Building a business is truly hard, many entrepreneurs can tell you this. Even entrepreneurs who have been running successful businesses for decades will still tell you the same thing. This is not because they have not had great times while running their business but because it takes a lot of hard work, resilience, grit and craziness to run a business. Most people go into business, hoping they succeed, and this is why it is important to know how to build a business that can stand the test of time.
In this article, we share some valuable tips from one of our Grow My Business webinars, where Tobi Eyinade, Co-founder of Roving Heights talks about “Building a Business That Can Stand The Test Of Time.”
Debunking some entrepreneurship myths
- People need to know you to buy what you sell.
When starting, it is important for people to trust your business and that’s why some people would think they need to know you before they can buy from you. However, this has a fault because, as your business grows and expands, your business doesn’t need to revolve around you.
- There is a blueprint on how to run a successful business
Business is not a one size fits all! There is no blueprint for running a business because you have to continue experimenting and tweaking your business process till you find one that works for you. 2020 showed us how many successful businesses across different industries crumbled because of the effects of the pandemic.
What Truly Matters
- Persistence & Experimenting
It doesn’t matter how many years you spent studying businesses when you are a new entrepreneur, you are bound to make mistakes and these can be an opportunity for learning. Persistence is very important, you must be open to trying out new ideas to find out what works and what doesn’t.
- Institutionalize Systems
This is good for formulating certain levels of customs and procedures for your business that can guide and help the business perform optimally.
- Design an Organisation
As your business grows, you need to put somethings in place that can help the business thrive. It involves hiring the right people for the right positions so that your business doesn’t revolve around you, it should still run successfully without you. You should be able to delegate some responsibilities without being scared.
- Comfort is the Enemy
Never get complacent in your business, don’t be too relaxed because you are currently succeeding in your business. Think of other ways your business can improve and serve your customers better.
Building Great Systems
- Preserve the Core
Enduring businesses stem from a set of timeless core values and purpose that is constant over time. These entrepreneurs know what the core of their business is and why they are doing what they are doing. Your core values are important and everyone should know that about you – your employees and your customers. This is obvious in the way you communicate with your customers and how you deliver value to them.
- Stimulate the Progress
Enduring businesses have a relentless drive for progress – change, improvement, innovation, and renewal. You should be willing to embrace change as an entrepreneur, that is the only constant thing. As the world evolves, your business should not be left behind. This is one major thing the pandemic has taught entrepreneurs.
What You Should Do
- Draw up and SOP (Standard Operating Procedure)
Have a well documented standard operating procedure for your business that anyone in your business can understand. You may not always be present at your business, and this shouldn’t stop it from being successful.
- Create a Process Document
This is a document that clearly outlines the steps needed to complete a process. Business is a group of different processes, so it is important everyone knows what the processes are and how to carry them out. The document guides them and is always available for reference.
- Create Time for Creative Thinking
Every entrepreneur needs to create time for creative thinking for new ideas and other ways to improve the business. This is very vital for every business that wants to continue to evolve and grow.
You need to delegate responsibilities, not everything needs to revolve around you. Your business should be able to run successfully without you being present. If you have improved the capacity of your team or hire a more competent person that can run the business and make some decisions, do so!
- Automate Processes
The world has really advanced and your business should not be left behind. Do a review of your business and identify what processes can be automated. This will save you a lot of time and help you give more time to do what matters.
If you are a business owner or you want to start a business, it is very important that you think long term. In all your processes and decisions, make sure you are thinking of the future.
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