Most side businesses set-up by actively engaged employee of an organisation, either public or private, don’t end up as successful business. This is often due to management style and operational strategy. Hence, the need for managers of these businesses, these SMEs, to adopt the management style of C suites executive for survival, growth and profitability of the business.
It must be noted that different situations require different approaches, but the fundamental strategy and the focus required are constants. It is a good idea to think about how c-suite executives think. The Harvard Business Review’s new-path-to-the-c-suite can offer you great value on this topic. This article provides further steps towards actualizing this operational transformation. Read on and set up for success.
SET UP FINANCIAL MANAGEMENT AND CONTROL SYSTEM
One thing C-suite executive seek to achieve within their organisation is setting up an effective financial management and control system. The absence of these financial fundamentals are one of the major causes of the closure of businesses. Ensure the separation of your side-business account and expenses from your personal account and expenses. Ensure your business bank terms are the best possible for the business and effective monitoring and online facilities are provided.
Today, most banking products and retail banking firms have been developed to provide these features, such as the B Appwhich is powered by Clydesdale Bank & Yorkshire Bank. You have to be able to effective and clearly monitor your side-business sales, revenue, expenses and profitability.
SET UP A FRACTIONAL C-SUITE TEAM
This should not be taken as employing full-time personnel, but rather engaging a fractional c-suite executive team to perform occasional critical functions. This means your business has access to top level knowledge and experience when you need it, at a reasonable price. It means you don’t have to figure things out yourself – you never need to break the bank to enjoy C-suite standard services, and it’s always sensible to tap into people that have done what you want to do. Team contributors to be considered should include marketers, finance, legal and an optional operating officer. This team will become the profit-centre of the business as they will input creativity and enhance the business strategy.
DEVELOP AN IDENTITY AND CULTURE
One thing that differentiates businesses is the brand identity and culture that accompany their products and services. Develop an identity for your business and follow it through. This can further be enhanced through a dynamic social media presence. Get your fractional c-level marketer to get you on track here.
Through these three basic steps, side-businesses can be operated in the mode of a corporation without necessarily increasing the cost of business, but ensuring the survival and growth of the enterprise.