Making Your Small Business BIG …
B y Brad Sugars
You know almost every big business started small, in fact many of them part time from home.
And yet, so many small companies fail to ever become more than a job and a wage for the owner. They fail to become true businesses and remain forever a BUSY-ness for the owner.
And to be blunt, there’s a reason most never grow. You see there’s a reason your first business is the hardest one. It’s because you have so much to learn. Not only do you have to run the company, grow it and finance it, you have to learn as you go. It’s a great challenge, one of the greatest.
But, let’s be honest, if it were easy, everyone would do it. The challenge is only up to those of us with true entrepreneurial spirit …
So, let’s examine how to take any small business and make it big …
Here’s my true definition of a business, a “Commercial, Profitable, Enterprise that Works, Without Me …”
That’s right, the whole aim of the game is to get it to a stage where it works, so you don’t have to.
Here’s how you need to break down the definition …
Step 1 … A Commercial Enterprise … here’s where you get the basics right. It’s vital to build a big company that you have the ability to deliver your products and services with high quality, great service and consistent productivity of your people. Three main areas you need to work on … money, delivery and productivity. Money is all about knowing your numbers and knowing you are making a profit on every sale. Delivery is all about making sure every one of your customers is served consistently and with high quality and great service. And productivity, about getting the most from yourself and your people. This is the first stage of business growth and one many never bother to work through. If you want to grow it, take these first steps …
Step 2 … A commercial Profitable enterprise … Here’s where you build revenues and capitalize on the profitability you built in step 1. There are 4 areas you will need to build upon. You will over time build the systems and strategies you have for Lead Generation, Converting Leads into Sales, Repeat Transactions and your Average Dollar Sale. Building our business beyond a small company will need you to learn and build in these areas. Over the next few issues of this magazine I will write articles on each one.
Step 3 … A commercial profitable enterprise, That Works … Here’s where you have to build systems, systems that run the company. As you document, record, film and photograph how everything is done in your company you take it from a business that is dependant on good people to one that is dependant on good systems. Add to good systems, good people and you end up with a great business that now works …
Step 4 … A commercial, profitable enterprise that works, Without ME … This is all about building a team. If you want the company to run without you, then you have to build a team and a leader to take your place.
Step 5 … Growth … Get everything you have done to work together in harmony, with Synergy and open multiple offices, shops or territories. This is where you multiply and use the system you already have working again and again.
Step 6 … Freedom and Results … now it’s big and you can let your team build it, it’s been several years, probably 7 to 10 years of you worked hard and smart, but finally you have made your small business big …
I know this seems like a lot of work, read my books for more details, but it takes time and learning, stay with it, it will be worth it in the end. Owning your own business is definitely a great challenge, but it truly is filled with great reward.
This article is reprinted courtesy of My Business magazine, one of the leading business publications in Australia.
