Learn the art to build a business which runs on its own
Business Strategies
defines your business, Do you work for your business, or does your business work for you?
- If by any reason you can’t look after or run your business regularly then will your business will be affected?
- Would your business still succeed, would it merely survive, or would it suffer a tragic failure?
These are some obvious questions that every business owner must answer. We tell you 5 Business Strategies run a business without your daily involvement:
1. Decide on your goal
The first business strategy is to decide what your objectives are. Are you in business to scale or is it only a passion that you are growing? Do you want to continue to do the work yourself, say, like a software engineer or chef? Or a business is desired which can be run without your regular involvement?
- For example, if you decide to continue to do the work yourself, then you will not have the time to build a business. You can hire associates to help the company bring in more revenue, but that revenue is split among the partners. So, this will not work as that business model will be run by other partners.
- A professional like a CA, Doctor, Lawyer is a professional. They are still an entrepreneur but more like someone that is employed by his own self.
The first basic Business Strategy starts with you deciding to step away from a managerial role and bring a leader attitude towards everything.
2. Narrow the service you offer
Another important business strategy is to take a decision as a leader to streamline the work. Remember only process can scale.
- For example, if you provide SEO services, and, for a typical client, you did everything from on-page optimization to building backlinks to PPC advertising. To make any business successful and scalable you need to choose the services in which you are skillful enough to deliver.
- For example, let’s assume you just focused on GDN advertising then you become the specialist in that one particular area. It’s really important for you to be passionate and proficient about the work you choose.
When you narrow the service that you offer, you become a specialist. Specialists can be professionals or they can become leaders and build a large scale business. Specialists always command more value. Also they can always train more people to work for them in a certain defined process.
This is exactly what you must learn. Be a specialist and create a process that can be replicated by other people.
3. Train people to unlock your time and then build a team that repeats this process
Now that you’ve got your goal defined and services are narrowed, the third business strategy to apply is to start hiring smart talent that can unlock your time.
- The business strategy applies here is, you don’t have to hire the best talent. You only have to hire competent and passionate people.
- Important thing is to manage these newly hired staff effectively, you need to have a leader’s attitude and set an example in the company. This involves planning, predictability, control and culture.
4. Use technology for business automation
Business automation is the key. You must understand what technology will help you automate process, increase people’s efficiencies and save time. All technology must lead to an improvement in people and processes.
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5. Hire your successor
At this point, you are now prepared to do one of the most important aspects, now the final Business Strategy would be to hire someone to take your place.
Prepare a plan to hire your successor within a particular time. That plan should answer the following questions:
- When do you want this to happen? In one year? Two? Three?
- Who will be your successor? Will you hire someone from in house team or from other sources?
- What are the qualities required that are important to this position? Strategic thinking, risk taking or talent management?
- What are the technical competencies that are important to this position? These will be specific to your industry.
These are the five business strategies for creating a business that can run on its own, especially helps you out when you reach that point where you can step away for few months and not have to worry whether you will have a business when you come back.
