“Weak foundations” could be what’s stunting the growth of your business.
Lots of startups built from brilliant business ideas and concepts failed eventually. Forthrightly, it’s factual to say these businesses failed from the start. Why? Faulty foundations! If you are to erect a fifteen storey building, your base must be strong enough to withstand the load above it. In the world of business, it’s no different.
As an entrepreneur, you must structure your business for growth and expansion even beyond the peak level you had envisaged at startup.
While setting up a business, having solid foundations in place to grow from is essential. You must pay close attention to its structural base, as this is primal to the growth and success of the business in future.
If you fail to structure your business for growth and expansion, then it can as well be rightly said that you have set yourself up for failure.
As the company grows, so also should the effort required to drive and keep the business afloat.
In this article, I have outlined a few tips on how to incooperate systems in your company that will help you set the right foundations, so your workforce is structured effectively to drive growth, increase efficiency and enhance the potential for profit.
what constitutes the foundation of a business
Structurally, we have defined a foundation as the base layer which supports your entire business. But, what does this base layer actually consist of? Is it Capital? Work strength? Or Infrastructure? I am sure you must have thought of these.
However, a business foundation is a little more than just what you might have immagined. Like a structural base, it can’t be modified that easily. Except of course, you want to bring the entire business down and start again on a clean slate.
In more elaborate terms;
The Foundations of a business are the structural, team and marketing strategies and decisions that you enact at the start of a business. These decisions have the potential to either elevate your business to optimal growth or stunt it to not grow beyond a certain point.
Setting A Solid Business Foundation
Building a solid foundation for your business is a process that takes time. In order to get this right, you should inculcate certain virtues and disciplines in the everyday life of the business. You must be able to tweak your “inner game” to fall in line with your business model. Here are some tips to help solidly ground your business at startup.
Build Your Business Ethics
As the CEO or sole proprietor of your company, what happens when you take a holiday trip? Is it normally work-as-usual, a partial close down, or does everything go into a stalemate?
The ability of your company to grow to a point where you can step back gradually and it continues to operate in the way you want, is a direct reflection of the values and culture you have instilled in it. These are basically your business ethics, and you should start setting the building blocks for these values from the onset of your business.
Fix Square Pegs In Square Holes
Get the right people to do the right tasks. Teams function more efficiently when everyone understands the role they are to play and plays the part they are best at. The key to a successful and productive business is to have the right people in the right positions doing the right things to the best of their ability. Carefully review the strengths, weaknesses, and personality of each individual before assigning a task to them.
Dream Bigger And Leave Room For Expansion
Give it a deep thought, in the next twenty years, what do you want your business to look like? This will form the baseline of what you are going to build on. Getting the bigger picture from the onset will help you structure your business to suit your dream.
Develop a Marketing Strategy And Evolve Systems To Make It Work
Before you begin, you must have thought of a strategic marketing plan for your business. But you still need supporting systems that will actually make these marketing ideas work. “Process” has a big role to play here. Think of smarter and better ways to apply your strategy, inculcate into your business plan and develop a systematic approach to implementing them.
Develop And Implement Operational Systems
Continuous reliability is the most important attribute to long-term customer retention. Make conscious efforts to build and implement the best systems for your company to deliver quality and consistency to your customers. These solutions will ensure that every time they deal with you, customers get the right product and the right service.
Make Quality Improvement A Policy
Consumers are always thirsty for more, as they become accustomed to the very high standards that you are offering. Hence, you must make it a policy to always quench their thirst if you want to keep being popular in the market. Always strive to create new and better products or improve on your quality of service. When you instill quality improvement in your business philosphy, you will always be a step ahead of your competitors.