Every business has a growth process and priorities. The basic process is this: first you come into existence, then you reach the survival stage, finally moving on to the success stage of your business where you kind of stay at a status quo of success. At this point, owners feel as if they have it all figured out and can sort of skate on the processes set up.
It can stay this way a long time, but usually a business like this eventually experiences a take-off period where delegation is important. This is because many businesses suffer during this part of the growth stage due to lack of planning and fun.
Eventually, with the right plans and priorities in place, the business will again reach a sort of status quo and seem to run itself. But, how do you get there? First, you must set priorities.
- Financial Resources – What are the financial resources that you have for the business? Can you identify immediate cash as well as emergency cash? Set a real budget for everything you need through startup and maintaining as you grow.
- Personal Resources – In addition, identify the human resources that you have available to you for the business. If you’re not going to hire people, are you using outsourcers or contractors? If so, consider them resources to you.
- System Resources – Take note of all the technology you have available or can afford to purchase for your business. Knowing where you want to go will help you make good choices about the technology you want to invest it. Systems like an autoresponder, a project management system, a customer relationship management system are all important.
- Business Resources – This is everything you have available to your business to use that isn’t personal in nature at all. Make a list of the things you have and what you need to buy. Setting a budget based on your financial resources is an important part of deciding what types of business resources you can buy if you need to buy anything.
Once you’ve identified these factors for the company, you can set priorities for yourself.
What Are Your Goals for the Business?
This is not the time to think about a short-term goal. This is the time you write down your big goal that might seem just like a dream. Where do you ultimately want your business to go? Do you want to build it big then sell it? Do you want to pass it on to your kids? Do you want to stop the business when you retire? This is important because it will inform how you set things up and what steps you do each day to bring your goals to fruition.
What Are Your Abilities?
It’s also important to determine what your abilities are. Are you great at project management, marketing, or something else? What parts of your big goal do you need assistance with? These things are going to help you have smooth growth.
How Good Are You at Delegating?
If you want to grow a business past the point that you’re running it alone, then you need to get good at delegation. That means you need to be able to provide instructions to someone and then let them do their job. This helps avoid bottlenecks where people feel the need to get permission for everything. Set up systems, then let your people do their jobs.
What Are Your Weaknesses?
Write down anything you think you’re weak at doing. If you’re weak in an area, it’s not a bad thing – as long as you notice it. For example, if you’re not good with technology, that could stop your growth if you’re afraid to upgrade to a system that will work better for you.
How Can You Fix Weaknesses?
For a business to experience growth without breaking down, it’s imperative that as a business owner you’re always cognizant of each spoke in each wheel of your business. Otherwise, you can fail at a successful business when that’s not necessary. Keep your growth priorities in mind and focus on one thing at a time.
Choosing your growth priorities requires you to consider all aspects of your business, from today to where you want to go.