Ankita Tripathy, 20 hours ago
One of the critical elements that assure your business of consistent growth is proper, well-laid and elaborate structures. What this means is that your business has systems put in place to ensure and enhance continuous growth whether you are present or not. As an entrepreneur, it is your duty to give direction and guidance to your business. The business model you choose, the brand and organization culture you create and any other element of your business will be reflected in the overall growth curve of your business. How then do you put in place business structures that can withstand the test of time? Here are a few proven ways.
Set Clear Objectives:
Do you know why organizations set out Mission and Vision statements?
In business, as in general life, having a clear objective gives you a sense of direction. You are able to establish your current position and also know where you are going. Your organization will grow tremendously when your structures are well aligned with the overall goals of the organization. Clear goals can be set in a number of ways;
To start with, you need to formulate the most viable ideas, discuss them with relevant stakeholders and have a strategic plan on how each one of them is to be realized. Even in a sole proprietorship, the entrepreneur must critically look at the viability of his ideas and create a master plan to achieve them.
Your objectives will work better if they are backed up by clear time frames. Timeframes become a good measure of success. Where and when objectives are achieved in good time, they may be considered as successful. Precisely, Sunshine Coast Accountant advocates for clarity of objectives ensures that everything is done for the achievement and fulfillment of the goal in mind.
Regardless of the size of your business, trust plays a core role in your growth journey. Whether it is with your suppliers, employees or clients, a culture where trust comes first helps to accelerate business growth. If your clients are looking up to you to deliver on a project, they will come back to you if you deliver the first one within the agreed standards and timeframe. Similarly, if your employees are looking up to you to fulfill certain obligations, their motivation is boosted when you keep your word.
The simple mantra about trust is that if you can be dependable on small things, you can be reliable in big things. Similarly, if a trust is breached, it becomes very hard to establish it once again and that accounts for a big loss. Trust is the basis of all relationships and a key instrument that allows businesses to thrive.
Set Clear Communication Channels:
Nothing is more confusing than receiving commands from several generals. You are never sure whom to obey or the consequences of ignoring the other. Clear communication channels follow a laid chain of command, enabling people to make reference where necessary.
It must be noted that communication within an organization has to be two way. From the bottom up and vice versa. Without a working communication channel, confusion and blame game begins to be thrown around and very little is achieved in the long run.
Have Space for Major Changes and Small Adjustments:
Nothing is cast on stone. Things change and it is therefore important to give space for adjustments. In many cases, change disrupts business operations, sometimes requiring a major shift in the way things are done. However, you will be held hostage if you don’t have room for adjustment.
A good example is in automating your businesses to eliminate manual work. Chances are that in so doing, jobs will be lost as machines take up work that would have been done by human beings. The effect of such changes may take a toll on business operations if the proper groundwork is not covered before implementation.
Learn from Other Brands and Competitors:
A clear, analytical and critical look at the market should properly guide you in the right direction. By making a deliberate study of the market, you are able to position yourself in such a way that competitors don’t quickly trample over you. It does no harm to study your competitors and even use some of the models utilized in their markets.
Studying the market is not only essential for the present moment but also critical in making future decisions. It pays greatly to keep an eye on the ground because your business doesn’t operate in a vacuum. You may also use this to form support groups to lobby for your interests as an organization.
Live within your means:
Growth is a process that takes time to nurture. Quite often, in an attempt to accelerate faster, entrepreneurs device various ways to generate money. Even debts such as loans become part of their systems. This is detrimental to business growth in the long term. Instead of this approach, put in place a stringent budget and money policies. This is one of the most important pillars of business, especially in the early stages. Do whatever it takes to separate business and personal finances.
Business structures help to carry forward the vision of the entrepreneur. Without being clear on what is supposed to be done, organizations may be swayed away into bad investments, debts even ultimate failure. Organization structures can also be built with time. This means that a number of changes can be effected along the way depending on the situation.