Are you creating a sustainable business? One that is viable, continuous, worthwhile and supportable. A sustainable business is one that can operate without you being part of the day-to-day. This is a business that becomes manageable and sellable.
A sustainable business is what many business owners hope
for, but hope is not a strategy. Is their day to day activity focused on
achieving their dream? Clients and owners have told me that selling their
business is their retirement plan, yet most owners will tell you they’re busy
wearing lots of hats. Too often what
gets overlooked are the fundamentals.
Years ago, when I was in hairdressing
school, one of the first things we learned about cutting hair was not to lose
sight of your guide. It’s the first layer that you cut. It’s what will guide
you through the rest of the haircut. Without the fundamentals operating and
growing a business is more difficult and time consuming just like getting lost
in a haircut would be without a guide.
What a sustainable business needs to focus on are the 5 Pillars of Business.
Marketing – Do
you know who your ideal customer is or are you marketing to everyone? When
you are speaking to everyone, no one believes you’re speaking to them. Selling
is more difficult because you don’t connect with or understand your customers
problems. Do not fear creating an ideal customer and marketing to them.
Sales – It takes
relationships to build the know, like and trust we all want before we buy. How
do you build and nurture those relationships? Are you making the most of the
opportunities available such as local groups and associations?
Operations and
Technology – These are your systems and processes for efficiency and
consistency. Many owners need to get this information out of their heads and
share it with their team. Is your team involved in brain-storming new ideas?
Technology tools can help.
People and Leadership
– Do you value your team and customers? Are you open to new ideas and
feedback? Is your business the one people want to work at? Your team’s skill
set is a valuable resource.
Financials – Tracking
the numbers in any business is important to its health and sustainability. You
can adjust and make better decisions based on facts not guessing. If you’re
tracking your numbers, you will know if you need to rethink areas of your
business or services you provide.
You don’t have to be doing all of this yourself. But you
need to learn enough in each pillar to delegate or outsource to the right
people or company. Trust and verify. Have checks and balances in place. We’ve
all heard the horror stories of owners who were taken advantage of by people
they trusted with their business. Don’t allow those stories or experiences to
defend or confirm doing it all yourself.
Instead of wishing business was easier,
wish you were better and take the action needed to learn or revisit the
fundamentals.
Start imaging what a healthy business looks like day to day.
It’s Profitable, Sustainable and
Enjoyable!
- It understands its
ideal customer and is attracting new customers
- It confidently sells
the value and quality services provided to customers and the community
- It has the best
systems and processes in place to for consistency and efficiency.
- It has a quality team
who is on board with the company’s core values and is proud to work there.
- It tracks the
financial health making better decisions for growth
Does this mean there aren’t challenges? Of course not. Life
is full of challenges. Change is inevitable, so enjoy the ride. Keep up with
training, industry trends and updates, and personal and professional
development. If the owner doesn’t grow the company won’t either.
Enjoying what you do each day makes all the difference. Gain
control of your business instead of it controlling you. Being the owner means
you are responsible for all of it. By
making your business independent you can leave as you need or want to, knowing
that you are developing your team.
A friend of mine recently said, “people who fear life don’t
enjoy life. If you worry all the time, there is no time for enjoyment.” I say
Control what you can, trust and verify the rest and enjoy life’s journey.