HOW TO TAKE YOUR BUSINESS TO THE NEXT LEVEL #TwendeMara #EntrepreneursBootCamp #SideHustle101 #EndaMaraNaHesh #Networking #Entrepreneurs #ImarishaBiashara #MakeTheBigSwitch #venturecapital #Success #SuccessStoryKE Entrepreneurs are a dynamic breed and no matter how much they accomplish, they are rarely satisfied and are usually enthused with a desire to turn their start up into a bigger and better venture. “Taking the business to the next level” is probably the most common way to express it.Starting with seeking advice and ending with putting profits in the bank, here are some pointers that will help your business grow. 1.SEEK AND ASK FOR GUIDANCE The first step for any entrepreneur who wants to grow his or her business into a mature enterprise is to seek guidance and advice from more experienced people. Having an advisory Board with members who comprise professionals such as accountants and attorneys for organizations as well as people from the relevant industry would provide the right direction. . Next, actually put into practice what you hear from your advisors.. You can get through that process with fewer mistakes if you have advisors who have been through that experience and are willing and ready to advice you. 2. BE FOCUSED IN YOUR AIM The final decision about what you’re going to do as a business rests with you. It may seem simple, but many owners of young businesses struggle to decide where they should focus and often with undesirable consequences. This is the stage when, so many opportunities present themselves. You think you want to follow this trail and that, but you may be doing something that may not be profitable. You have to focus and learn what to do and not do. 3. START WRITING A FORMAL OPERATIONAL MANUAL Get your policies, practices and plans outside of your mind and onto paper. Write down how the various business processes in your company need to be done. Once you’ve started writing your company’s operations manual, you’ll find it has many uses, from guiding decisions about whether to take on a particular client to helping you decide who to hire for an open position. 4. RECRUIT MORE EMPLOYEES Expanding your team is one of the necessities if you wish to upgrade your business to the next level. In some instances it may be your first employee that you are hiring or employing someone is both a big commitment and an essential one. Once you have hired people, allow them to work. It is you as a boss who has to allocate the work and this is not so easy. Start by delegating functions you’re comfortable letting go off, or those you are least uncomfortable relinquishing. 6. THINK ABOUT EXPANSION Even while you are sharpening your focus and leaving distracting ventures behind them, entrepreneurs trying to take a business to the next level also need to expand–to different markets, products and channels and additional locations. 7. FIND FUNDS TO FUEL THE GROWTH Many entrepreneurs successfully manage the finances of their ventures through the start up phase, only to be stopped in their tracks by the need for additional capital. Getting outside funding is a problem for many entrepreneurs because lenders and investors want a say in how the business is run. Often, the new capital has strings attached. Lenders may require that the debt-to-asset ratios stay below a certain level, while equity investors may ask for a seat on the board. These are both important reasons for having a board to begin with, learning to work with it and getting comfortable with letting go off some authority. 8. PROFIT Achieving profitability relies largely on successfully going through first steps mentioned in this article. For instance, focusing helps you avoid unprofitable distractions. Building an advisory board prepares you for sharing control when you bring in outside investors.Profit tends to take second place to revenue in many entrepreneurs’ plans. This is not wrong, as long as profits do not get ignored. You should give equal attention to both. Set multiple milestones so you are not focused solely on sales. You could end up making a lot of sales but not being profitable. 9. TAKING THE BIG STEP UPWARDS Whatever “taking it to the next level” means to you, make an effort to explore it, and don’t stop with the first benchmark that occurs to you. Finally, remember to pick a next level that challenges as well as inspires. What entrepreneurs ultimately want is sustainable business growth. They want a company that has infrastructure. And ultimately, they want one that can operate efficiently on its own, even if they are not physically present, all the time. ENTREPRENEURIAL LEARNING Think big. Think bigger than you actually are, and act bigger than you actually are. Whatever your company is, you have to do it faster, bigger and better. Reaching the next levels is entirely the result of your effort, imagination, innovation and determination to grow. #Business #youngrich #iamkenyan #biasharasmart #socialentrepreneurs #visionaries #money #entrepreneur #businesskenya #ceo #GreatTalks #biashara #Network #Innovate #Transform
Posted on: Sun, 21 Dec 2014 10:19:20 +0000
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