Streamlion is 6 and, to celebrate, here are 6 things we’ve learned about being in business so far.
1. No business is an island.
Never truer than over the past year, collaborating creates a stronger team. Finding reputable associates is worth its weight in gold to your business because you never have to say ‘no’ to a client again. You can offer a wider range of services by partnering with complementary businesses and these relationships tend to generate business referrals in their own right.
2. Networking is key.
Networking can be a little like marmite – you either love, or hate, the thought. But, if you find a group with a style that works for you, and put the right amount of effort in, there’s no doubt it can reap rewards in many ways. From identifying your ideal clients and generating leads to building your trusted partners, by networking we get to find out who we know, like and trust – and whether the feeling is mutual. For Streamlion, networking has been a key strategy, paying dividends from a business growth point of view and also in building our valued investor relationships.
3. Mistakes are learning points.
We all get it wrong from time to time but perhaps we should look at this as a good thing. We don’t learn without making mistakes. Sayings such as ‘fail forward’ indicate that sometimes getting things wrong can be to our benefit – this is especially true in the case of serial entrepreneurs who are renowned for keeping going until an idea sticks. Learn to love the lessons that come from getting it wrong.
4. Stick to what you know.
This is not to say you shouldn’t innovate (far from it) but when it comes to business, you should avoid being bogged down by non-core activity. Anything back-office or additional to securing sales or delivery should be handed over to carefully selected associates.
You are the power and the brains behind your business so don’t dilute this. To quote a brilliant Virtual Assistant in one of my networking groups, ‘outsource everything but your brilliance’.
5. Evolve. Always.
The uber successful Jeff Bezos is quoted as saying “what’s dangerous, is not to evolve” and we’ve certainly seen evidence of this over the past year. As business owners, we should continually revisit and review what we do and how we do it. For Streamlion, the latest evolution is putting a “best in class” Referral Partner scheme into place, where I generously reward my strategic partners for introducing and qualifying opportunities for my pipeline. A win-win situation for us all.
6. Don’t take your ideal customer avatar for granted.
Perhaps my most recent observation, having watched businesses turn themselves inside out to survive the pandemic, is not to take your ideal client persona for granted. It’s critical to spend time understanding your ideal client but this isn’t a one-off task. This also needs to evolve, especially as you change and bring new products or services online.
I hope there’s some food for thought in there for you – and I’d love to hear your own business lessons if you’d be willing to share.