Welcome back Fellow Movers and Shakers! The date is February 16th, 2015.
Today’s Blog: “Building Your Business; Plan, Delegate, Review”
If you’re like me (and I know I am), you started formulating “thoughts” well before you actually considered it a plan. For me, I personally started to “think” almost two years before I actually began formulating and executing my plan.
I believe many of us begin with an idea, which we ultimately will cautiously be able to turn into a plan. Whether you found the blueprint for this plan from the library, google, or a friend. . .you develop it into a business plan. A plan would include a mission statement, timelines, budgets, top line and profitability goals, etc. . .
And in the beginning, as you build the base of your business, and try to development momentum, you will do everything possible to work develop a strong foundation; one that will result in long-term efficiency and profitability. Your title might as well be “Chief Cook and Bottle Washer”, as it means you not only head up the Executive Team, but probably also take out the trash!
One of the great challenges of being a “solo-preneur” is recognizing when you’re no longer maximizing your profit potential. This realization starts to hit when you find yourself doing necessary, but possibly non-productive/profitable tasks. You find yourself juggling tasks to do what is profit generating short-term although there are other long-term projects that need to be done as well. You are realizing momentum, but have to now face difficult decisions to keep growing. It’s time to clone yourself!
Expanding your business by adding manpower is a difficult and often frightening decision for a new business. We often hesitate to hire support personnel for fear that it will bite into our own profits, and may not generate revenue. This is a key tenet to consider.
When I look to add support personnel, one of two things needs to happen:
1. They need to be able to generate enough revenue to cover their own expenses (self sustaining), or
2. They need to allow me to offload tasks which will then allow me to generate enough revenue to cover their expenses, and add to the profitability of the business.
The goal should be that #1 and #2 above both add profitability to the business. That being said however, there are times when a break-even situation will allow you lessen your work load, resulting in a better lifestyle.
Once you make that decision to hire, the next steps are as easy as 1, 2, 3.
1. Plan. Plan on what your new hire should be responsible for. Lay out a training period and make sure their responsibilities are clearly laid out. Both of you need to understand what their responsibilities are, as well as how it will benefit your business.
2. Delegate. As your new hire becomes more accustomed to the nuances of your business, delegate additional responsibilities to them to further expand their contribution to the business.
3. Review. Probably the most important step is the review process. This is your business and your responsibility. Failure is not the new hires fault, it is yours for not training properly, delegating or reviewing to make sure they “stay on course”.
My name is Bill Miranda. I can help you develop World Class Customer Service organizations, Marketing Strategies, and Dynamic Sales Strategies and Tactics.
E-mail me for more information, and a free telephone consultation.
Next Month: “Dealing with Seasonal Downturns”