It’s the stuff of modern business lore – major companies that got their start on the kitchen table or in the garage. Companies like Amazon, Tory Burch, Apple, Disney and many more had their humble beginnings at home. The rest is history. Amazing!
Moving from the kitchen to the boardroom can be difficult. The adjustments are many and a successful transition can mean the difference between business growth and potential failure.
Here are five business success tips to help take you out of the kitchen and into the boardroom:
Conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)
This analysis will help you to better understand where your business is today so you can seize opportunities, avoid pitfalls and better position your company for tomorrow’s growth. The SWOT analysis assesses the marketplace; it is a useful tool that will assist you in making sense of the potential risks and rewards in what you are looking to achieve. It will also help you to avoid that sad state of affairs that comes with thinking “if I build it they will come” and then they don’t. Click on the link in this section for more on the SWOT analysis.
Surround Yourself With Trusted Advisors That Have Your Back
One of the most difficult things for solopreneurs and small companies to do is to make mission critical decisions on their own. Decisions involving financing, technology, real estate, human resources, sales and marketing and other key risks in the business may require expertise that you do not have. These decisions are too important to risk making a mistake. Developing an informal Board of Advisors or aligning yourself with professionals that are experts in specific areas of business, can save you from experiencing many of the UPSETS that come from trying to do it all on your own! You have several options:
You can hire these individual professionals to guide you
You can establish an informal and unpaid Board of Advisors to guide you
You can join a Business Peer Advisory Group that can help you with these important decisions
Develop Systems and Procedures
Successful business growth needs to be SCALABLE and requires SYSTEMS and PROCESSES to support the growth. What was once accomplished with a nod, a post-it note and a handshake, must now be systematized so that the business can run efficiently and cost-effectively. This is especially true as additional employees are brought into the company and the proverbial right hand must know what the left hand is doing. Establishing systems and procedures right from the beginning will minimize business upsets and allow for a smoother growth arc.
Hire the Right People
Once upon a time you did it all by yourself or perhaps with one or two other people; but not anymore. Business growth is usually associated with the addition of more staff. Getting the hiring process right the first time will save you time and money. Look to Human Resource Professionals to assist you with the hiring and onboarding process; this will save you needless aggravation and potential financial exposure.
Don’t Forget About Sales and Marketing
You have a wonderful product or service; however if no one knows about it, then it will remain your closely held secret. You’ve also experienced success working from your kitchen table or in that garage but now your goals are to grow and acquire more customers. This will now increase the revenue that can help you to support the move from kitchen to boardroom. Align yourself with people that know how to get your product or service into the marketplace through branding, marketing, PR, sales and social media. Now you are ready for growth and perhaps that leads us to one last point.
You must have an organization and infrastructure that can support growth and additional business. There is nothing worse than bringing on New Customers that you can’t service effectively and who then decide that you are not the company for them. In these sad situations it is almost impossible to expect them to allow you a “do-over”. Make certain that you are ready and able to be in that boardroom!
ANY QUESTIONS? We welcome the opportunity to chat with you about your plans for business growth and how Unique Business Solutions can assist you with your move (from kitchen to boardroom that is!).
Taken from the March 2015 Unique Business Solutions Newsletter