That’s right! Growth can kill your business. As a self-employed business owner, entrepreneur or solo professional most of you are compelled to seek small growth business.
Very few people have actually built the type of business that people are thinking about when they think about ideas for a business to start. In my experience one of the things most commonly overlooked and generally laughed at is having formal corporate governance. Both LLCs and Corporations need to have a formal corporate governance structure. I’ve found working with my clients over the years that taking the time to hold and document board meetings and annual owners meetings makes a dramatic difference in the way the business grows and how fulfilling the ownership experience is.
Yes. A proven working system is crucial to your home business success. You want to have a system of building your business and helping others build their business too! If you lack a system, you do not have a simple plan of doing things, and your business will be in a mess after a short period of time. You will find yourself working at unproductive things and not producing results.
This is not the case with farmers. You cannot hope to eat today the yam or apple you planted today, or even yesterday, or even a month ago. Why? Because crops unlike animals in the bush takes time to grow and are not stumbled upon, but rather are cultivated. Unlike hunting, you cannot walk into a farm with the hope of harvesting a crop you didn’t plant.
This is where you define your Business and define the kind of market offering and target customers you want. This stage cannot be hurried. Like in the case of farming, every business requires a different form of planning. The survival of the Business to business is dependent on how well you plan before hitting the market [cultivate the land before planting].
The funny reality as have been proven time and again is that only those few entrepreneurs with a long term view of business finally end up accumulating the wealth short term thinkers often focus on more. The very ones who go into business to cash out quickly [fast] end up being the ones disappointed. Why? Because business is just like farming – you reap only what you sow!
There are so many things you can do to show your customers that you value their business. Start with excellent customer service, quality products, guarantees for your products and value for the dollar. These are not fads by any means. They are traditions that you should adhere to in every way. These important elements will always be in style.
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