Business: a game of three parts
Struggling to find balance?
Here's how I suggest you juggle the three essential aspects of your business. Hot tip: you don't have to go it alone!
There are three common themes I discuss when meeting new clients. These are the three areas of focus that any business needs to balance to be successful.
Business Development - Sales and Marketing. Developing products or services and selling them.
Operations – Performing work for customers.
Administration - The 'back office' with all the paperwork and compliance tasks.
The clients I work with usually have the most expertise in the 'Operations' side of business - it's what they do and it's at the heart of why their business exists.
However, they are often less-experienced with 'Business Development' and 'Administration', or just don't have the time and effort available to spend on these areas of their business. They're working 'in' rather than working 'on' their business and often that's what they do best and what they enjoy!
As time is such a precious commodity, I always encourage clients to focus on their skill and look to specialists to support them with other aspects, especially in that crucial start-up phase. All three aspects of a business need attention if it is to grow and become sustainable for the long-term.
So where should you start? Having worked with many start-up businesses over the years (including my own), I believe that budgeting 20-25% of sales income and 60-70% of your effort on 'Business Development' in the early years is key. This effort does not have to be yours alone; you can still work in your business offering your specialist skill, while developing your business with the support of others. Depending on whether your goals are worldwide domination or merely establishing a thriving local presence, this effort will change over time.
It's also essential to seek support with the 'back office' early to avoid this becoming a late-night pain point in the day-to-day running of your business. If you don't enjoy it and you find it hard to make time for it, outsource it! You'll then have more time to work on your business and to spend doing the other things you love - enjoying your family, friends, exercise, hobbies and so on.
The key message is that you need to actively invest in all three elements of business to be successful. You need to practice your juggling, but you don't have to go it alone!
As a coach, I can guide you through the process and help you avoid many of the common mistakes, having encountered many myself across the many businesses I work with. I can also introduce you to some amazing local talent to help you with any specialist tasks you may need support with.
There's no question too small, so if you're struggling with your juggling, get in touch. Your first consultation is free.
NCBIZ provides specialist support and coaching to help start-ups and businesses across Christchurch and Canterbury establish a solid foundation, overcome challenges and perform at their best.