By Ian Pearson
The biggest reason why so many small businesses fail to grow and expand is that their owners don’t delegate responsibility well enough. In fact, most business owners take it upon themselves to pull all the strings, whether it’s because they can keep the costs down, or they just don’t trust anyone else to do a good job. The problem is that when the business starts to grow, business owners like these tend to overwork themselves, getting busier and busier with every passing day. They might have the motivation to do this, but this level of activity simply isn’t sustainable in the long run. This is why most business owners would do a better job if they knew how to transition from working ‘in the business’ to ‘working on the business.’
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Making the transition from investing all of your time into everyday activities of your business to consistently working ON your business is far from easy. It takes a lot of discipline and effort to pull this off, but in return, you’ll find yourself with more time on your hands and you’ll be investing in a future with less stress. The key is to make the transition over time, and you can start by dedicating two hours a week to work on your business. This should include the overall strategy, financial plans, as well as examining if your business structure can sustain the growth.
After a month you should start investing four hours a week to further your business plans, and so on. By doing this you’ll soon find yourself with enough time to do everything that you need to do, plus you’ll be prepared for expansion as few other business are.
Aim to build a legacy
Entrepreneurs should always strive to push the boundaries further to create new values within the different fields of society. The best entrepreneurs are always the people who are innovative, people who are willing to risk in order to create new values – whether it’s in business, governing, or education.
Simply put, there is no entrepreneurship without a willingness to risk and experiment with different values. In return, entrepreneurs that dare will get a chance to build a legacy for generations to come.
Give a purpose to what you’re doing
While making money might be a purpose to some, most successful entrepreneurs actually established a purpose for their businesses that went beyond that point. Walt Disney, for example, took it upon himself to make people happy, to build beautiful worlds that people could only dream about before him.
The fact is that no one remembers people for being rich; they remember them for the work they did and the purpose that motivated them. Purpose gives entrepreneurs a motivation, a sense of meaningfulness that is overly needed in the world of business. This is why the first step towards success should always be to actually give your work a purpose, a clear goal that you’re trying to achieve.
Try to stand out
Another reason why so many startups fail is that they simply fail to differentiate themselves from the competition. I can’t stress enough how important it is to stand out, to establish points of differentiation that are clear both to you and to your audience. This is also true for individuals that are looking to build a career, as establishing a set of skills that differentiate yourself from the most people will make you irreplaceable. Problem-solving, for example, is a skill that’s needed for almost any business out there, yet so few people really possess it. This is why so many entrepreneurs are signing up for business and leadership coaching, to prepare themselves for what’s required of them to succeed.
Create new values in your industry
Small business owners are required to focus hard on providing their chosen market with something that they really want, something that they need. This isn’t only the question of success, but also about survival, as today only those businesses that can truly provide something needed manage to pull through the expansion stage. For that reason, it’s important that entrepreneurs analyze the market that they’re aiming for and find room for their products and services. And yes, there’s always room for something fresh and new.
Bottom line
On average, nine out of ten small businesses fail to make a transition and expand their business. This is mostly because business owners fail to understand that they need to delegate responsibility and be prepared for growth. Your end goal shouldn’t be just to make money, but to create something that people really need, and with it, the money will come. This guide can serve you as a starting point towards making a successful transition, one upon which you can build further.
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Aside from primary area of interest and expertise in business consulting, Ian Pearson could be tagged also as a passionate sports fan, nature and photography enthusiast, always trying to keep up to date with tech innovations and development.
