It may sound bizarre but every now and again it is worthwhile taking a step back and looking from a distance and think up some successful business ideas. Take off your business hat, wipe those eyes and take a look at your business, yourself and the potential for the future.
Would you employ yourself?
One vital element many people tend to ignore when building their own business is considering their own strengths and weaknesses. If all of us were experienced in every part of the online business arena from product/service production to marketing, where would you find the time? It is all good and well learning how to do new tasks but why spread yourself too thinly?
So, when you next get an opportunity take a step back from your business, look at it with unbiased eyes and consider your role.
Are you performing?
We all know business people who are afraid to delegate and like to do “everything” – indeed you may be one of them – but the fact is you cannot do everything. Make a list of your strengths and your weaknesses and consider how each of these elements is impacting your business and how you would expect it to impact your business.
Those who “have a little bit of knowledge” in certain areas can be as dangerous if not more so than those who have no knowledge. Very often you will spend more time focusing upon the areas in which you have least experience while neglecting to maximise the areas where you do have significant in-depth knowledge. If you employed yourself to run the business how would you rate your performance?
Delegation, delegation, delegation
There is no large successful business in the world which does not make full use of delegation and bring in those with specific skills to cover skills gaps. True, if you learn to do everything you may get there in the end but by the time you are ready the markets may have moved. Time is of the essence in any business, especially the online arena which moves at lightning quick pace, and you need to make full use of your position in the marketplace today not tomorrow.
Cost is obviously a major consideration for the vast majority of relatively small online businesses but if you could invest a dollar to earn two dollars would you do so? This is the same kind of argument when looking to employ individuals with particular skills or source actions out to a third party. If an individual party was able to create enough income/profit to cover their own salary and more, you would be foolish to discount this option?
Focus your time and effort
If you have built up an online business the chances are you will have seen some dramatic changes over the years. In reality your role will have changed even although many business owners will continue with their hands-on approach despite the fact they do not have enough hands. Future planning for any business is vital, maximising the strengths of individuals and parties you deal with goes without saying – recognising your strengths and weaknesses can only improve the prospects for your business.
Have you never made any mistakes in business ? Does your business run like clockwork with few problems? If this really is the case then you aren’t pushing yourself and you need to look again at your targets and plans for the future. Business people will learn more by their mistakes than they do by their successes. No business runs like clockwork although having backup plans and alternative options can reduce some of the impact.
So, after reading this article do you feel as though you are the kind of person you would want to run your business? Are you making full use of your strengths and making up any shortfall in areas where you lack experience? It is healthy to take a look at what you have to offer on a regular basis and then adjust and fine tune your own working practices to maximise your return.