There are tons of ways to start, build, and grow your business. However, one of the easiest, most proven ways to build a business that’s perpetual, meaning everlasting - (I did a radio show on perpetuity Nov 28 last year, so make sure to check it out so you know what I’m referring to ), but the way to build a business that’s perpetual is to build a strong infrastructure that not only prepares your business but also allows your business to make money, become profitable, and grow exponentially.
Most entrepreneurs and business owners don’t focus on this critical area; not because it’s hard but because it requires an intangible process – which means you can’t immediately feel it, touch it, smell it – it takes time to build. So it’s hard to work on things that don’t give us that instant gratification. But, it will give you long-term stability, if that’s what you want. This infrastructure is your armor against outside forces that can deter, hinder, or even break your business success. We call this infrastructure CORE.
Principle Five--Understand the key functions of your business.
When I say function I'm referring to an activity within in your business that supports the development of new products or the sale of your product. Some people see these as departments, but as small business owners it's more effective to think of them as functions since some of us are solopreneurs.
The key functions of business refer to the internal operations of business. The basic functions may include: administration, accounting, distribution, marketing, receiving, inventory, procurement, human resources, management, and production. All businesses have at least 3 of these functions. Make sure you know what functions are needed for your business and ensure you create the right processes for executing these functions to support your business activity.
Principle Six--Having a Business Mindset.
You must think strategically – that’s having a business mindset. Before you make any decisions in business think about the outcome on all levels; For example: Having a business mindset means thinking for yourself vs. letting other people think for you. I’m considered one of those people that you would go to for advice and help but come to me with something. Don’t allow the experts to control your destiny or your dreams, let them help you get there. Take some time to think, document, and research your own idea before asking for help – if you do – you will be better equipped to ask for exactly what you want and getting it.
Principle Seven--Document a Strategic Plan not a Business Plan only
To start you should be focusing on creating a strategic plan not a business plan. Why? The strategic plan encompasses all aspects of your business in an organized manner that is meant to be updated and upgradeable as your business evolves. It contains all the elements of a business plan and much more. The traditional business plan is a requirement from the financial world to receive funding but it doesn’t necessarily contain all the documentation elements you need to effectively run your business. Learn how to document the right things in the right places.
The strategic plan is the true working document to be used as an internal communication tool, a management tool, a planning tool, and a execution tool. Remember the business plan should be used more for a communication tool for funding not to manage your business.
