Business growth is a dream that sparkles in the eyes of many small business owners. But bigger is only better when your business is set up to support the life you want. Bigger is not necessarily better. Best is a business that supports you to have a life you love, with an income to match, providing services or products you are proud to deliver. So, how do you get there for sustainable success in 2022 and beyond? Let’s take a look together.
First and foremost, don’t worry about “scale” unless you are building a business that actually needs to scale. Instead, start by getting clear on what you are creating, why you are creating it, and what you need to do to get to just your own next level of income while freeing up your time, energy, and attention in the right amount so you can play your right role in your business.
Depending on your skills, talents, and desires, your right role may be to provide the service in your business, or make the products, while you hire out all of the admin, sales, marketing, and executive functions. Or, conversely, your right role may be to be the leader of your business, the strategist, visionary, and oversee sales, marketing, and executive functions while you hire out the sales or product delivery. Very rarely will it make sense for you to hold all the roles in your business, but unless you’ve got a proven product or service, and the sales, marketing, and delivery teams to support it, thinking about scale is not your next right step. However, if you do have a proven product or service and the sales, marketing, and delivery teams to support it, your next step may be scale.
As a Family Business Lawyer, one of the things we can support you with as we move into 2022 is to get absolutely clear on where to focus your time, energy, attention, and money — which we call your TEAM resources — to align your desires for your life with your focus for the future of your business.
Factors we will focus on where to align the use of your resources toward the next level of growth of your business:
- How Much Money Do You Want?
- Get clear on exactly how much you want to earn from your business;
- Get clear on how much time, energy, and attention you have to earn what you want to earn from your business; and
- Identify where the gaps are between your current income and your current use of time, energy, and attention so you can focus on filling those gaps, strategically.
2. Be Proactive, Productive & Efficient
- Streamline your systems to increase productivity and efficiency; and
- We will help you think about how best to improve your tech infrastructure, company policies, and workflow.
3. Establish/Reinforce A Strong Business Foundation
- Protect your business from the potential pitfalls of growth. Rapid growth can expose you to vulnerable circumstances that can counteract the benefits of increased business. Small oversights can really add up when your business is experiencing rapid growth.
- We will help you to strengthen your legal, insurance, financial, and tax systems to support your next level of growth, so the “container” you created can hold more, rather than “springing leaks” as you grow.
4. Hire Key Players for Leverage
- Who and how you hire can be one of the most important determiners of your next level of success.
- Ensure the right agreements are in place and are negotiated clearly.
5. Build Strategic Partnerships
- Build strategic partnerships that will see you through your growth;
- We can support your development with multiple vendor relationships so that they can meet your growing needs; and
- We can help to ensure you have airtight agreements with vendors that properly share the risk.
Growing your business sustainably is what we are all about. Now is the time to look at your next level of growth, and we’re here to support you. As your Family Business Lawyer®, we’re here to help you implement a legal, insurance, financial, and tax system that will ensure you can grow your business efficiently and worry-free.
This article is a service of The Hyndman Group, your Family Business Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Schedule your LIFT Planning Session or Business Review today to get started.