Every smart entrepreneur knows that there are four critical areas of any business namely:
Marketing: The ability to develop products and services that are well accepted by potential users. A smart entrepreneur knows that he/she must get the timing for the introduction of the product right, he/she must also target the right audience and of course the pricing for the product must be accurate.
Operation– The process by which products and services are delivered. Every smart entrepreneur knows that the process of producing the goods or delivering the services must be cost effective, devoid of bottlenecks and consistent in the quality of products and services delivered.
Finance– it is interesting to note that just as lack of funds is bad for a business especially start ups. Too much of unneeded funds can freeze the creative thinking of an entrepreneur forcing him/her to throw cash at every business problem. A whole lot of business problem can be resolved through creative thinking.
People– one of the most remarkable statement from Steve Jobs is that “when you are in a start-up, the first ten people will determine whether the company succeeds or not. Each is 10% of the company. So why wouldn’t you take as much time as necessary to find all the A players? If three were not so great why would you want a company where 30% of your people are not so great? A small company depends on great people much more than big company does”.
The company process, procedures and equipments need people to operate it. So it is true that every great vision without great people is irrelevant.
Mastering all these elements of business seems like a herculean task for one man but in most situations an entrepreneur cannot afford to have professionals to manage those areas of business.
There are few options available to you as an entrepreneur namely: Shared services, Outsourcing, Part time staff, Sweat equity and so on.
Shared services: As an entrepreneur, you might want to consider sharing the services of professionals, or office space with some other entrepreneurs. This arrangements gives you access to capable hands or good office space without you breaking the bank. Office space or work space gives your business some level of visibility but it also increases operation cost. So why not share the cost with another entrepreneur. Who says you can’t eat your pie and still have it?
Outsourcing is another great way to minimize your cost yet have access to strong professional support. There are lots of outsourcing companies who have services tailor-made for small and medium scale business owners. They are affordable and yet give you access to strong advisory services.
In fact, one of the core services of Midline consulting is SME HR advisory services. This product allows small and medium scale business owners have access to strong Human resource services at minimal cost (as low as #12,500 monthly).
Part time services: You might also want to consider hiring of professionals on a part time basis. For instance I know of a chartered accountant who would come to your office once a week/month to help organize your books or financial records. I also know of offices you can rent on part time basis. In fact a lot of virtual offices operate based on this principle.
All smart entrepreneurs are always looking for avenues to enjoy the services of a Rolls Royce and pay the prize of Volkswagen.
For more enquiries please contact us at Midline consulting.
Authored by Deyemi Adekoya, Principal Partner Midline Consulting