Are you finding that the demands of your business are pulling you in different directions? If your business is growing and opportunities are coming you are probably experiencing some natural tension in your business.
On one hand your business is still small and vulnerable while on the other hand it’s growing and the opportunities are exciting!
At this stage in your business cash flow is at a premium and yet the demands are big enough that if you’re not careful you will put your time, energy and cash in all of the wrong places and you will ultimately hurt your business.
Yesterday on my new Facebook Community page Lori Volkman asked a question that I believe a lot of entrepreneurs and business owners are struggling with!
“Rail one of the company, military audience marketing, is my “bread and butter” and I’m able to get small contracts rather easily because I am an influencer in that audience. However, the clients are all small business owners so there is a limit to the value of a single contract (around $8 – $10k). On the other hand, rail two is my money-maker. Example: I just closed an $80k contract for once a month training sessions for a healthcare team. Where is the “friction point” at which I let someone else take over the small business side of the house and focus my energy on the corporate contracts, keeping in mind that I’m the key person of influence on the military-based contracts.”
Here is a video I did to answer her initial question. Below it I will add a little more detail:
In addition to having a strategy to transition a team member to handle the smaller accounts, a real question every business has to wrestle with is what should you be doing with your time?
Here is my personal opinion by breakdown:
Vision, strategy and organization: 25%
There is a lot to manage in a company and there is no business owner that can do it all. Every business has five facets that work in this order:
- Production or product delivery
- Customer Service
Let’s think about the order for a moment:
- If you don’t market your business there will be few or no sales
- If there are no sales there will be no products to deliver or production deadlines to meet.
- If there are problems in the production processes or product delivery you will earn a bad reputation for not delivering.
- If your customer service is bad you will lose customers who may buy from you again.
- If your administration is lacking you could find yourself in trouble with your bank, creditors, IRS, state auditors, government labor relations boards and commissions, etc… This also includes vision and strategy.
In the beginning of many business owners and entrepreneurs have to be heavily involved in EVERYTHING!
But at some point you have to keep growing and relinquish control over certain areas of your business to qualified and comp tent staff who you have trained to help you run the business.
When should you get that help?
When you are no longer able to focus specifically in marketing and sales; and make time to evaluate if you business is fulfilling your strategies and goals and re-evaluate them monthly and quarterly.
Previous articles worth checking out:
As the business owner, you are probably the face of your company or at least you should be. As your company grows your marketing influence grows with it. As bigger business opportunities come your way that means you have to let go of the smaller things in order to focus on the larger.
Make sure you have planned this well so that you don’t lose your smaller clients. That’s where a trained and competent staff member will be invaluable to you if you have trained them well and put in a transition period to make that shift.
Lori, that’s a simplistic answer to a complex issue. But it is a sound starting point in my opinion. There are many ways to do it and no one way is necessarily the best way; there is just a right way for you and figuring that out and anticipating is what separates an average business owner from a great one.
If you’re an entrepreneur or a business owner I want to encourage you to join us on my Facebook group. In a very short time not only are we growing but we are interacting and supporting one another. Click here and join us today!
Do you have a comment or question, please be sure to engage with me below in the comments section. I love comments so let’s get the conversation started!
Don’t forget to get your copy of “The Shift” it’s now available on Amazon. “The Shift” is for those business owners and entrepreneurs who know that something is deeply wrong with their marketing but they are doing everything they are told to do to be successful, except for one thing… learning your business so well that you know what business you’re “really” in and learning to speak the language of those who are ready to buy from you.