Thankful for the Journey of Small Business Ownership
I love the challenge and fulfillment of owning a small business. Being able to build something that’s mine, that I can shape and use to serve the people I can best help, is a large part of what gets me out of bed each morning. There are plenty of ups and downs, but that’s part of what I’m thankful for in this journey called small business ownership.
I guess you could say that entrepreneurship is in my blood; growing up, my mom owned a winery in Oregon Wine Country, and I saw the challenges and wins she encountered. I worked at her winery as soon as I was old enough – and I used the lessons I learned there to eventually open my own law firm.
Over the years, I’ve learned a lot of lessons along this journey. Some were welcome, some were not so easy to learn, but all of them have played a huge part in making me who I am today. While there are far too many to boil down to an article, I’d love to share a few of my favorites!
Build with Purpose and Flexibility
This might sound counterintuitive, but finding the balance between sticking to your purpose and being very flexible is important when running a small business.
Your purpose – the reason your business exists – should always be the foundation of what you do. Who you serve, the problems you help them solve, and your Core Values should not change. They’re non-negotiables, even when the road gets rough.
This is where your why comes in. Why did you start your business? Why do you want to grow it? This answer will be different for everyone, but it’s an important question to answer.
However, the world is constantly changing. Social media algorithms consistently shift, affecting how you can best stay in touch with your audience. The economy shifts, affecting what your clients need and when. People’s lives shift, affecting how they can best take advantage of your services or products.
In order to continue to grow, you have to be willing to change how you market and meet your clients’ needs. What worked last year may not work today, and that’s ok.
Surround Yourself with an Amazing Team
One of my favorite quotes is by Michael Gerber: “Systems run the business. People run the systems.”
I’m passionate about helping business owners create the systems that will allow them to grow profitable businesses without having to sacrifice everything else in their lives. I’ve been there – I’ve put in the 85-hour weeks with a lot of stress and little money – and I want something far better for you.
Systems are essential to a business, but so is surrounding yourself with the right team.
How many times have you hired someone, only to find out that they just were not the fit you were hoping for? (Been there, too.)
Sometimes, it really is a case of them just not being the person you need; however, sometimes it’s a matter of finding out where their strengths really lie and being willing to go outside the box a bit to help them grow.
This is one of the most amazing aspects of owning a small business: being able to mentor members of your team and help them find the exact place they fit.
This isn’t a simple or quick process, and it might not look anything like you thought it would when you hired them, but it’s definitely worth the time and energy.
And when you get past the hurdles, you’ll find that the team you’ve built will be by your side to help you grow in ways you never imagined!
Don’t Forget Your Systems!
You know I had to throw this one in the mix!
Years ago, when I was working myself to exhaustion trying to grow my law firm and keep all the plates spinning, I knew there had to be a better way. I just needed to find it.
When I learned how to run my business like a business – how to create a business plan and develop the systems my team needed to excel – things turned around quickly. Once we put the right systems in place (and I do mean “we,” as this is a team activity), my firm doubled in less than a year. And then, it doubled again.
When I sold my profitable law firm, my Systems Manuals were a $100,000 negotiating point. It wasn’t some huge, complex thing – it was an inch-thick binder – but it was the key to running everything efficiently and profitably.
Today, I recognize the power of systems more than ever. Running a completely virtual company with a team that spans 3 continents and several time zones, having effective systems is vital to my company’s growth and my team’s happiness.
Things move very quickly in my business; creating and refining our systems is something that could very easily move to the back burner. To keep that from happening, I involve my team in the process. Each month, my team members submit new or revised Policies and Procedures for review.
This means that my systems are being written by the people who will actually use them and I don’t have to spend hours upon hours every month writing them!
Of course, there are other lessons I’ve learned being a business owner, and I’ll be sharing some more of them on social media over the next few weeks. I’d love to hear yours as well – please feel free to comment below or join in on social!