Make sure the foundations of your small business are strong
As we emerge from Covid19 restrictions and enter the second half of 2020 small business owners need to be focused on more than survival. Depending on your industry, these last few months may have been the toughest you have ever known. Congratulations on surviving. However, staying in survival mode will not serve you. It is time to reset the foundations of your business to make sure they are strong. You need foundations that set you up for long term sustainable growth.
Over the past 10 years I have worked as a Business Coach and Mentor to hundreds of small business owners across many industries. I have worked with various professional services, restaurants, retail, and trade-based businesses. Some have done very well, while others have struggled more than they needed. I have observed that those business owners who have set themselves up for long term growth and success have many things in common. They have set the right foundations for their business.
The 10 Small Business Essentials
I call these foundations the 10 small business essentials. There are other areas to focus on in a small business, but these are the top 10 small business essentials. These things MUST be implemented if you want to be successful longer term.
- WHO are you? Your IDENTITY and VALUES
- WHY this Business? Your PASSION
- WHAT is your financial structure? Your MONEY
- WHO do you do it for? Your MARKETING plans
- HOW do you deliver? Your BUSINESS MODEL
- HOW do you win? Your SALES Process
- WHAT do you measure? Your NUMBERS
- WHO helps you? Your TEAM
- HOW do you train a team? Your PROCESSES
- WHAT is your Exit Strategy? Your FUTURE
Small Business success is also a personal growth journey
Most people go into to business looking for greater freedom, flexibility, and fulfilment than working for someone else. So many business owners are a bit insecure and will turn themselves inside out to make a dollar. I have worked with many who have unwittingly created a very busy and burdensome job for themselves. If your business is going to be successful long term it needs to be built around who you are, your strengths and your values. If you as the owner, struggle to enjoy working in your business, then it is going to be a hard slog. The more you know your strengths, weaknesses, and values, the more you can make your business work for you. It will make it easier to know the staff you need to complement your strengths and to cover your weaknesses. Knowing your values will help you to decide more easily with whom you will and will not partner.
Group mentoring is a cost-effective way to have an experienced business mentor on your team
I have taken several groups of business owners through the 10 small business essentials. A group program works well. There is a shared experience learning from others who are on the same journey. It is a fraction of the cost of hiring a business mentor or coach to work one-on-one in your business. The group is a great environment in which to learn and grow with a good mix of personal attention and group learning dynamics. In a post-covid19 marketplace, this is a great opportunity to get your business on firm foundations.
My invitation to you
This is a fantastic opportunity for small business owners. After all the ructions caused by Covid19 restrictions, none of us can afford to get things wrong over the next 6 – 12 months. I invite you to make application to have a free 30-minute conversation with me to discuss how this program could serve you.