Welcome to the third part of six blogs that we have designed to explore the challenges and critical milestones that have to successfully navigate throughout their growth phases in order to unlock their true potential.
With this in mind, in today’s blog we begin to explore the importance of entrepreneurs building the requisite knowledge and designing an organisational infrastructure to unlock their business’ true potential.
Building The Infrastructure To Succeed
Successful entrepreneurs recognise the importance of building the infrastructure (systems & processes) to allow the business to realise its true potential.
There’s no doubt that infrastructure is indeed one of the most important factors in determining the rate of growth in any business. It is the key to accelerated growth as well as further down the line a successful exit.
Put another way…. systems and processes are the essential building blocks that underpin every great organisation.
Great systems and processes create the leverage that allows every successful business to realise the following benefits, namely;
Improved Top-Line Performance
Part of any great business system is the development and implementation of strategy creation, business processes and strategic planning throughout your organization. These foundational elements lead to a much more insightful and focused way to grow top-line revenue.
In short, great business systems take care of your future. They ensure that you meet your customers’ expectations and improve your brand reputation, which is key to growing a healthy business.
Reduced Cost and Increased Profits
It has been proven time and again that the implementation of sound business systems helps reduce costs. A business system is intended to reduce costs without taking the shortcuts that often lead to an erosion of profitability due to the necessity to lower quality expectations or service levels.
Meeting Customer’s Expectations
If you use a systematic approach, your organization will analyse, measure, compare and test all the possibilities of what your customers want and don’t want. You will have constant information on areas that need to be improved and, even more importantly, you will begin to understand the unmet needs of customers. A business system is key to improving the brand that the organization projects to your community, including customers, employees and suppliers
The goal of the system is to enable proper education and opportunities to all employees so they can complete their work more efficiently and effectively. We also seek to harness their ideas and creativity and, in the process, increase their personal engagement. Additionally, having the system in place allows you to quickly integrate new-hires, and makes it easy for them to see their role within the organization and bring forth new ideas.
Whether considering safety, quality or getting the job done in a timely manner, a business system is designed to give you effective, efficient and repeatable results. In short, the business system gives you a process to fix your processes.
Want more great content like this? Check out our latest eBook today!
Download a free copy of our eBook “Why So Many Businesses & Ambitious Entrepreneurs Fail to Achieve Their True Potential” today!
It’s packed full of practical and easy to implement strategies that will help you “Avoid the Pitfalls” and drive your business to the next level!
Building The Knowledge To Succeed
In order to be a successful entrepreneur, it is essential to build knowledge in multiple areas. For many first-time entrepreneurs who either started their businesses off the back of a great idea or simply because they had tired of working for someone else, it’s often a steep learning curve.
For most entrepreneurs, the initial priority is building their Business Knowledge so as to ensure that they have a strong working knowledge of the main functional areas, namely sales, marketing, finance, HR and operations.
Others need to develop their Entrepreneurial Knowledge in order to ensure that they are able to raise the necessary growth capital and then ensure that they have adopted the right business model to create a business that is able to prosper over the long-term.
As the entrepreneurial journey evolves others will need to develop Opportunity Specific Knowledge in order to gain greater understanding of specific markets that they are operating within and/or entering with a view to ensuring that they are able to compete strongly.
Finally, there’s invariably a need for entrepreneurs to develop Venture Specific Knowledge in order to know exactly what it takes to run a successful enterprise within a specific sector or market.
Similarly, as an entrepreneur you’re likely to have to work closely with others and hence it becomes crucial that you’re able to build good relationships with your team, customers, suppliers, shareholders, investors and other stakeholders.
Whilst some entrepreneurs are naturally more gifted than others in this area, the importance of improving interpersonal skills is an essential part of the entrepreneurial journey with a particular focus on skills such as;
- Leadership & Motivation
- Communication Skills
- Listening Skills (Active & Empathetic)
- Interpersonal Skills (Emotional Intelligence)
- Negotiation Skills
Consequently, it’s rare to find successful entrepreneurs who haven’t committed themelves to the benefits of life-long learning. The most successful entrepreneurs realise that it’s not about amassing random knowledge or memorizing copious amounts of information. It’s about turning what they absorb into strategic action.
Many commentators have described how “We’re all born with a natural curiosity. We want to learn. But the demands of work and personal life often diminish our time and will to engage that natural curiosity.” (John Coleman)
The most successful entrepreneurs simply make time to learn. They recognise their importance. They understand that smart goal setting means increasing our learning agility, or our ability to take knowledge from one concept and apply it to another.
No matter where you are on your journey, turning to a community of like-minded individuals can help make learning fun and exciting. By working with that community of entrepreneurs alongside a great coach/mentor entrepreneurs are able to learn from one others’ experiences and provide value to those others in return.
Book A Call
Why not get in touch with the team today? We’d love to hear from you!
We’re truly passionate about supporting business owners like you overcome your challenges and unlock the true potential of your business. If you’re looking to drive your business forward, get in touch today!
For entrepreneurs across the world, navigating the growth stages continues to be a significant challenge.
Having experienced early success, successful entrepreneurs are invariably keen to accelerate their rates of growth and realise increasing levels of productivity and profitability.
The growing pains associated with this RUN phase are for many considerable and breaking through this phase relies heavily on the entrepreneur’s clarity of vision and purpose, their optimism and dynamism, their commitment and resilience along with their desire to lead and build their own knowledge and skills to ensure that their goals are all realised.
Why Not try Our
Understand what stage your business is currently at, and get a bespoke report that will help you take it to the next level!
As businesses grow, they invariably face some very specific challenges. Understanding how best to address them, in what order, whilst also identifying the opportunities associated with these challenges is a critical part of unlocking your business’ true potential.
For many though just having all of those attributes isn’t enough.
Successful entrepreneurs the world over recognise the need to invest in themselves to ensure that they possess the practical skills and knowledge to run their organisations to their full potential. They recognise the need to be competent in key areas such as;
- Planning & Organisation
- Goal Setting
- Decision Making
- Project Management
- Creative Thinking
- Problem Solving
- Recognising Opportunities
They equally recognise the importance of building a growing organisation based on strong operational systems and processes run by highly competent, committed and loyal team members.
Many thanks for taking the time to read our latest blog. We hope that you’ve found it useful and informative. DON’T MISS the next episode (4/6) in this mini series where we explore the importance of entrepreneurs leveraging their knowledge and skills to make important decisions decisively and with confidence.