SELF SUSTAINING BUSINESS – COULD YOUR BUSINESS SURVIVE WITHOUT YOU?
For a self sustaining business, your business must be independent of any one individual if you want your business to thrive in the marketplace on a long-term basis.
The most effective way you can grow your business is by removing yourself from the daily operations and focusing your time on developing strategies to elevate and move your brand forward. However, you cannot step away from running your business until you have strong systems in place, a dependable and knowledgeable team, and a stable customer base.
Self Sustaining Business Considerations
To help you develop a self sustaining business that can run on its own, consider the following:
Test your business
The best way to test how well your business will perform without you is to go on a holiday. Ensure you are unreachable during the entire period. In this way, you can come back and assess what went wrong or where your issues lie, for instance, you may find your staff are not comfortable calling the shots if they are used to being micromanaged.
Build strong systems
Putting strong systems in place is the only way you can remove yourself from the daily operations involved in running your business. You must establish clear requirements for all business activities, including how to manage your social media and content calendar through to the processes used for handling customer complaints. By having clear guidelines in place for every aspect of your business, you will no longer need to be there to save the day.
When you reduce your responsibilities, you must have a reliable and qualified team who can run your business efficiently in your stead. There must be team members employed who are capable of speaking to clients or suppliers and have the relevant industry knowledge to make important decisions on behalf of your business. You need to ensure there are also effective training protocols set up so that every employee understands the business policies and procedures, and what is required in their individual roles.
Perks of a stable customer base
Having a steady customer base is vital for any self sustaining business. Without a reliable and regular customer base it’s difficult to take time out to strategise your business’ future or tweak any issues in your branding image. For instance, you may want to put your time and effort into perfecting or redeveloping your service or product to attract a broader target market. Stepping away also allows you the freedom to take time away from your business altogether.
Want to learn more about developing business strategies for a self sustaining business so that your business can survive without you? Our team of business advisors at Taggart & Partners specialise in asset protection Brisbane wide and can help you formulate an exit strategy so that you can step away from your business either temporarily or permanently. Get in touch with us for more information.
*** This publication is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication. Publication date October 2018