Some people are driven to be entrepreneurs. For others, starting a business is a daunting concept. Whatever the reason, #BusinessOwners, it’s time to ask if your business is delivering on that promise.

 

To start at the start, we’ve heard some amazing stories from our clients about their origins and the joys/paints in starting up- here are a few of their dreams and reasons for starting up:

  • Be your own boss or being independent
  • Act on a passion or purpose
  • Develop their own creative or crazy idea
  • To have flexible working hours or better lifestyle
  • Earn a better living
  • To build a business that can be passed on to the next generation

However as we know, the dream is not necessarily reality. So as we start (or restart) the year, consider what areas of your business are holding you back. The industry teminology for this is called your operating model– how a business organises and governs its resources to deliver its strategy and delight it’s customers, namely:

  • People: Understanding who’s doing what, the skills required, responsibilities and accountabilities, and the reporting lines
  • Process: Defining the core business processes and interdependencies that are key to delivering value for the organisation
  • Technology: The systems and applications that enable and automate processes, and how they interact
  • Data: What information or KPIs are reported, how, and what decisions are made based on it
  • Governance: Understanding the structures required to deliver the strategy and to ensure risk and compliance
  • Service delivery: Understanding the capabilities and resources required to deliver the product/service, and what gets done where

 

Takeaway Activity:

  1. Jot down 3-5 points in each of these areas and highlight what’s “mission critical”
  2. Take a step back: do you have structures in place to support the “mission critical” or do you have gaps? How are you going to fill these gaps?
  3. Add these insights into your strategic business plan and get the support of your team or external advisors to brainstorm ideas to address these gaps. Need a strategic plan? download your’s here

 

Further Reading