What Does Your Business Need?

Introduction

Imagine that you have had your business for some time, but you still don't know what your business needs. It is possible that you've gotten so used to everyday tasks and roles that you are no longer seeing the entire picture when it comes to your operation. Or maybe there are things missing from the company and you're just not sure how to go about getting them back into place. Either way, this article will help guide businesses through some important steps for identifying their current needs as well as creating an action plan for getting those needs met in the future.

Money

Money is a tool for growth. Every business requires capital to expand. It can be used to hire staff, buy equipment, and rent space; it can also be used to acquire new customers through advertising and online marketing, or funding research that will help you understand your niche better.

If your business is a small operation, just you by yourself with no outside investors, then the bank typically won't lend money until the business has been operating for at least three years, and profitable for a period. The business needs to meet their criteria for lending – which is getting more and more complex -- but what if we told you there are ways around this?

Strategy

Without a strategy, you don't know where you're going.

In the words of Napoleon Bonaparte: "Able to conquer without risk is to triumph without glory." The same could be said of business. If you don't know where your company is headed, how can you expect it to reach its goals? Do you want more customers? More revenue? A greater market share? It's important that your company has a clear goal in mind so that when it comes time for growth or change, there will be no question about how high the bar should be set.

Once this goal has been established and agreed upon by you and your team (and ideally documented), it's time to create a plan that gets you there. This isn't just an exercise in making sure every task on hand gets done—it's an opportunity for introspection and self-examination as well as strategic planning for future growth opportunities and management of risk.

Time

Time is your most valuable resource. You have exactly 24 hours in a day, and you can't get more of it. So use it wisely!

You must be efficient with time, or else you're going to waste some of those precious hours on activities that aren't important, or ones that don't need to be done right now.

So how do you know which tasks are important? It's easy: if they get done, they're important; if they don't get done, they're not important. What's the difference between an unimportant task and an urgent one? Well, the latter might have consequences if it isn't finished for whatever reason (like a missed deadline), so it needs immediate attention whereas something like "get milk" does not require action until tomorrow at least (and even then, we all know how easy it is to forget).

Staff

One of the most important things you can do for your company is to hire the right people. Not only will great employees help you build a successful business, but they'll also help you grow personally and professionally.

When hiring staff for your company, make sure that you're looking for people who have experience in the field and are passionate about their work. It's also important to consider whether they'll fit in with the dynamic and culture of your business and current team. For example, if one member of your team has worked together for 20 years and another is brand new, it might be best to have them work on separate projects rather than on one project together where neither one feels comfortable talking openly.

And when someone leaves, don't replace them immediately! Promoting from within can benefit the entire team and the business, while bringing in more entry level staff and teaching them an aspect of the business organically.

Metrics

Metrics are the vital statistics of your business. They're the essential data points that help you determine whether your company is thriving, and they help you identify areas where you can make improvements.

Metrics vary from industry to industry, but the most important metrics for any business are sales, expenses, profits (or losses), customer satisfaction, employee satisfaction and engagement levels.

For most startups, small businesses and businesses poised for growth, it's best to track these metrics at least monthly so that you can keep an eye on how things are going without having to spend too much time on it each week or month.

Space.

Space is a critical part of any business, and it’s one of the most important things to consider. Your company will need space for employees to work, but also for storage and other needs. This can include items like file cabinets or desks, as well as storage space for inventory and supplies.

In general, you should have adequate space for the current number of employees and enough extra room to accommodate future growth if needed. Also consider whether any additional amenities would make sense—for example, if your company will be selling products in person or online then having an office with a storefront might be useful so customers can easily stop by during normal business hours without needing an appointment first (or vice versa). As well, you should consider if your business fits into a model where employees can work remotely, part-time, or job-share? What does that look like and how do you manage them or keep them engaged and part of your culture?

Goals

Goals are the first step in the process of planning your business growth. As a rule, you should always define the problem before starting on a solution. After all, what good is it to have a goal if you don't know what or why it is?

Goals can take many forms: in fitness, losing weight is one example of a goal; gaining muscle mass is another. If you have not yet set goals for business, this article will help get your thoughts in order. It's important not only to be aware of your own goals but also those of others around you. Start at the result you desire, and work backwards through the process until you have daily tasks that will build toward the actual end-goal you’ve set for your business. If goal setting is impossible because you are too busy working in your business, that is a signal that you need these goals more than ever. You are working ‘in’ your business, and not ‘on’ your business. How can you grow it if you are buried in the minutiae.

It's ok to not know everything…

but you should know the right resources to get the answers

Let's say you're a small business owner and you're in need of some funding. What do you do? You could apply for a loan with your bank, but they'll probably want collateral and a detailed business plan with projections, all your accounting documents for the past 3 years and other materials to make them comfortable in lending to you.

It's not always easy asking for money, especially when it means giving up some control over the direction of your company—but letting them help might be worth it in the long run. Banks are getting tighter with their loan criteria and the climate for funding through banks is extremely complex. However, there are other options for debt financing that you may not be aware of, that can assist you faster and more efficiently than your bank. 

Conclusion

It’s not easy to know where to start when it comes to business. The world of entrepreneurship can seem daunting and intimidating, especially if you’re in a growth mode. There are so many people out there who want success but don’t know how to get there; they feel lost in the crowd of other ambitious entrepreneurs with their hands raised high above their heads looking for guidance.

Just keep pushing forward in the right direction—it may take some time before everything falls into place. And while it's important that we stay positive about our goals (because let's face it: motivation is key), sometimes taking a step back would be better than rushing through things without due diligence or consideration for other people involved.

UnBanker Editorial Desk