I don’t know too many people that are good at everything that is related to starting and growing a business. As small business owners we are required to wear many hats and that often results in a lack of effort in the area of expertise which is most important to the bottom line.
The building block for a sustainable and profitable business is the strength of the owner. In the development of a strategic focus plan that strength has to be carefully integrated so that it does not get lost in the overall plan.
The strength and weakness part of the strategic focus plan has to deal not only with the strengths and weaknesses of the business but has to examine the same strengths and weaknesses of the owner and also the management team.
The driving force behind a business has to be the owner along with the management team. Much too often the strengths and weaknesses are listed only from the entire firm perspective and not the individual owner.
As an example, a great idea to manufacture a “widget” requires more than the design and the manufacturing process. It requires internal operating systems, accounting, marketing etc. the owner’s expertise is in the design and application of the idea. Success will come from the team that is brought on to wear all the other hats.
As a small business, working capital is usually an obstacle to hiring the backup staff to support the venture. An alternative growth support can be found in the way of a coach. The cost to hire a good coach is considerably less than hiring even one employee and a good coach has working knowledge of all the facets of running and growing a business. Some coaches will also work with payment being a part of the equity in the company.
Owning a large percentage of a successful company is better than 100% of a failure.