As CEOs, entrepreneurs, and small business owners, you likely have a lot of things to handle on a day-to-day basis. However, there are several things that every business owner should keep in mind in order to scale up your company successfully and see consistent growth.
What Business Owners Should Keep in Mind
1) Your Purpose Defines Your Company
There’s a reason your executive team spends time and brainpower to discover and articulate your company’s core purpose. Your purpose and core values define your organization, drive your long-term priorities, and affect day-to-day interactions.
It’s important for the leadership team to acknowledge the significance of your core ideologies even as you aim for business success. Although your business strategy may shift as you scale up and adapt to new pressures, your underlying values should remain consistent.
2) Cash Matters
Sometimes, the most idealistic business owners get bogged down by the financial details. Some are visionary leaders, always pushing their team to achieve new goals, but they may be less inclined to deal with minutia.
While many CEOs will hire a more financially-savvy person in the role of Chief Financial Officer (CFO) or similar, as a small business owner, you still need to be aware of what’s going on. Take the time to learn about your cash-flow in depth, and make sure you understand what your margins mean.
3) Planning is Essential
One study conducted by Harvard University found that companies which spend six months or less planning out their business had an 80% failure rate whereas business that planned for a year or more had an 80% success rate. Your business plan and subsequent goal-setting should be well thought-out, carefully-considered, and strongly-communicated.
If you want to align your entire team around your objectives and execute strategically, you need to convey clear priorities and explain your plan to reach your business goals.
Download our free one-page plan template to get started on identifying your key business objectives moving forward.
4) People Make or Break Your Success
Your company needs to hire people who are 100% dedicated to your organization and have the necessary qualities to lead you to success. From mismanagement to poor work ethic, employees who aren’t top-notch will drag your company down and affect your chances of scaling up.
A leadership breakdown at the top of your company can be devastating, but issues with employees at all levels of your hierarchy can negatively impact both your company’s growth and the development of your corporate culture.
5) Data Keeps Us Informed
If you’re not tracking how well your performance aligns with your priorities, then you don’t know what your company is doing well and what it isn’t.
Tracking your data allows your leadership team to make informed decisions about the future of your company. Armed with this information, you can devise a course of action to best suit your current needs.
6) Always Communicate
A frequent and consistent rhythm of communication keeps your team on the same page. This way, everyone in your company knows what’s going on, understands which priorities they need to focus on, and can ask for help when needed.
Although there are different guidelines on how often your teams need to meet and what they should discuss, make sure your team members all feel comfortable communicating with one another and that communication is an essential component of your culture.
While there are plenty of other important things for entrepreneurs to consider, these are several of the most essential things small business owners should keep in mind in order to scale up successfully.
To gain more insights, download our Rockefeller Habits Execution Checklist to get top-notch processes in place.