Why going it alone isn’t always a good business strategy

Good business strategy - woman sat alone on a queue of chairs - Julia ngapo Business Coaching

When you first start out in business, there’s a good chance you’ll be doing everything yourself. Funds are often limited and there’s a huge learning curve to be navigated, to become a successful business owner. So it’s a good business strategy to initially follow, and often, the only one open to us.

However, over time and as your business grows, going it alone isn’t a good business strategy to have. Not only will it hold you back, but it will also prevent your business from growing as well as it could. Here’s why going it alone isn’t always the best business strategy to have.

It’s not a good business strategy to do it all yourself

There are so many different elements involved in running a business. From promotion through to selling, customer service through to automation, there’s so much to learn. But if you spend all of your time trying to accumulate the skills you need to be good at every element in your business, you’ll never have time to implement – and you’ll stress yourself out. You also run the risk of missing out on your “why” – the reason why you started your business, and the parts of it that you really enjoy, as you spread yourself too thin trying to do everything.

It’s ok to not know everything, and indeed, a strength to identify your areas of weakness. You went into business to provide a specific service – so focus on doing that well and find alternative solutions for the rest.

You need a support network in place

A support network is crucial if you want to stay focused and on track with your goals. You’ll inevitably have doubts and fears as you move your business forward, and it pays to have someone you can talk them through with. Whether you opt for a good friend, a business acquaintance or a Facebook group, we all need support and we all need advice occasionally too!

How an accountability buddy can help

Another good option is to have an accountability buddy to act as your support network. This is usually someone who is on a similar journey to you and often, they can also be a little further forward. You can then support and check in with each other to help you both stay on track with your goals and targets.

Sometimes you need the support of a coach or mentor

Running your own business isn’t easy. It’s great to have a support system in place, but if you want answers and tailored advice, you’ll benefit from a coach or mentor. Hiring one can help you shortcut the route from where you are to where you want to be. They’re often also able to help you improve your confidence and your belief in yourself and your abilities.

Understand you can’t do it all – look into outsourcing

As previously mentioned, you can’t learn everything you need, to run a business effectively. And you certainly don’t have to, as there’s usually someone else who’s already great at the skill you’re lacking. Outsourcing is the way to both free up your time and negate the need for you to know it all. Hire a Virtual Assistant for example, and you’ll have someone who can manage several different areas of your business for you.

Going it alone may have served you for a while, but over time you’ll appreciate, it isn’t a good business strategy to continue. With access to so much help and support, you’ll benefit more from reaching out and creating a support team that tailors to you and your business needs, so you can grow your business faster and with a lot less stress!

What is a good business strategy and how do you know it’s right for YOUR business? I work with businesses supporting them to create a clear vision and a strategy that underpins that vision. If you would like support to clarify your vision and to define your business growth, then why not book a call with me? I offer business and executive coaching and mentoring, including VIP business Breakthrough Days – The perfect opportunity to get clear on your strategy! Follow the links to find out more.

What do You Bring to the Table? Knowing Your Worth in Business and Why it’s Important

Julia Ngapo Business Coaching - knowing your worth

If we could distill the very essence of success in business, then knowing your worth would be key.

And yet, knowing your worth is something that most small business owners struggle with. “What do I charge?” “Why am I not attracting the clients I really want,” “How can I grow my self-confidence? These are all questions that regularly crop up in coaching conversations.

The answers to all these questions lie in not only understanding your value, and what you bring to your business “table.” But also, being true to yourself and authentic in your message, and having a degree of self-awareness so that you understand both your strengths, whilst acknowledging your weaknesses.

So, what does “knowing your worth” really mean and why is it important for you in business?

Society has conditioned us to value ourselves according to material benefits. Things such as education, our bank balance, our friends, and family connections, and all the other “stuff” that we pick up along the way. The comments and feedback we receive, the certificates on our wall. All are deemed to denote that we are “something.”

Yet knowing your worth comes from understanding and retaining faith in yourself and your abilities, even when times get tough. In being intentional in your actions as you focus on the activity that will drive your purpose.

When we are confident in our self-worth, we feel comfortable in our skin, both personally and our professional “skin” – our business role. We are able to communicate our worth easily to our peers, our network of connections, and our customers.

We no longer feel “ick” about asking a fair price for our work and we repel the “problem clients;” those that immediately quibble over fees, who ask for discounts or refunds, and are late-payers.

What’s more, understanding the value we bring allows us to focus on the things that bring value to our life, including good relationships. We find that we have less time to spend with the negative nay-sayers who bring us down and, instead, surround ourselves with a tribe of like-minded people, who, like us, are open to self-growth.

And importantly, we learn to validate ourselves and our achievements, rather than looking for validation from others.

Here are 5 steps to knowing your worth and developing an understanding of your value in business.

Become self-aware.

Understanding yourself is key. You may choose to spend time reflecting on not only your strengths and what you enjoy about your work, but also where your weaknesses lie. What are the areas you struggle with and how could you improve these? This might involve undertaking some professional development or deepening your understanding of an existing skill.

Understand when you are at your best work-wise. Are you most alert first thing in the morning, or are you a night-owl? Organising your daily tasks according to your energy levels may help you to get more done, and to focus more easily on the tasks requiring higher concentration levels. Who are the types of people who help to replenish your energy and conversely, who are those who bring you down?

Time spent understanding your values is also important and how you convey these in business. If you are clear and able to communicate these easily, then you are more likely to attract people who share them. This internal compass of how you conduct business will ensure that your boundaries stay strong and convey to others how you expect to be treated.

Extend your comfort zone.

There’s a reason your comfort zone is called that, and as comfortable as it may be, this is not where growth happens. Look at ways to step outside of your comfort zone and watch your self-esteem increase.

Look at your Money Mindset.

If you struggle with charging your worth, then it’s time to look at your money mindset.

Undercharging for your services is a common indicator that your self-worth is not what it should be. Instead, do your research into what your competitors are charging, and don’t forget to consider your years of expertise when setting your prices. It is a common misconception that customers are looking for the cheapest option. This is just not so. If you can demonstrate what makes you unique in the market, whether it is your customer service, your same-day despatch, your extensive product line, or whatever else, then your audience is likely to rationalise any extra cost against the value you bring. Cheap is not always best.

Revisit your Why.

Amongst the peaks and troughs that are small business life, it can be difficult to retain the passion for your business. When this happens it is easy to fall into a “hamster wheel” existence of feeling that your every effort amount to nothing and disillusionment is never far behind.

In this case, it is important that you revisit your why. Look at your mission statement and why you set out in business in the first place. What was your vision and how far have you progressed towards it?

If you need to refocus your goals, then do it. It’s often easy for your vision to become blurred as you deal with the day-to-day of running a business, but a shift in perspective and a refocus can help to not only reignite the spark you originally felt in your business, but also the commitment to achieve your goals.

In a similar way, appreciate the difference you make to your customers. Re-read testimonials, review your customer loyalty statistics and your growth in turnover, and take time to understand and appreciate that this is because of the difference you make to your customers.

Strengthen your boundaries.

Throughout this blog, we have mentioned the need for strong boundaries. Having the self-belief to say no, to stand firm in who you do and don’t work with and the conditions of work, are key to knowing your self-worth and demonstrating it. Remember, clarity is kind, so having clear terms of business will ensure that clients understand the finer points of working with you.

Knowing Your Worth: In conclusion.

Throughout this blog, we have explored why it is vital that you understand your worth and demonstrate it in your business and have looked at 5 steps to help you in understanding and improving your value.

Working through these steps is not easy and it is not an overnight fix; it takes determination and a series of lifelong small steps, but the potential to emerge confident and secure in yourself and your business, to regain your confidence, to create healthy relationships, and to stop second-guessing yourself will make it all worthwhile.

If knowing your worth and charging accordingly has always been a struggle for you, then there are a number of ways I can help:

With 1:1 expert Business and Executive Coaching helping you gain clarity on your direction, identify and overcome your blocks and improve your or your team’s performance.

My VIP Business Breakthrough Day is a full, intensive day of business strategy, aimed at helping you to get results …fast! Find out more by clicking here.

A Coaching Power Hour is right for you if you’re after a quick win or quick answer to a specific question or challenge. Find out more here.