You’ve made the decision to leave the corporate world and you’ve started your own business. It’s time to capitalize on all of the industry experience and knowledge that you’ve gathered over the years. You’ve got a new Macbook Pro, a business email address and some business cards. Now what?
Typically, panic begins to set in. One of the benefits of the corporate world is the structure that it provides. But now you are in charge of everything… and I mean everything. What are some ways that you can begin to bring the structure of the corporate world into your small business?
First, I’m going to assume that you have written a business plan and thoroughly vetted your new venture. I would not advise anyone to leave their existing employer before a comprehensive analysis of your soon-to-be business has been completed. Writing a business plan is a great first step because it forces you to organize your thoughts in a coherent manner. It’s easy to tell someone your business idea, but it starts to become real when you actually put words down on paper.
A quick note on business plans. I read multiple plans each week and I’ve seen five-page plans that are great and 50-page plans that are terrible. My advice is to always write it yourself (don’t copy and paste from the internet) and focus on why your business is going to be better, different or more successful than the competition. You should be able to articulate your competitive advantage as precisely as possible. Business plans don’t need to be dissertations, but they should serve as a road map for the beginning stages of your business.
So what are some steps that will help you, the boss, maximize your time and effort in your new business?
1. Develop your team
I recommend that every small business owner have a team with at least three key members. A small business owner should have a good insurance agent, attorney and bookkeeper/accountant. Not only does this limit your organizational risk, but it also allows you to focus on what you do best – manage and run your business. I recommend outsourcing as much administrative work as possible. It’s great if you want to spend your evening hours calculating withholding taxes, but that’s time you could be spending setting up new client appointments or closing existing business deals.
2. Create a dashboard
Your organization’s dashboard should focus on two, at most three, key performance indicators (or KPIs). Your business’s KPIs should be achievable, specific, measurable and results-oriented. An example of a KPI could be “Proposals Submitted per Month.” This indicator would help you understand if your company is getting enough “at bats” on a monthly basis. Your business can’t hit a home run if you aren’t getting into the batter’s box.
3. Network
A great benefit of Greenville is that there are a multitude of opportunities to get involved. The hardest part is narrowing down all of the options and choosing which organization or event to join. I always recommend choosing an event that either closely aligns with your business or one that you have a personal connection with. We recently worked with a client who moved here from another state. This individual did not have an existing network of friends or business contacts, so she began volunteering at a number of Upstate events and charities. Very quickly people began to recognize how effective she was at her job and she started to receive referrals for her own small business. As with any networking event, you typically get out of it what you put into it. So if you are making the effort to attend, get engaged and make the most of the opportunity. A great place to find events that are taking place is in the calendar of the Upstate Business Journal, or the websites for the Greenville Chamber of Commerce or Ten at The Top.
4. Focus, Focus, Focus
When asked the question, “Who are your customers?” please do not say, “Everyone.” Not everyone shops at Wal-Mart or has an iPhone or drives a Ford. As a business owner, you have to have a sharp focus on who your ideal client would be. Use a bullseye approach to customers. I always recommend starting as specific as possible and then working outwards. I love hearing clients say, “My target customers are 30- to 40-year-old males who live in the Upstate, have an undergraduate degree and attend college football games on the weekends.” Now we’re talking! It’s much easier to develop a business strategy around a specific target.
You’ve made the leap, now it’s time to go out and execute. Hopefully, the aforementioned steps will help bring some organization to your day and help you achieve your mission. The Small Business Administration states that there are nearly 400,000 small businesses in South Carolina, so you aren’t alone. But do your best to make sure that you can stand out in the crowd.
