When I work with small businesses in order to increase their business potential energy one of the first things that we do is the definition of the most important things inside their companies with the potential to increase or decrease the overall potential energy.
What I have concluded on the basis of several hundred analyses in this subject is that many entrepreneurs don’t understand what is important for their business success. Simply, the things that will bring large potential energy to their companies are things that will draw the path to success.
Your small business’s potential energy will depend on many different factors that in many cases can be several thousand. Some will add more potential energy, and some of them will add less.
If you succeed in designing your company with all important elements that will bring a large amount of business potential energy that can be transformed into kinetic energy in the next stages, then you are halfway to building a really successful company.
Even I have already written several titles related to the business potential energy and elements of your business with the potential for storing a large amount of this type of energy, still, I have not talked about a more strategic approach when it comes to the implementation of this methodology.
Because of that, here I would like to talk more about four general groups of factors inside your company with the potential to bring a larger amount of business potential energy if they are designed and used in the right way.
1. You as an Entrepreneur With Your Business Potential Energy
First is you as an entrepreneur simply that everything related to your company and the future start from and with you. You are the most responsible person in planning the future, designing processes, seeding values, and bringing different resources together in order to create and ship the value to customers.
Here are some of the things that you will need to think about yourself in order to increase your own business potential energy.
- Your business potential energy will depend on the extent to which you can be creative and bring many fresh and new “big ideas” on the table.
- You have strategic objectives, and goals for the future of your company and the extent of your own possibilities to look deeper into the future in large part will form the level of your potential energy.
- Your knowledge, skills, and experience will also influence the amount of your own entrepreneurial business potential energy.
Even, there can be much more things that you will need to understand, however, I think that these are one of the most important that will ask for your attention.
What is more important here is that having everything perfect inside you as an entrepreneur is not guaranteed that your small business will succeed. If you don’t have the right processes, resources, and values your company can’t succeed in doing the right things in the right way. So, you need to continue with the next groups of factors.
2. Your Small Business Resources
The next important element in developing a large amount of business potential energy inside your company is resources that you will use in order to achieve your strategic objectives and goals.
You will need resources like people, money, technology, information, brand, materials, products design… In my experience, most of the entrepreneurs put their main focus on these groups of factors with potential energy. Yes, they are right because they can achieve the required resources more easily than other things through hiring, buying, developing, and enhancing.
Today, for example, it is easy to transfer some of the important resources to exist outside your company outsourcing some of your core or non-core activities.
But, again, you can have really large business potential energy inside yourself as an entrepreneur and you can bring the best possible resources to be used in your company and still feel that you are far from success.
The same resources in different companies can bring different results because the results are based on the processes and values that exist in a specific company.
3. The Processes in Your Small Business
Through processes in your company, you are transforming inputs in the form of resources to the outputs creating value for your customers.
How these transformations will be made will depend on the way how all activities are defined in the processes.
Often, you will have informal processes that simply evolve from habits and rituals over time. But, you will really need formal processes developed from you and your staff members that will define how the work will need to be done in order to successfully create and deliver value to your customers every time with the same quality. These processes will formally visualize the work, and everything will be documented and ready to be used when it will need to be used by every of your staff members.
4. The Values of Your Company
And the last thing, or group of factors that in large part will define how your small business will work and with how much business potential energy will be valued.
The values are something invisible, something related to how you and your staff members are valuing different things. These values will tell you and your staff members what has more priority than anything else related to the customers, new product ideas, random things that will need to be done, and so on.
So, your job as an entrepreneur is to work on these four groups of factors that in large part will define the future success of your small business. You can’t succeed in one category without others, and because of that, you need to be strategic as possible.