As an entrepreneur, you cannot expect that you can build the business if you push yourself to be the only employee in your company. In such a case, you are an entrepreneur, manager, business developer and employee. Your job as an entrepreneur is to build the business, not the product and not the job for yourself. Yes, you are building the product because your business must sell something. But, it is not the one and only task for you. The question is how you can deal with this problem.
There is a difference between job development for yourself and building a real business. With job development around your product you are a craftsman. Someone who is the only person that can produce a product or service. In such a case, once you stop producing your product, the business will disappear. When you want to retire or sell your business, it will have little value. Such a company, without you, is not a business in the real meaning of the word.
On the other side, when you build the business, your company can survive without your everyday inputs.
So, you will need to build the business, not the product, not the job. Or, better said in the startup stage of your business, you will need to build the business alongside with your product.
Here are 7 tips that will help you to build the business.
1. Set up your business goals
Let’s say one of your goals is to expand your business in a new international market. The goals as a goal doesn’t have a meaning to you if you don’t put all your efforts to achieve them. So, you will need to take more steps instead of only setting up your goals. You will need to dig deeply into what that means for you and your company.
There are many questions you will need to answer. Where is the best international place to start expansion? Can you do with your current staff? If not, how many people you will need? How much money are you willing and ready to spend for this expansion?
As you can see setting up goals is the simplest thing you can do, but setting up SMART goals is something more difficult.
2. Focus on your business strategy and plans
You need to translate your goals into strategy and plans if you want to achieve them.
Do you know where you want your company to be in two, five, or 10 years? Do you want to take the company public? Maybe you want to sell it.
It is time to look again into your goals and compare them to the answers on these questions. Are there some changes in your goals?
Next thing you will need to do is your business plan. The plan will need to answer the following question: what you will need to do to achieve your goals and put in place the strategy.
Break each your goal down into mini-achievable goals for each month for the next year, or years depending on your goals timeframe. Then break that mini-achievable goals into actions that you must take each week. Completing these weekly actions will help you achieve mini-achievable goals. On the other side, achieving your mini-achievable goals will help you to achieve your main goals.
3. Develop a sustainable business model
Check your business model to see if you need to make some changes related to your goals, strategy and plan. Can you add extra revenue streams? Can your cash flow support your plans? What you need to change in your business model to support achievement of your goals? Can you allow yourself new employments? What you need to change in your business model to allow you increasing human resources?
You will need to answer these and many other questions.
4. Do only things that you can do really well.
You can not be everything to everyone. You will need to focus on those most important things that you are doing well. Something that only you can do, and nobody else. These are those things that will make your business different from your competition on the market.
5. Build strong team on which you can depend
To build a sustainable business, your service or product will need to be easily produced, marketed and sellers not only by you, but also by others. You don’t want you to be the business. Your team and your systems is your business, not you.
Once you’ve hired employees to do some of your business tasks, you need to let them do the tasks. I have seen many entrepreneurs, even they build their teams, still they want to do all the tasks. It’s not something that means building the business. You need to give them freedom to do the tasks for which you hire them. It doesn’t matter if this is some part of your product design process, production, or writing your business blog, maintaining your website… Simply, allow them to do their job.
6. Build your business systems to build the business
Having a business means that everyone in the company will know when and how to do things important for your company.
Your business systems and processes will be the essential building blocks of your business. Everything will depend on them, with or without your presence in your company. Can you imagine a business I without systems? I can, because I have seen many of them. They have a strategy and plans, but nothing is accomplished, or is accomplished with later than planned. The quality of the results of each work is on very low level. Customers complain. Employees complain. Managers complain. If I want to describe such a business with one word it is chaos.
Here you can find some sources that can help you in the development of your most important systems and processes:
- Step-by-step guide: how to build valuable systems easy
- Business system – how to install in business?
- Standard operating procedure as the basis to standardize processes
7. Be aware that your roles in your business will change over time
Your roles in your own business will change over time and you need to be aware and prepared for this. The role change will come faster than you expect.
Although most businesses pass the startup stage, in most of the cases the owners not succeed to pass this stage. In such a case, they are trying to retain their business to its original position (startup stage). Because of that, they feel the pressure to work harder for less money.
Your roles as an employee or technician in your company will be more and more less important for your business development as time passes. Over time, you need to focus more on management role and business development role. So, you will need to change as your business I continue on the development journey. See how your roles will need to change over time.