Quality Systems and Processes are Important
The reason the majority of new businesses fail in just a few years is that to bring a vision to life, a business needs quality systems and processes enabling it to thrive on something beyond the passion of its leaders. Experience demonstrates that with a robust structure in place a business will not only survive, it will grow.
It is essential to maintain a clear sense of purpose and to keep the passion vibrant but be aware of becoming obsessed with focussing uniquely on pursuing revenue. The textbooks are full of case studies demonstrating that chasing too much business can be fatal. When you go after all the business you can get, you are in danger of taking too many risks and over committing financial and manpower resources.
One of the biggest challenges for entrepreneurs as the business grows is to become “hands off”.
Eliminate the mind-set that you must have “hands-on” control of all aspects of your business and the belief that only you can make decisions. Concentrate on addressing the most important opportunities or problems facing your company. Build a competent, enthusiastic team and give them responsibility and authority. If you need help to achieve this there is a wealth of valuable experience available.
In summary;
Create a business model with a clear vision including quantified objectives, priorities and a financial plan
Develop a marketing strategy, including exploiting social media
Embed continuous review of progress
Sustain commitment and enthusiasm for developing the business
Build a competent team and be a motivating leader
Maintain steady income to generate cash flow and avoid excessive borrowing. Do not rely on too small a customer base, however avoid over commitment, growing too fast and imploding
Seek help before it is too late