If you are a business owner, one of the things you need to pay great attention to while building your business is the structure of your business. There are so many debates out there on when is the right time to begin to pay attention to work on structuring a business. Many argue for structuring a business right from the start, some others argue for structuring a business when the business has hit a certain threshold in income.
I am one of the many who argue for structuring your business right from the moment you decide to venture into it. This is because I believe a structured business from the start is more productive and has greater chances of scaling quickly than an unstructured business. If peradventure you started your business with a structure, now is a great time to consider structuring your business, irrespective of the volume of sales your business is doing.
Understandably, at the beginning of your business, just like with every new venture, you may not have had many problems as a result of the lack of structure but it is only a matter of time before the problems start trickling in unless you work on it now.
What Does It Mean To Structure Your Business?
To structure your business refers to you creating a well-defined and organised system of operations and administration. In structuring your business I need you to understand goes beyond just having fanciful titles for members of your staff. This is because titles don’t get work done.
When we speak of structuring your business, we are referring to the orderly process through which all necessary business operations are carried out in your business. These necessary business operations could defer slightly, depending on the kind of business you are doing and also the model you have adopted.
Why Do You Need To Structure Your Business?
Helps In Defining And Streamlining Business Operations
Structuring your business will help you in defining and streamlining the various business operations necessary for the success of your business.
This will help create orderliness in your business operation as you can clearly define what business operation is important in your business, how to go about it, how much time and resources it takes and who among your staff to put in charge of it.
Saves Time, Resources And Increases Productivity
Putting structure to your business goes a long way in saving you time and other useful resources such as money thereby increasing the productivity of your business. You can define the necessary processes for successfully conducting your business, and allocate these resources and time accordingly. Also, you can designate each operation(s) to a member of your staff.
In addition, putting structure to your business helps in speeding up the decision-making process within your business.
Increases Customer Satisfaction
Customers want good service delivery for their money. More importantly, customers want to be served quickly and of course, without compromise on efficiency. This can only be possible when you have built a structure into your business. Structure helps your customer experience as you can effectively take your customer from one operation process to the other in an orderly manner. This leaves your customers satisfied with you and a satisfied customer equals a retained customer and a business ambassador/referral.
Helps Business Growth
With a clear structure in place, your business is more likely to grow and scale faster than when you have no structure in place. This is because a structure helps you with your business planning and forecast.
Closing Thoughts
By putting structure to your business, you stand to gain everything – customer acquisition, retention, satisfaction, business growth and more importantly the personal fulfilment that comes to you as a result of doing your business in an orderly manner.
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