“Ask for what you want and be prepared to get it!”
I feature this powerful quote from Maya Angelou on the home page of my new website because it encapsulates the approach I take when I’m speaking to business owners or entrepreneurs wanting their latest idea to come to fruition.
I also like it because it’s true – if we are willing to work hard enough, and build relationships with a great network of people, we can make pretty much any dream a reality.
So, what is the secret to achieving your goals when it comes to business? I help all sorts of people from successful small business owners who want to scale their operations, to entrepreneurs needing angel investments for their embryonic business idea. There are a few things which hold true whatever the situation and whatever the customer.
I call them my “4 tips to make your business ROAR”
Tip #1 – R is for Resources
When you embark on a business startup, success becomes all about what you have at your fingertips. Money is likely to be tight, even if you have funding, and time is of the essence so having resources to hand is essential to getting yourself up and running as quickly and efficiently as possible.
Resources could be anything from people you know to lessons you have previously learned from. They could be educational, training programmes you need to fill any gaps in your knowledge, or physical such as buildings, materials and tools to start work with.
Resources aren’t just relevant at the start of your business journey, of course. They’re something that needs planning right the way through the lifecycle of your work. From knowing the right time to upskill or recruit additional people, to having the capacity in terms of space and/or materials to deal with the success of your marketing.
Tip #2 – O is for Optimisation
I’m talking about efficiency and accuracy. The quicker you can nail your business processes, ideally automating as many of them as possible, the quicker you will be in a position to make money. That’s because the admin doesn’t just drag us down, if it’s not addressed, it can actually drag us under. Paperwork: insurance, accounts, invoicing, contracts – if we don’t get these things right we are welcoming risk into our business.
Many start-up businesses fail to survive beyond their first 5 years and this is likely because while lots of energy went into the idea, the brand design, the launch and the business development, nobody really thought about the steady-state. What needed to happen once the orders were rolling in on a regular basis? Did the systems exist to keep on track? What aftercare or customer experience work has been done? How do we keep people loyal to our brand?
Tip #3 – A is for Access
Often, ideas – even brilliant ones – never get off the ground because those that come up with them simply haven’t got access to the right people. This is when your network comes into its own. I’ve spent years building a network of people with the right skills to help businesses get off the ground. In part, this consists of subject matter experts, marketers, branding experts, financial planners and more. It also consists of a strong network of investors.
Finding someone willing to put their money where your mouth is can be tricky if you don’t have the right contacts. Often, these angel investors will only consider business owners who come with a personal recommendation. It makes absolute sense to tap into the right network even if it’s not your own – doing so is a surefire way to ensure a sound investment, with a strong business footing and boundaries which help everyone measure progress.
Tip #4 – R is for Review (and refocus)
As a business evolves, it’s easy (especially for those of us who are over-excited entrepreneurs) to get distracted and start tweaking the business to cater for every enquiry. This can lead to a business that isn’t scalable, has no consistency in its offering and ultimately confuses its prospective client base.
It’s important to pay attention to that business plan you spent so long compiling. Stick to your aims, follow your goals and, if you do veer off centre, don’t be afraid to refocus.
An important element of any business is the ability to scale what you offer. Having bespoke processes and offerings for every client isn’t going to give you that option and you’ll then be very unlikely to meet your growth targets, not to mention killing any chance of ever getting your money back out of the business. Of course, there will be times when you need to change tack but this should happen as part of a conscious change program, carefully managed and implemented to ensure the necessary improvements are realised.
As a business consultancy that offers business advice, strategy, funding and planning services to start-ups and scale-ups, Streamlion Consulting has helped hundreds of entrepreneurs get their business journey right and realise their dreams.
A one-stop-shop for helping businesses to roar, Streamlion can help with everything from accessing funding and angel investments through to building, and exiting, a successful and sustainable business.
Find out more at www.streamlionconsulting.com