Great products and services which lead to being able to make income, then a profit. Simple! But wait there’s more.
You will want the business to grow… right? You want to start small, have some income, some great customers, followed by growth. That way your business can keep up with rising costs, having more staff to make your job easier and more customers.
Now you have a growing business with staff doing the work, you can sit back and be rewarded for taking risks to get things started.
But then more things happen, you have to comply with legislation for OHS – Tax department issues – Union guidelines – business legal compliance – and oh so much more (good thing you grew your business!)
Then you start to find there is so much more to being in business. Staffing issues, training and development, aiming to hire great staff, then retain them and find better ways to make the business all it can be, so it grows and rewards you well.
You develop induction programs, make sure you offer exit interviews and explore what you can do to encourage customer service excellence, leadership, ideas for better products and services you can offer. Career paths for your staff and great surroundings to work in.
I know, you thought you would start a small business and enjoy a little profit when things got going. Nice thought, but the more you looked into things, and the more it took off the more you found other things in the business you could utilise to do more, be more and have more.
In the end you find you like the ‘added extras’ and business became a greater force than you imagined and there you are exploring more ways to cajole profit out of what you do. Welcome on board the “business train” where the more momentum you can make happen the better, just make sure that when you need to stop the train, the brakes are up to the task! Otherwise you might end up with a train wreck when a tight bend derails your ‘speeding bullet’.
In other words, grow your business by all means, but make sure the infrastructure you have in place is up to the task.