Small businesses, at their initial stage, is usually a one-man or a one woman’s show. The founding entrepreneur is the person who takes control and fulfils most of the responsibilities. While it is an acting time for most entrepreneurs, this approach cannot be said as sustainable.
Entrepreneurship is not always easy, and there comes a time when the single man army feels burnout. The obvious reason for the same is because one person cannot do all the things that are required.
Mat Moxness, a Canadian entrepreneur, states his experience for the same. He says that he started his company at the age of 22, and while I was working hard and experiencing growth and moving my business forward, I learned that there are two major things that contribute to success. The first one is people, and the second one is the system.
So, here are two ways suggested by him that plays an important role to scale a business.
Develop a Formal Management System
Right from the beginning, the entrepreneur is the person who has been working on every work related to the business. But when it comes to scaling the business, he or she has to delegate the tasks to the other people of the company. Delegation can be a challenge, but it is necessary as it will help the entrepreneur to focus on the key role he or she has to play in the business.
All this requires the business to have a formal management structure. This is important of regardless how big or small your team is. A formal structure will help to determine the roles and responsibilities of every member of the team. This will also make them accountable for the business activities that are carried out by them.
Mat says that it is important to understand, right from the beginning, the overall structure of your business. These are essential in the overall growth process as they are the foundations that develop a framework to understand how the tasks are completed.
The best approach is to formalize this structure in the early days to organize your business in a better way.
Digitize the Process
Work smarter, not harder. Go through the internet and research. There are many tech products in the market that will help you streamline your process and in specific, the communication and collaboration front. Using the technology tools will help your business to save a lot of time and rather invest it in more productive work.
Mat personally says that technology has helped them to streamline the research process so that time and money can be saved. Applications such as accounting software, communication system, and industry-specific technology can save manpower to a greater extent and increase the overall efficiency of your company.
Using these two ways, it becomes easy for you to move faster on the way to growth and success. Digital technology makes the entire system more efficient and eases the efficiency of the overall business. An entrepreneur has a lot of dreams to come true. Wise use of technology accompanied by good people management will surely help your business to succeed in the market.
Source – Forbes