Thursday, July 9, 2015

Leaving a Legacy: Can your Small Business Become an Enterprise?

Whether or not your small business can become an enterprise depends on the questions you ask yourself and the decisions you make.
Building a small business into a true enterprise is no easy task. Without solid planning and the right procedures in place for running and growing your business, it can prove to be impossible. Setting up a strong strategy and mission statement for your company can help you succeed in the years ahead and grow your business into a legacy you can be proud to leave behind.

Don't Do It Alone 

Many small business owners who run a solo practice mistakenly think they can grow their business on their own. A successful business requires professionals who can perform their jobs at a level of expertise not possible without the right training. Lawyers, accountants, salesmen, and other experienced leaders within the company are needed to help your business grow. If you are facing a lawsuit, find a firm who can walk you through the process. If you aren’t getting enough clients, find a marketing professional to work with who can refine your search and demographic. Basically, if you aren't yet hiring people after a year of effectively building your start-up, you're doing something wrong. Successful business owners own the business, but they don't go it alone. They delegate responsibility to qualified personnel that can get the job done well.

Don't Work Harder 

Working harder or longer hours is not the way to grow your business. Whatever time you're putting in now can be magnified by simply doing what you already do on a larger scale. Don't take every opportunity that comes your way, if it's only going to take time away from larger, more lucrative projects. A brand new partner might not be the best option if you’ve just started expanding your client pool elsewhere. Find ways to prioritize and make a list of what needs to be taken care of first, second and third because some things can wait or be delegated out. Take on bigger projects, and spend the time you would spend on smaller projects advertising to the right people. Figure out who matters in your industry, and cater to those individuals to get the most profit and benefit from your work.

Don't Wait until You’re Ready 

You will never be ready if you wait until you think you are. Create a plan of action, review it with a few trusted professionals in the field, tweak the plan as necessary, and take action. Create a plan that will take you step-by-step through the process of building up what you already have. This might require help from assistants and collaborating with each part of the company to find out where you can or can’t expand. Determine what is keeping you from building it to the scale you want. If you have the inventory or service, but need to build your customer-base, spend more time participating in your community and developing a marketing campaign. Get out and remain an active and influential voice for your profession. Decide on your team of professionals, and make sure you review all your business procedures with lawyers, accountants, and other professionals who will help you work through your business plan and mission statement and put you on the right path. You won’t get anywhere without help so network in the field, find friends in other industries, and get started building off of the success you already have.

About the Author

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information on the legal processes involved in providing for your business contact an Islamorada Lawyer. You can connect with Brooke via Twitter @BrookeChaplan.

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