When organic growth hurts your company17th April 2019
In my recent posting I introduced you to the 3-Step process to build a business that serves you, the owner, and helps you create a lifestyle you love.
Today I’m going to share more about the steps involved, but first, I have a question for you:
Are you living the entrepreneurial dream?
It’s ok to say that you are not – you wouldn’t be alone.
Many business owners go through phases when they love their business, and others where they secretly wish they could just give it all up.
There are probably times when you hate being responsible for everything.
Working from 6am to midnight to clear emails, appease clients, finish payroll and wake up at 6am the next day to do it all over again…
Never sure whether you can afford to hire the right people to take the burden away….
You feel overwhelmed, and resent this business which seems to have taken over your life.
But if you ever feel like this, it is not par for the course as an entrepreneur.
It usually happens when business owners do not build their companies in a really strategic, deliberate way, but instead just let it evolve organically.
Take the way my business developed.
As I recently mentioned, I had a clear vision of what I wanted it to become. I knew exactly how many staff I wanted, the type of clients I wanted to serve, and – most importantly – how I wanted the business to serve me.
I knew how much income it needed to generate for me, the work I wanted to do and the hours I wanted to work.
So I set about building exactly that business.
I hired the people who could make it all possible. I pursued my target market relentlessly, and turned away unsuitable prospects. I invested in the tools we would need when our client base grew larger.
All this takes money - and careful financial planning. Getting that in order was key.
Right from the start, I worked to a careful budget. I organised our finances so that there was cash available for the right people and tools. I made sure we never ran out of money.
And because I was generating clear information about our financial situation, I could make good decisions about when and where to invest.
I could never have built the business I dreamed of without this tight financial management.
And while I would never claim that being a business owner is easy…
Or that the path to success was completely straightforward – trust me, there were plenty of mistakes, reversals, failures and doubts along the way!....
...having a plan and then methodically executing it ensured things rarely felt out of control.
It’s very different, if you never have a vision for your business – or forgot it long ago.
Chances are that when big opportunities land on your desk, you take them, even if the clients or the work are not quite the right fit. Before you know it, you are delivering services you do not enjoy.
When you have too much work, you take on more people. It’s a good team, but it’s not necessarily the people you need in place to build the business of your dreams.
And it’s hard to change course, because your cash flow is erratic… You are not sure what your business can really afford…. Or how to pay for all the right pieces of the puzzle.
That is when you end up feeling like you are working for your business – rather than that your business is working for you. You end up stressed, resentful and doing work you hate – rather than feeling free. I have heard this story from so many company owners.
No matter what stage their business is at, they are always relieved when I introduce them to our 3-step process, to build a business you actually enjoy running.
Step 1: Develop your vision. If you want your business to serve you, you need a clear picture of what you are working towards. The more clarity you have, the easier it will be to build.
Step 2: Set the right financial foundations. To build the business of your dreams takes money and good financial planning. Set up your finances so that you have the cash you need to fuel your growth.
Step 3: Grow your company. Now you are ready to take action and make your vision a reality. You can invest in your team and develop your services. Use the financial information you are generating to make better decisions about your future!
Of course, this all starts with a clear vision.
There’s more to it than wishing and hoping for a dream. The 3-Step process is incredibly strategic.
So watch out for my next post, where I’ll show you how to create a powerful vision you can translate into reality.