What is a business, really. We do the things we love, and are good at. That fulfills us. All of our wants, desires, needs come from our own hard work, and skill. There seems to be no limit to human creativity. If you like me, you took those passions, and dove in. Started something. And, as your business grow, it takes on a life of its own. And that is when you realize, you need more tools, more knowledge. You need to up your game. Some of the things you need to learn and execute you didn't even know where on the table when you started. This is where I started developing the strategy. A strategy that helps you not be driven by the tyranny of the immediate.
The Three Legs.
To keep a business going, you need all three. Like a three legged stool, if you don't, it will fall over. Or, you will have to stand there forever, propping it up.
If you are small, say, a single operator, you have to wear all the hats. do it all. This is good, because you can develop your style. Your procedures, skills. And people will trust you. As a single operator, you are the reason they come.
But, if you grow, this must change. You must give off, delegate some of this to others. Scary, yes, but that is where a plan, strategy for growth comes. in. Set yourself up for success, and get the next stage ready, early. Act bigger than you are. Dress better than you need to. Learn adjacent skills.
What I show is the Three Legs. They are.
People
Depending on size, you may need to do less, or more of this, but, if you are going to grow, you need to get ready for the fun. If you already have employees, you know.
This can include a lot, HR, Payroll, Compensation, Retention and hiring, Train and monitor, Accountability and delegation. This looks daunting, and will be a moving target, but setting expectation early, building procedures, and executing with consistency, honor, and humility.
When we do this right, it can be the most rewarding part of the business life. And if you do this right, you will become a leader.
Technical
Technical is usually the reason we go into business. We are really good at something. You have put your skill, and personality into it until someone gives you Certificates of Appreciation, With Dead Presidents on them. And you can keep doing that, forever if you want, but many times, if you stay there, you just bought yourself a job. But, if you grow, you MUST transfer this knowledge. You must plan for the space, tooling, resources, that others will need. Technical can involve many things, but skill training, accountability and procedures are the heart of it.
When you do this right, your work, or skill, will look the same, even when someone else does it. And you may be surprised, that someone will invent a better mousetrap, give them the freedom to do that.
Business
Business, is the boogey man. What the heck does that mean? Paper clips and filing cabinets? Rent and bills?
No, business is Strategy, and execution. Numbers matter, Risk matters. Understanding your market, and being realistic, no fairy dust.
Meeting goals is important, and having good markers is a must.
You must know you numbers, even if your "not good at it."
Do you have a business plan? If you did one, have you reviewed it and adjusted for changes?
Part of Strategy is Risk. Most people start a business without really counting the risks. This is good, it means you have confidence, you will put 100% into this. Burn all the boats. Keep that. But add a dark side. Risk management. This is a category of its own, once you have employees, a building, Exposure on the interwebby thing.
For instance, if you sell on AMZ, and you sell a million widgets, but get a rash of returns due to quality control, AMZ will shove these down you throat, and you better have reserves.
After Strategy, yes, it is execution. Paper clips, and computers. Web site and google. Marketing, return policies, Reports, and budgeting.
What I like to say is, many of these things take care of themselves. You don't have to overthink it. As you go about the work of doing business, it should come natural.
Start where you are.
Wherever you are on your journey, Start there, take the next steps. What I have always believed is, you should always have a mentor, and be a mentor, to someone. If I am the right one for you, that will feel natural as well. And trust me, if I can do it, so can you.
Thomas, SBGP
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