02 Nov 2021 - 3 minutes to read
Tips for structuring a business for sustainable growth include, but are not limited to:
1. Write a business plan
2. Become laser focused on your target market
3. Have discipline
4. Having three hobbies is key to your success
The first tip for structuring a business for sustainable growth is to write a business plan. In my opinion, a business plan should be 2-4 A4 pages, not 'War and Peace'.
In simple terms, a business plan needs to be an overview of your business, what it does, who your target market is, and financial projections.
There are a couple of reasons why this is important. Firstly, it keeps you accountable and it's also great to refer to during pivotal points in your company's growth.
Secondly, it acts as an excellent insurance policy. Later down the line when your business is incredibly successful, if there's any form of fallout or litigation, this document proves the plan for your business both financially and structurally.
The next tip is to become laser focused on your target market.
The more niche/specific, the better. I would highly recommend creating an avatar and really honing in on who your ideal customer is.
Once this avatar is mapped out, you should learn everything you can about them; what they like, what they don't like, as well as details about their lifestyle.
Understanding your target persona in-depth will make your marketing better and more efficient in the long term.
Another tip for structuring a business for sustainable growth is to have discipline.
Discipline is incredibly difficult, especially when suddenly everything seems to have the same level of priority. That said, I can't tell you how important it is to run an efficient calendar and diary to manage your time.
It’s important to treat your time as you would somebody else's time. If you've got a personal appointment in your diary that’s not related to business, that is just as important as a business meeting.
Remember, diary management and time management are non-negotiable.
I've stolen this tip from somebody else, but essentially, having three hobbies is key to your success.
These three hobbies are split into three sections: a hobby for money, a hobby for creativity, and a hobby for health.
These shouldn’t be the same as one another, shouldn't overlap, and should absolutely form part of your daily, weekly, and monthly routine.
Last, but not least, a tip for structuring a business for sustainable growth is to rest.
As a founder, it’s very difficult to dedicate time to rest. Your devices will have very few boundaries between them – and everything quickly becomes a blurred line between personal and business.
However, this makes it even more important to either have time away from your devices or to set boundaries.
Setting boundaries looks different for each of us. I would prefer to set a 'do not disturb' on my phone rather than turning off email notifications or deleting LinkedIn or Instagram for example.
Decide on what works for you but appreciate that resting and taking time away is important and a way for you to reflect and be the most productive person that you can be in your business.
Hopefully this article has given you a better understanding of how to structure a business for sustainable growth.
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