Working out your priorities when developing a small business
)
Posted: Fri 26th May 2023
As an entrepreneur, growing your business beyond a certain point means progressing from 'doing' to 'leading'. It's about moving on from working 'in' your business to focusing 'on' your business.
After the many steps you've taken to launch your new business, your goal is to run it successfully. You must make the most of your strengths and remember what motivated you to create your company in the first place.
Perhaps you think you can do things better and more efficiently than anyone else. Now, however, your business needs you to take on specific roles that only you can do. You need to withdraw from day-to-day operations, build a good team, set up internal working methods, delegate tasks you don't need to do, and become a manager.
Now's the time to dedicate yourself to the following.
Leadership
Leaders need some natural talent. You can't become a successful entrepreneur without it being your vocation to a certain extent.
Although a director will be obeyed due to their simple hierarchy in the business, that doesn't always mean they have the skills for effective leadership.
A true leader encourages their employees to follow them as soon as the time comes to develop the company and build a competent team. After that, they must be able to delegate to the team they've put in place.
Motivation
You're the leader of your new business, and you've come this far by conquering the many challenges and obstacles in your path. So, what made you choose this path when it's undoubtedly not the easiest?
Since your idea for a project came about, and you developed it by creating your new business, the common thread is your motivation. No-one is more motivated than you when it comes to making your business successful.
Marketing plan
Having a marketing plan is an essential part of your business's overall development strategy. First, you need to:
set achievable goals
specify your target customers
identify your buyer persona
study that persona's interests
Then, it's time to start communicating. If you have a marketing team, you can delegate this task. But it's up to you to make decisions and study the plan that your team will deliver.
Business planning and strategy
Only you (and your co-founders, if you have them) can take responsibility for having a business plan and strategy to work out your direction.
Of course, it's possible to get outside support for this in the beginning. Also, you can seek professional advice. However, the final decision will be yours because you're the executive director.
There's something else you need to consider in your overall planning: creating and implementing your new products or services. Why not dare to be creative and innovative and offer your customers new solutions? Above all, avoid stagnating as this will have an impact on your new business's success.
Planning takes a lot of time, energy and concentration. You can't start planning at the end of a working day when all your employees have gone home because you won't be fresh.
Also, you run the risk that your life as an entrepreneur won't fit in with your personal life. So, once again, think of the bigger picture: delegate, plan and be a manager.
Long-term goals
You may be ambitious or genuinely believe (and rightly so) that your new business will grow outside of your region. You may look for new countries and new markets, and a long-term objective is to go international. You need to develop this, and it isn't something you can easily delegate.
The takeaways
Given the above five reasons, it's you, the entrepreneur, who's in charge of the bigger picture. When you spot areas that could be improved or changed, delegate the work so you can focus on developing, planning and managing your business, as well as making decisions.
Ultimately, you alone are responsible for its growth and making your new business a success.
Relevant resources
You might also like…
