So you’ve set up your business, embedded all of the necessary systems, processes and automation, curated a loyal customer base and onboarded staff to allocate specific tasks and projects to, but where do you fit into all of this? When everything is running like clockwork and everyone has a dedicated role in the management of the business, as an owner, it’s easy to grow complacent or interfere and become a hindrance.
For many entrepreneurs, their business is their baby. So, when they have the benefit of being able to let others take the reigns it can leave them feeling like a spare part. But stepping back from the operational tasks frees up time to focus on the strategic goals of the business. This allows you to dedicate yourself to forward-thinking, big picture activity. Without this, there will be no longevity for the business.
So what should you be doing as an entrepreneur to add value? Here are the qualities business owners should be channelling to ensure their personal brand and business thrive.
Stay hungry and ambitious
Now stepping back from the day-to-day doesn’t mean becoming lazy and leaving everything up to everyone else. There are plenty of projects you could be turning your attention to behind the scenes that can evolve your business. This is the time to start building your contacts by networking at events, secure investment by pitching to financiers, creating new partnerships with other brands in the industry, or product and service development, whether it’s improving the ones you already have or introducing new ones. This is the perfect opportunity to think of all of those dreams you had that once seemed unattainable and begin to actualise them. An entrepreneur should never be satisfied with less than they know they can potentially achieve.
Be clear and focused
With more time comes more opportunities, but it’s important to remember not all opportunities are good ones or right for you and your business. The important part is figuring out which ones to disregard and which to prioritise. This is where the vision comes into play because having a clear vision gives you direction and a long term plan for your business. It provides a blueprint, defining where your business plans to be in the future so you aren’t left chasing shiny objects, but instead pursuing activities that bring you closer to your vision. If in doubt, ask yourself if you have the capacity to pursue this without it distracting from the core business, whether the opportunity generates additional revenue, profits or exposure that can be monetised, and if it actually brings you closer to your vision.
Businesses all over the world are vanishing due to a lack of innovation. The moment you stop striving to learn and improve is the moment you allow the competition to overtake you and leave you behind. Having a robust innovation process and regularly carrying out ideation to generate new products, services or models will help your business to be competitive and boost performance. Start by making use of your greatest assets such as the team and customers/clients. They may have some great ideas that you hadn’t even considered, after all, they are the ones involved with the products and services on both sides. Also, look to other industries for inspiration. See what they are doing that isn’t being done in your industry that would set you apart.
Building resilience is essential because it helps you overcome challenges and setbacks you will undoubtedly face in your entrepreneurial journey. Without resilience your mental health can be negatively impacted, you will struggle to bounce back from issues that arise and your business will start to suffer. Developing self-awareness will allow you to recognise your strengths and weaknesses. This knowledge will give you the power to feel confident in your abilities and the knowledge to set goals and improve on your weaknesses. You can then benefit from identifying coping strategies so you are able to self regulate. Only then will you be become a solution-focused thinker who doesn’t let obstacles stand in your way.
Take responsibility for your failures
If you make a mistake, don’t pass the buck, own it. After all, it starts and ends with you. A lot of business owners develop a habit of blaming the staff but if they underperform it is either because you hired poorly or managed poorly. When you don’t take responsibility for failures, you don’t have the opportunity to learn to be better or gain the respect of your team or customers/clients. Be instrumental in prevention by putting systems and processes in place to reduce the likelihood of issues arising and carry out risk management at least once a month. That way you won’t be scared to take calculated risks for the betterment of the business.