As Valentine’s Day approaches, our thoughts turn to love. Why do many who dream of running their own business often find that over time it becomes hard work and anything but a love affair?
Often a start-up is created in the excitement of great new ideas and dreams of how it will grow and develop. The driving force behind this new business is almost always the product it will deliver, with the organization and management of the business becoming a side issue akin to “doing the paperwork” if necessary.
In the first few years, a startup’s ideas are tried and tested, some work and some don’t, so you pursue what the customer wants, which generates sales and starts the money back process. start-up investment.
It’s the natural progression as a business needs to make money to survive, but it can be the first crack in the relationship. Producing your product becomes the money-making routine and your area of interest can become a side hustle.
Just to add irritation, competitors notice what you are doing successfully and start copying you. This means you now need to manage your costs to maintain a market edge.
It overwhelms you when you realize that the startup strategy of managing all areas of the business isn’t working. You don’t have the detailed knowledge and experience, let alone the time, to manage and do sales, marketing, HR, finance, and customer service. One often overlooked area, but one that ties it all together, is business management.
The requirement at this stage is to add the appropriate skills to the business, either by employing or sub-contracting. The important thing is to get the best people and that starts with getting the best advice.
You need to talk to people who have experience working with companies bigger than you, because that’s where you’ll go in the future. Talking to your friends and family will give you sincere advice, but often not based on experience, so it’s a high-risk strategy.
Realize that you may become the limiting factor to business growth at this point, and until you add the right team of experts at the top of the business, you might hit a bottleneck.
The key indicator of success here is your time. Once a business is making money, your available time to work on the development of the business is key to future success and if you are in the process of producing your product, you will not see the areas of business that require special attention.