few contractors or employees and you may have moved into new premises at some stage.
Now that your business is bigger, in order for it to move to the logical next level, it is important to change your mindset from owner-manager and the person who does everything to the CEO who strategises and grows the business continuously.
Many business owners struggle to change their approach from one of the founder of a start-up to the director of a successful business. Of course, it is understandable to feel as if you simply have no time to focus on your business growth. After all, being a business owner can be extremely busy, stressful and time-consuming.
According to Score.org, a survey from New York Enterprise Report found small business owners work twice as much as regular employees. It also found that 33% of small business owners reported working more than 50 hours per week, and 25% said they work more than 60 hours a week.
You might even work more than that – including weekends, nights and early mornings.
Your days possibly consist of getting involved with the operations, fighting fires, looking after the needs of your customers and team, and trying to run the business as smoothly as possible.
With the world’s economy in a very precarious state at the moment, people are in a very vulnerable state and this could mean pivoting and doing things a differently in order to remain in the game and thrive.
The next 12 months will be tough – how will you survive?
It is no secret that the next 12 months are going to be very tough for businesses and everyone is going to need a support group.
To get through the next 12 months and thrive on the other side, you will a few essential things.
1. A SOLID STRATEGY
The first is a solid strategy. Not only should this involve continuously evaluating the needs of your customers, innovating new concepts and testing ideas, but it should also focus a lot on your growth and gaining a maximum return on your investment.
Your new strategy should take into consideration various factors, such as protecting your intellectual property from your competitors, your business goals, vision and mission, where you see the business in five years and, ultimately, what you need to implement in order to achieve growth.
The direction your strategy takes should be carefully decided upon by you and possibly a few key employees.
2. UNDERSTAND YOUR CLIENTS
As the business owner, you need to take time out to work on your company. Don’t be afraid to delegate work to your team so that you can focus on really getting to know your customers and their needs. Think about what kind of customer service you are offering and how this can be improved on. Building relationships with current clients and looking for new opportunities takes time and needs to be considered a business necessity.
3. COACH OR MENTOR
In these trying times, every business should be thinking about what kind of support they can get. Think about linking up with a mentor who can guide you and offer great advice. Being in an accountability group with like-minded business owners is also a great way to ensure that you reach your goals.
4. BUILD YOUR TEAM
At the end of the day, you need to forget trying to do everything yourself. Focusing on your strategies to build your team and start outsourcing the tactics and day-to-day work. Just these two things alone can go a long way in freeing up valuable time for you and allowing you to focus on new and innovative ideas.
Now is the perfect time to work on your business
So, are you ready to release those shackles and take the next step? If so, we recommend setting a map for the next 12 months and also formulating a 90-day action plan so that you can begin to action that 12-month plan!
We do this inside out 8-week Planning for Success online course.
You will need to review your values and consider what is working and what is not working. This could involve tweaking your plan as you go along. Don’t be afraid to outsource and delegate, and remember that you don’t have to do it all yourself!
That’s what the Planning for Success 8-week course members will help you with – everyone is accountable.
Finally, set some time aside for forecasting so you can plan for the future. Always keep in mind that you should be running your business (not the other way around).
If these steps sound like the recipe for success for your business, and something you are not correctly doing (or haven’t done for a while), start by downloading our business Continuity Plan and then taking the next step and signing up to our 8-week Planning for Success course.