Foundation is the ultimate element, physically or characteristically to sustain any structure, business or character. The problem I see with the majority of small business, is they have an unstable foundation which creates inconsistent results and hinders growth. Entrepreneurs especially salon owners and independent hair renters do not take the time to document their business goals and establish strategies to achieve those goals. Most business owners either have no idea how to create a business growth plan or thinks it’s okay to make a mental note of what they plan to do.
If you buying a house, I am pretty sure you would want to have an inspection done to ensure there is no issue with the foundation amongst other structural elements. Won’t you? Who wants to live in a house built on a “shaky” foundation?
Similarly, you need to have a strong foundation for your business. It’s okay to be flexible about the process but be clear about the vision.
Here are 3 important reasons why you need a strong foundation:
1. A solid foundation provides stability, longevity and adequate support. Taking time to create a business growth plan will establish a clear picture of the vision and what you need to do to ensure your business is growing consistently towards your vision.
2. When you develop foundational principles for your business it means you are operating in a forward, incremental growth pattern. Without strong operating principles and systems your business operation appears to be successful on the surface but is not grounded to provide long term results.
3. Take time to establish a foundational plan with operating principles, this will provide a base to measure your results, change course when necessary and position your business for accelerated growth.
Corporations take time to revise their marketing plan, their financial plan as well as their overall business plan every year. Revised plans are communicated to each department so that everyone is working towards achieving the same goals. Do you think this business management method could change your results, as an entrepreneur?
It is strongly recommended that you take the time to plan, understand and document your business. Here are five critical questions to answer:
1. What is my business? You cannot be all things to everyone, choose what brings you the most joy and is financially rewarding. It’s great to do what you love, however if there is not enough financial gains, it’s only a hobby.
2. Who is your target market and how will you reach this group of people?
3. What resources do you need to conduct business efficiently – financial, people, and physical assets?
4. Is business ownership right for you and are you disciplined to work independently?
5. What are your personal and business goals?
Plan for growth, and establish a systematic approach to achieve your goals. Understand that customers don’t buy “what” you sell, they buy “why” you do it. Your why needs to be big enough. Build a strong foundation to sustain your business and increase your net worth.
Guiding Your Creative Mind to Greater Success!