By Brian McKay
Everybody goes into business thinking that it’ll be a matter of getting creative, putting their stamp on the firm, and waiting for the world to take notice. Unfortunately, it’s very rarely so straightforward. While you’ll have plenty of ideas to get you started, you’ll quickly discover that there are many other people involved in your company, and that means that it can be difficult always to feel like you’re in control of what’s going on. Below, we take a look at five steps you can take so that it always feels like it’s “your company”.
Avoid a Business Partner
Now, there are advantages to having a business partner; it can bring in new expertise, ideas, and finance, for example. But it’s worth remembering that the person you bring in won’t be delivering these things out of the goodness of their heart: they’ll want an equal say over the direction of the company. Instead of automatically getting a partner, look at bringing in new ideas and expertise through traditional hiring; it’ll provide the same access to the skills you need, but you’ll still be unquestionably in control.
You’re not a dictator; you won’t be able to “control” your employees as such. However, by hiring people you trust and respect you, can ensure that it won’t be your workers who rock the boat and undermine your control of the company. Businesses work best when there’s a clear figurehead at the top; if you’re having disagreements with a trouble making employee, then you’ll quickly lose your sense of authority.
Keeping Investors Out
Sometimes, we’re forced into relinquishing some of our control due to financial issues. If you want to raise money from investors, then you’re going to need to offer them a slice of the pie, and that means they’ll be able to have a say as to which direction the business should be going. If you give more than 50% of your company away to other investors, you’ll suddenly find that you’re a minority voice. Instead, keep the investors out. Use your own money to get things started, and then use a service like businesslineof.credit to keep on top of your cash flow. You can always attract investors later on down the line, but if you do it too early, then you’ll be relinquishing control forever.
Always Think Ahead
It’s important that you keep your eyes on the day to day running of your operations, but you should also have your mind on the future, too. Knowing where you want the company to be in one, three, and five years will focus your attentions and keep the bigger picture of your company at the forefront of your mind, preventing you from becoming sidetracked and losing control.
Choose Your Clients Wisely
You can also lose control by being too dependent on only one client for your business. If one client is making up more than 30% of your revenue, then it will be they, not you, who’s in charge of your company. Keep things mixed up, and never become too reliant on one other organization.