Many small business owners go into business to do something, they love and to have control over their management of family and work time. This is clearly evidenced by the increasing number of women going into business. The passion, drive, inspiration and motivation are there from the outset.
Why then do so many small businesses fail? At some point in the life of their business, business owners will face challenges. They can range from raising capital, what they need to focus on now, when to hire staff, when & how to expand, infrastructure etc.
When in doubt, some business owners will stick to what they like to do, which doesn’t always equate to what’s best for the business. Most people have heard of needing balance in their lives.
What about balance in your business? Below is a list from the Wheel of Business by Noel Posus and Sarah Hue-Williams. They list the following areas worth looking at for businesses:
Vision, Mission, Objectives, Values and Strategy
Partnering and Networking
Marketing and Promotion
Service Delivery
Systems and Administration
Researching
Training, Feedback and Shared Knowledge
Continuous improvement – People, Process and Technology
Team Ownership
Social Responsibility
This list is useful to take a snapshot view of where your business is in each area. It doesn’t mean you need to give each area equal importance all the time. If you were to give each area a rating from 1-10 ( with 10 being the highest for your satisfaction level in each area), this can then be used as a barometer for which area you need to target at any given time.
You may find that you are totally focused on service delivery to the detriment of other areas. You may find that you are working in the business rather than on the business. For a business to grow you must work on the business.
For many this may be totally foreign to them as they may be hairdressers, lawyers, plumbers, personal trainers and sensational at their craft, but needing a little assistance with some of the other areas. For some it may be a time challenge or growth challenge.
Therefore it is always a good idea to start with the end in mind when starting a business. Take a look at your values, why you are in business, where you want to go with your business. Once you have these answers, they will act as a road map for all your activities and decisions.
It is also a great idea to know your own strengths and which areas, you could use some additional knowledge or support.
You might develop mastermind networks where you meet and share knowledge with others. You might bring in consultants to set up systems or you might use a business coach to aid your professional development and to keep you accountable. You might do all three and more! Just know where you are headed!
Start with the End in Mind - To learn more about this author, visit Sophie Robertson's Website.
Like this article? Share it with your friends
|
|
Sophie Robertson
(Visit Sophie's Website)
Sophie Robertson is Director of YouNique
Coaching, which delivers coaching
solutions to individuals and businesses
wanting to maximise their personal &
professional potential and well being.
Sophie has over 18 years experience
working for recruitment companies in
Sydney. Sophie’s last few roles included
General Manager and Business Development
Director. Sophie has undertaken a Cert IV
in Life Coaching and now specialises in
creating awareness of the human potential
in all aspects of life and work.
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
