Entrepreneurs often dream of taking their small businesses to the next level and achieving success. However, this requires introducing structure at some point in the journey of the business. A structured business has many benefits, including greater attractiveness to investors, increased efficiency, and organization. Unfortunately, many entrepreneurs are not well-equipped to handle the demands that come with structure. To be prepared for a structured business, they need to adopt the following mindsets:
1. Trust: To build a structured business, business owners must pay close attention to the people they bring on board to run the business with them. Once they are brought on board, they must be trusted to do their jobs. Trust is crucial to building a successful business. A situation where business owners challenge every decision made by employees brought in to help implement the desired structure is indicative of the absence of trust.
2. Delegation: To delegate effectively, business owners must give people working with them the authority required to carry out the job. They can seek feedback and supervise but must not get in the way of the workers by taking back the job and doing it themselves. Business owners must allow employees to apply their own experience and ingenuity while carrying out given tasks.
3. Shared spotlight: Business owners must develop a mindset of appreciation and allow co-workers to receive praise and adulation for a job well done. Business owners must step back and allow employees to enjoy due recognition for their efforts.
4. Accountability: Business owners must be accountable to their employees to build trust and loyalty. Whatever standard is expected from workers, business owners must live up to it. A case where business owners appropriate company funds for personal use without giving recourse to how employees perceive this will end up defeating the purpose of introducing structures to the business.
5. Leadership: Business owners are responsible for the culture of their organizations. They must make timely decisions and display all the qualities of a good leader to steer the company in the desired direction.
6. Tools: Business owners must take inventory of the various tools needed to enhance the effectiveness of the structure they are introducing and make them available when needed.
By adopting these essential mindsets, entrepreneurs can successfully introduce structure into their businesses and take them to the next level.
