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My first year as an entrepreneur. What did I do wrong, and have I gotten anything right? It’s a long list but I’ll share the highlights with you.
1. Direction in running the business
Starting out, I didn’t have a proper direction for my business. No plan, no strategy, I let the wind guide me. Sometime after accepting another request to do an unpaid ‘favour’, I realized I had to change. This was business, not a hobby.
2. I am not the business
The first few weeks I operated with a tight budget, verbal contracts, and one intern. I micromanaged everything. Though my employees have increased, I’m still micro-managing. Why am I in the office at odd hours managing their projects? I’m not the business. If I am, it’s never going to grow. I have to let go in some areas and concentrate on my strength – strategy.
3. I need an effective records system
My records keeping system sucks. Without proper records, I can’t plan for the future. I won’t know how the performance of the business or what I should change. I’m just existing. It’s time to create a records system that will help make the business more effective.
4. Cash flow is KING!
Although business is steady money is trickling in not flowing. Sales is a process. Its success guaranteed after receiving the final check from clients. I am bleeding the business by not collecting payments from my clients. It might not be my favourite part of doing business now but it’s necessary.
To meet the above challenges, I used a business plan to define my goals and the steps needed to reach my clients. It spelt out my purpose, vision and means of operation. It also served as my company’s resume, explaining my objectives to investors, partners, employees and vendors. If I look back now after 8+ years, a business plan was one of the most important documents for me when I was starting out. Make it yours too #dbp #digitalbusinessplanne.
For more information on how to make an effective business plan, go to www.dbp.co.ke
