5 tips on structuring a business for sustainable growth
02 Nov 2021
Lucy Bulley is a Startup to Scaleup “Structurist” based in Tramshed Tech and works with companies that are either going through a period of fast growth or who are looking to structure themselves for a period of vast growth.
Read on to learn Lucy’s top tips on how to structure your business for sustainable growth.
Tip 1: 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's a couple of reasons why this is important. Firstly, it keeps you accountable and it's great to refer to at 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.
Tip 2: Become laser focused on your target market
The more niche/specific, the better. I would highly recommend creating an avatar and really hone in on who your ideal customer is. Once this is avatar is mapped out, learn everything you can about them; what they like, what they don't like, details about their lifestyle. Understanding your target persona in-depth will make you marketing better and more efficient long term.
Tip 3: Have discipline
Discipline is incredibly difficult, especially when suddenly everything seems to have the same level of priority, but 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, non-negotiable, diary management and time management.
Tip 4: Having three hobbies is key to your success
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, monthly routine.
Tip 5: Rest
As a founder, it’s very difficult to dedicate time to rest. Your devices will have very little boundary between them – 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 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.