So you’ve just started a new business, that’s fantastic. You’re working on ten new products and services, getting your first few contractors and investing in new equipment and you’re ready to change the world - or just your world. Incredible!
But you need to slow down.
To most people, when a new business is concerned, there is no such thing as starting slow and growing sustainably. You need to' expand rapidly, invest vigorously and balloon a company balance sheet,' right? Kind of.
Of course, growth and intelligent investing does result in success, but not if it’s all done in the matter of months. In the world of business, things can become messy in the blink of an eye. You lose track of where you’re going, make rash decisions and have all motivation sucked from you when your 400 goals don’t fall into place.
So, How Do You Do Less?
You might be wondering how on earth you’ll get anything checked off your never-ending check list if you never do anything. Well it’s more about being deliberate with how you spend your time, not focusing on goals that create stress and directing income to where it’s best kept safe - savings and business investment accounts.
Take a look below at our steps on how to do less as a business owner and increase your chances of success.
1. Have Fewer Goals
One major issue you might be battling with is keeping on top of all the goals you set out. If you’re a start up business, there’s a good chance you have a whole lot on your plate to get the business up and running in as little time as possible.
Although this shows dedication and ability to set yourself on the path to success, it’s also going to push your into burnout. One person simply can’t handle doing hundreds of tasks a week and also focus on their wellbeing and have the ability to take a step back and really see where the business is going.
Our recommendation is setting just three main goals. Not too small and certainly not too large and simply sticking to these three goals. If they become unattainable, drop them down to just one or two and chip away at them at a pace that allows you to remain productive and less stressed.
2. Don’t Hire, Contract
There is one main cause of companies folding early and that is hiring a team prematurely. If you don’t have the resources, income and the space for a team to work comfortably, productively and collaboratively, then restrict any and all hiring.
However, if you’re starting a business that requires a team of one or two in order to operate properly, then consider sitting down and taking at least a week of planning. Go over where these new team members will work and whether you have the resources and business structure that will enable them to thrive. You don’t want team members having nothing to do if you haven’t developed client relationships that ensure continuous work.
What we recommend is considering having fewer team members, at max two. Then rely on extremely efficient and educated contractors, freelancers and other short-term employees. These contractors will be perfect for routine tasks that don’t need to be undertaken in your workplace such as accounting, design, marketing and more.
This way you’re going to be able to move forward with providing quality services and products without needing to hire an expensive full-time entire team.
3. Offer Just One Single Product or Service
This might seem counterintuitive when it comes to competing with other already-developed businesses. However, for you to survive you must keep costs low and provide amazing products and there’s no better way to do this than putting all of your energy into developing (or offering) a single product or service.
Take a look at companies like Frank Green, Spotify and Snooz. They are some of the most successful companies in their field and what they all have in common is - offering a flawless single service or product.
Only once you have one product up and running that is truly flawless, gaining attention and earning you money, should you then move on to developing more. No one enjoys confusion, clutter and a suite of products to choose from that make the buying process more difficult.
4. Stop Development of Unnecessary Products
One issue you might come across when launching a new business is having a whole suite of ideas and products in your mind or in development. If all of these don’t end up in your store, you start to feel as though you’re letting yourself down. Don’t let this happen! You don’t need an entire suite of 50 products and services from the get go.
What we suggest in this stage is taking a look at what can be cancelled - or postponed for a long while. Analyse products or services that don’t match current trends, and simply cut them off. Would you develop a fidget spinner in 2019?
5. Saying ‘No’ Should be Default
This tip might contradict everything you’ve ever heard from a business startup mentor, but you really need to learn to say no. If a question or request doesn’t involve something that will help you achieve your goals, then say no.
The golden age of startups is coming to an end, the seemingly endless stream of investor funding and government and corporate benefits are going away and it’s now time to focus on developing at a low cost. That means when someone comes to you to develop a custom product, or request that you offer a service to them in a new pricing structure, you reject them
Focus entirely on your main goals. Work for prosperity. And always default to ‘no.’
With all of the above said, it should become far less of a convoluted struggle to build a new business. Don’t force a ‘full speed ahead’ approach if you have quite literally hundreds of goals and aspirations. It simply won’t be sustainable.
It’s time to wind down, focus on the most important things and be deliberate with where you spend your time and what you’re doing to further your business.