5 Things That New Entrepreneurs Must Do For Consistent Business Growth

As a proud small business owner, are you able to do the balancing act of working in your business while working on it? Small businesses usually start when people who are specialist in some field and are passionate about it decide to start on their own. Slowly they get involved in the day-to-day business operations as they want to implement their ideas at every step and eventually become a part of their business. At the end, the result is that the business cannot survive without them.

This article will help you rise above the day-to-day non-core business activities and concentrate on what you do best.

The characteristics of entrepreneurs who work IN their business

-       They try to do everything themselves because they are the only one in the company who understand the product or service completely.

-       Their approval is required even for small changes or improvements.

-       Only they have the skill-set that is absolutely required to satisfy their customers’ requirements.

-       They are the only ones who know how to solve a problem or handle a crisis.

-       The business literally stops in their absence.

The characteristics of entrepreneurs who work ON their business

-       They develop an organized system for every business process.

-       They hire the right people/vendors and assign the right task to them.

-       They monitor the overall system to make sure that it works as expected.

-       They continually work towards improving the existing system.

-       They put their efforts to build a company with a vision and systematic growth plan as opposed to getting caught up in day-to-day business activities.

The objective of the business owner should be to create an efficient system that runs the business

It is okay to have business owners work IN their business during the start-up phase as long as they are doing everything possible to work ON the business for consistent growth. In the initial stage it is required for you to be a part of the business while setting up the system. But the goal should be to have a system (a set of business processes with defined rules and procedures) developed to take care of everyday business operations. Let the system run the business.

Five steps that you can take to gradually move from IN stage to ON stage

Step 1: Do complete self evaluation to know where you stand and where you want to be

What do you enjoy doing the most? To begin with you have to understand your true personality type.

-       Are you an entrepreneur who dreams of the future and creates strategies, systems, and business growth plans with a group of people to move the company towards your vision?

-       Are you a manager who organizes, supervises, and executes tasks efficiently?

-       Are you a technician or a professional who specializes in a field and focuses on the core business task?

If you conclude that you are more of a professional or a manager, there is nothing wrong in it. Just admit who you are and hire people who can then fill the missing positions. Most people have a blend of these three personalities but the challenge is to find which is the dominant one, and pursue that instead of fooling yourself with other personality trait.

Step 2: Identify critical and non-critical business processes and attain a level where you just monitor them

When new entrepreneurs start a small business, they feel that they would be able to handle all the front- and back-end activities, but as the work increases, all the inadequacies come in to the picture. To tackle this problem it is required that you identify all the business processes that can be delegated easily. These could be all the non-critical processes or support services that are required to run the core operation but are non-revenue generating tasks.

If budget is limited, these business services can be outsourced to a right vendor who can manage the service for you and you pay only for what you use. Also, the vendor has higher level of expertise in that field, which is difficult to achieve in-house. Delegating these services gives you substantial amount of extra time to focus on your core operation.

Step 3: Hire the right leaders in each department so that your business grows with strong supporting pillars

Do not hesitate to invest in the talents that meet your requirements perfectly. Select the right leader for each department. If you choose the right leaders, you will be able to trust them more and subsequently that part of the business will become less dependent on you.

Step 4: Develop policies and procedures for knowledge continuity

An organized, well-known and systematic way of doing things is absolutely necessary for efficiency and professionalism. Very few companies have documented policies and procedures, but they are very important for your business. If the policies and procedures for each business process are written, they make your system more robust and less dependent on new comers.

Step 5: Create an environment where it’s a win-win situation for your employees as well as your company

If you have implemented the steps 2, 3 and 4 correctly, you have the right people doing the right work for you. If people in your company do what they love to do and they are given opportunities to grow on their specific interest field, your employee retention will be quite high. If your company can attract high quality people, the employee moral will increase, your system will get stronger and better, and the productivity level will increase.

Following all these steps will help your company move towards your vision.

The thoughts in this article are based on the book “The E-Myth Revisited” by Michael E. Gerber, the world’s leading small business guru and bestselling author.

About the Author

Dave Otfinoski, CEO of My Business Assistant or “MBA”, has more than twenty-five years of executive, hands-on experience with small and mid-sized businesses. As CEO of MBA, Dave manages a team of experienced virtual assistants who have extensive expertise in the realms of small business operations, bookkeeping services, website design, SEO, content creation and call center operations. Outstanding client service and quality performance are the hallmarks of both My Business Assistant and the MBA team. We look forward to providing you with the Virtual Assistance that you may require to enhance your own business strategies. Please feel free to contact us at http://www.MyBusinessAssistant.com or call us at 800.993.9622 with any questions or inquiries that you may have.