“Are You Losing Control in Your Business Because You’re Doing it All (Recover Now)”
Small Business Coaching Houston
“The greatest leader is not necessarily the one who does the greatest things. He is the one that gets people to do the greatest things” – Ronald Reagan
People loved Ronald Reagan. He showcased powerful leadership skills. And his quote typifies the importance of effective delegation. A person can never be a great leader unless he learns how to delegate his work to others.
Once you start a business you quickly realize that you will have tasks you wish you didn’t have to do. You also figure out that you couldn’t possibly manage the entire business all on your own and still make money.
Take the example of Soyini Chan-Shue who worked in the New York Police Department. Many worked under her. She did it all herself. But when she started her own security firm, she found it hard to delegate. She is running a successful business now. However, all wasn’t as rosy when she started. Like most entrepreneurs today, Chan-Shue wanted to keep the reins of the business in her hands.
She faced challenges in trying to do it all herself. That’s when she quickly realized she had to delegate. At least she had to delegate so she could focus on the tasks that made her money. Now her business flourishes with every passing day. Thanks to her ability to delegate.
1) How important is delegation?
Research shows that many small business owners are reluctant to delegate their work to other people. Even though they have hired sub-ordinates to do their work, they still don’t feel safe. They feel insecure. Giving up authority to anyone isn’t easy. This is common in small businesses. People believe that they can control and manage their business. They underestimate the work because of their smaller size. But size is irrelevant.
Delegation is critical, regardless of size. You pay people for their skills and expertise, don’t you? Ask yourself. Why would you want to pay someone if you don’t want him or her to do the work? It just makes no sense. Yet most business owners make this mistake anyway.
2) The pitfalls of doing it all yourself
Nobody can deny that entrepreneurs persevere. Otherwise they wouldn’t be in it. They want to see their business flourish. They want to become successful. Yet success comes with trust. Trust in your people. Just like your customers have to trust you, you have to trust your team. Doesn’t that make sense?
Small business owners shoulder the full burden of their business. They might feel like they are contributing heavily. However, the stress and business burden could take over your passion. Small business owners who keep it exclusive to them could suffer from increased anxiety. Their endless passion, good in the short run, could damage their business in the long run. Instead of having full control on their business they could lose total control of their business.
3) How to control your business and start delegating
Greet and talk to your team daily. This will help you develop trust inside your team and that could help you effectively delegate tasks. It is part of the strategic planning for small business. You discover the benefit in delegating the right tasks to the right people. Evaluate the skills and character of your employees. This will allow you to divide your work. You could do it effectively knowing the abilities and interests of your staff.
Besides, you could also hire a small business coach. Hiring a small business coach will help you put together a delegation plan. Acting on the advice of your small business coach will let you control your business. And you will do it in a way that carries your business.
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston
“6 Questions You Should (Really) Ask Before a Business Plan”
Small Business Coaching Houston
“Plans are nothing; planning is everything.” ― Dwight D. Eisenhower, former U.S. President
That rings so true in life, doesn’t it? However, in your business that could take a different turn. You may already know starting a business can be thrilling. You could become adventurous. You could take risks. Sometimes, you might want a cushion. That’s when a Business Plan could come handy.
That’s not the only time you’ll need one. Once you start your business, doing all the work without any help or advice can become exhausting. You could gain from hiring a small business coach near you. That coach could help you put a business plan together. You work with the coach regularly. And soon you will reap the rewards for your work.
Now let’s look at 6 questions every small business owner asks before writing a business plan or hiring a business plan writer.
1) When should a Business Plan be written?
The quick answer: Write the business plan before you start your business. And it’s okay the first time if it takes longer than you’d expect. If you feel more comfortable, you could hire a business plan writer. Your investment will pay off. For aspiring entrepreneurs, get your fundamentals right. Get to know your reasons for plunging into business. I mean ask yourself why you want to do it. Strategic planning is a different step in business. Even with overlap, a business plan is a subset of strategic planning. With the help of a small business coach, you can create a simple strategic plan. It will benefit you and your team.
Write your business plan when you want to get funds from a bank. Write a business plan also when you want funds to grow once you are in that phase.
Another phase to write your business plan is when you get ready to sell your business. It will give you data that shows your business value. You will now know your business worth. And that’s one measure in setting your selling price. Since a business plan is about the future, your prospective buyer will thank you for sharing your vision of his future. And he or she might possibly make you an offer for your business.
Finally, write a business plan when the market shifts and disrupts your business model. This could happen when you suddenly could be selling to a different market. Or, you could use a different method to sell your goods or services. That’s exactly when a business plan will help your team to connect with your business. You will end up with a boost to the morale of your team. That in turn will boost your company’s growth.
2) Why is Business Plan important?
As you have seen the reasons for writing the business plan, its importance is amply clear. Creating funds or evaluating your current state sends different signals to the market. You could build, borrow or buy.
Mergers and Acquisitions (M&A) are necessary for the future of any business. That’s when you are buying another firm. Alternately, some other firm might offer to buy yours.
3) What should Business Plan include?
Every business plan could make your business a future success. Typically, it includes:
- the business idea
- the overall plan and your actions to realize them
- your services and goods and your unique selling point
- markets and reasons for choosing them
- your management staff and employees
- your funding needs
You will realize that your credibility is most important in a business plan. It is a sum of facts, projections and practical forecasts for profit. Your passion is not the reason someone is going to give you a loan. It is their belief in your credibility that will turn in your favor.
3) What should Business Plan include?
4) Where to start a Business Plan?
Start a business plan where and when you are ready to commit to yourself. That’s right. A business plan has an understated benefit. It holds you accountable to what you promise to do. And you know by when you plan to do it. If you aim for $2 million in revenues by year 2, that’s what will drive you. That becomes your goal.
You could start with sales and work backwards. You could also start with the number of services you’ll offer or the goods that you’ll produce. It is about going from point A to point B. You have to know your point B.
5) Will a Business Plan guarantee success?
As we discussed, a business plan is a way for marketing your company to investors, suppliers, customers and even employees. It is not an assurance plan or a plan to guarantee success. It will however have the ability to guarantee you a way to hold yourself accountable. You will also have others who have invested in your business remind you about where you are. And they will ask you questions about why you are where you are. They want you to succeed.
Could you be successful without a business plan? You could. But you may cut yourself short of what you potentially could achieve with a business plan. Why would you want that? Aim high instead. Work hard. Work smart. And you will reach your goals with a detailed business plan. If you find it hard to do it all yourself, don’t sweat it. Hire a small business coach in Houston. It will save your day. And it could get you moving to your goals quicker than you imagined. Now, isn’t that what you really want?
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston