Are You Business Minded?
Many people start businesses as a way to get away from being told what to do, only to find out that they need to tell themselves what to do. Others start businesses because they feel they can earn more by having their own practice, yet struggle with day to day operations and managing an office as well as selling work and researching prospective clients. And yet, others start businesses not because they want to be in business, but because they want to do something that they enjoy doing. They may enjoy what they do, but have a hard time paying the bills and keeping the business going.
Do Any of Those Scenarios Sound Familiar?
Whatever reason you chose to start a business is fine. I am not one to judge anyone. Something that I often hear from small business owners is that they consistently lose money and they are OK with that. This boggles my mind. You do not need to be greed-driven to be profitable. You do need to be profitable to keep the business going and to turn that business into an asset and a systemized machine.
Small Scale, Large Scale, Profitability Matters
Here is the truth, plain and simple. In order to scale your company up from a small scale to a larger scale, you need to be profitable and have measurable, objective systems in place to track how the company is doing. I have written about this a number of times, but I feel it is worth repeating.
If you can not manage small projects and be profitable, how in the world can you take on larger projects? Nothing in the process changes, just the numbers. You must conquer the small in order to get to the big.
Learn Your Strengths, Build Your Team Accordingly
Business is not a singles competition. It is a team sport. Understanding your strengths will allow you to bring in the right team members to build around you. If you are not business minded or profit oriented, find someone who is, and bring them on board to help you accomplish the mission of the company. It is extremely important for creative type people to surround themselves with the right team to ensure that the business is protected and runs smoothly. You don’t need to be an expert in everything, but you do need to have an understanding of the concepts and be able to bring in the right people to fill those positions.