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.