Building a business is exhilarating and exhausting – I know I’ve been there on more than one occasion. But the joy of creating something is the motivation you need to keep going, right?
As your business grows so do your operational needs. When you’re starting out, being ‘scrappy’ works just fine, but when you realize you have 5 staff without an Employee Handbook, or your finances are still on the back of an envelope, you are really impeding your ability to scale.
Once you start to grow, the race against the clock begins to design internal SOP’s to keep you operating smoothly. You will quickly run out of time to effectively implement any kind of structure. Are you constantly putting out small fires that could be avoidable with better operations? This is a key sign that your business could be built on sand. Here are some other clues as to whether your business is built on sand or a solid stone foundation.
Of course having a solid foundation for your business is optimal, particularly if you are heading into a growth phase, looking for funding or need to report to your current investors or Advisory Board. Organized internal operations translate into increased efficiency, which in turn translates into more rapid growth and confidence in a company.
Reviewing all internal aspects of your business, and identifying where improvements can be made, is a great place to start. We use our Five Core Pillars – Administration, Human Resources, Technology, Finance and Sales & Marketing – as a launch pad for any business we work with. You may just find these a useful place to start, too.