When we speak of building a business, we mean the business continuity and strength to fight constant change. Right from workplace management due to pandemic like COVID-19, to catching up with disruptive trends like new economic shifts, technology advancements, etc. are changing the business landscape. Catching up business post-COVID-19 gets taxing and may hamper the efficiency as well. But this is the ‘refresh’ button you were yearning for. Perhaps, a perfect time to redefine business values and bring in the change how business functions.
Remember, a successful entrepreneur needs to rely on the team to achieve a common goal of sustainability. A key to building a business with the partner after you register a limited liability partnership lies in how you harbour the partnership with the business associates and your partner. The time has come for business to take the front seat and move beyond a founders and cofounders’ face value. It will last long with the ability to sail past the market and environmental thanks to the skill set that your team brings on the table. One person may not have all the required skill set, and this creates a void after a point. Filling up this void on time is also essential by hiring people who can bridge the gap between what you possess and your business needs.
Gradually, you will start unlocking the new doors within your business ecosystem by allowing various skills to contribute their best. I firmly believe in surrounding myself with the people who are so much better at different things than I am. Though I know Photoshop’s basics, I cannot do it by myself simply because that’s not how a business can scale. Also, a dedicated graphic resource will add value to our visual branding elements to the extent of getting people associated with the colours and designs. For instance, scaling up LegalWIz.in needed me to get the trademark for a logo and the logo that I had in mind was not available. We roped in a skilled graphic designer for the logo project to leverage many aesthetic inputs and finally getting a neat logo register.
Another important reason of why sustainability is not possible all alone is because of the universal truth – humans are not immortal, businesses are. So now, if you harbour on creating a brand value out of yourself and build a legacy on the face value, then it is a choice you are making. It yields a specific mileage, but your business is only as good as your face value. The moment you go extinct in this world, your once-nurtured idea may get on the verge of collapsing. Instead, I emphasize creating a value system and passing on the baton by creating great leaders to enable business succession.
Consider how Satya Nadela is carrying forward the legacy that Bill Gates created with Microsoft or even Tim Cook for that matter in Apple. Especially with Microsoft, it was losing the market share to new entrants when Gates about to retire. In came Satya and gave a new twist to it that fundamentally restructured the company, providing a dominant ground to thrive. On the other end, though Steve Jobs carves a cult figure in the tech industry, Apple needed something beyond Jobs to sustain.
There is a particular advantage in mitigating the key-man risk when you are looking to scale up a small or mid-sized business. Having a plan B or a backup in place makes a lot of difference, especially if you are looking to venture out in new directions. I cannot iterate much on how important it is to be out of the daily rucks and grow beyond mundane tasks. If you truly aspire to be a leader, you will have to give up the control coupled with distancing yourself from micro-management. Instead, invest time in training and empowering your team and key individuals to make an impact that matters.
You have to understand that scalability is at stake if you are thinking of reaching the finish line alone. Remember, there is no sustainability without scaling up. It all begins with scaling up your team gradually with people who bring a specific skillset on the table to help the business grow. Later on, you will need to scale your infrastructure and resources to thrive in the ever-evolving market that is getting competitive. If it were only about you, you’d be better off playing a chess game and not think of sustaining a business beyond your existence.
Lastly, always stay on the lookout of creating partnerships and collaboration with others in the industry. It is indeed tempting to deliver exceptional results single-handedly but only when you are low on finances and high on ambitions. The idea is to grow out of your comfort cocoon by tying up with the others in the marketplace. For instance, LegalWiz.in recently partnered with many service providers to launch LegalWiz.in partners portal with vendors like Instamojo, Syrow, Payoneer, etc. to deliver services at discounted to common clients.
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I’d encourage any budding entrepreneurs to break the silos and start working in a holistic ecosystem, leveraging other businesses’ expertise and market reach. A simple way to approach this is, to begin with identifying things that you want to get done and find someone with whom you can share mutual benefits. There are other leaders like you around, no matter where you are located. Start reaching out to them via social or local network to get things moving.
Again, I’ll swing back the pendulum to skills because they may have access to expertise that your business needs. You can always rely on such skillset and harness the power of symbiotic growth.
Make a choice today because you have the privilege to do so as an entrepreneur. You will have to think about your business or personality and the road forward and scaling up. Getting sustainability in place requires a lot of effort from many directions. It is nearly impossible for a single person, no matter the perseverance, to sustain the business for a longer time without any external assistance.