What you think you need to improve your business, and become more successful and sustainable, might not be what you need.
You think you need the sexy thing (the new brand photo shoot, the fancy new sales page, the beautiful new website, the high converting funnel, … you know what I mean) to reach your next business goal, but what you might really need is to go back to basics. I am talking about the foundations of a sustainable and profitable business.
What I’m seeing is this – many entrepreneurs who have a special gift that they are sharing with the world. The creatives, the health coaches, the spiritual guides, … And that is freakin amazing. I love that the world is becoming more connected and that people are finding these freedom based businesses that allow them to do the things they love, like travel, spend more time with their loved ones, and so on.
But here’s the thing. Once they’re successful, there comes a day when the pink coloured glasses come off and they’re left standing there with this one realization:
They are a full-fledged, successful business owner. Booya!
There is a problem though. They never acquired the “boring” business foundation training that will help take them from a one-hit-wonder, to a sustainable business that can weather economic downturns, changes in market behavior, and other challenges we face as entrepreneurs.
These business foundations are the things that will hold you up when others start to crumble. Think of them as your seismic upgrades so you will stay strong and survive the earthquakes that will shake your world.
What To Do?
So, if this is you, and you’re standing there with your successful six-figure business that you’ve been growing, do you know what your next steps are? Do you have the foundational pieces in place that will make your business stronger? Do you have your cash flow and profitability dialed in so you can weather any 3-6 months storms that come your way?
If not, that’s alright. There are always opportunities to redirect your course. You may want to start thinking about the answers to the following questions to get you started:
1. If something happened to you and for whatever reason you couldn’t work for 3 months, would your business continue to generate revenue? Would you have enough reserves to cover your expenses, even if you couldn’t generate revenue?
2. If you had to build a team to take over parts of the work in your business, are you set up to on-board them quickly without having to personally explain every last detail about your business and their tasks? Do you have resources to provide to them so they have a point of reference so they don’t have to come to you with every question?
3. Are your business processes streamlined so that you can get to your desired result in the most efficient and cost effective way possible?
4. Do you have a system to keep track of your performance metrics and key deliverables so you can continually improve?
5. Are you equipped to recognize changes and trends and agile enough to adapt your business operations accordingly so you can leverage competitive advantage?
As you can see, these things don’t sound as sexy as the other shiny objects out there, that do have their own value, but aren’t going to be the things that could potentially make or break your business over the long term. You may have everything figured out right now, and what you’re doing may have been working fine so far, but do yourself a favor and take a look towards the horizon and be honest when you ask yourself, whether your business will still be sustainable in its present form 3, 5, 10, 20 years down the road.
If you’d like to find out more about how to make your business more sustainable, let’s chat.