Have you ever had a supplier who over the years has been reliable only for one day to disappear and never be seen again? If yes, how did you feel about replacing him or her? Your business might be doing very well in your presence. Will the same happen once you are not there? You must ask yourself that important question because if your business is you, then your private practice will certainly have no future once you are unable to carry on.
These are three reasons why you cannot afford to be everything in your business.
1. Growth requires a team
You may have started your private practice in your garage. Sometimes you may just have only you because you cannot afford to split your meager revenues with another person. While this is okay, it should change at some point. Assume you are offering services. You can only do so much at a given time. But if you have two more hands, you are likely to double the jobs you can take during the same period.
If customers trust you and keep on coming, it is a good time to think of growth. Notice that small businesses don’t have a future because of their ability to absorb risk is low. If you grow, you can absorb risk better. Again, you cannot purport to grow when you don’t have a team. If you insist on growing past a certain level alone, you’ll most likely affect the quality of your product, which is detrimental to your credibility.
2. Provide continuity to the company
If you supply to other companies, one thing they consider is your ability to continue to deliver quality over time. Without a guarantee of continuity, few companies will engage you into contracts. Companies want to know how you can continue to be partners even in times of challenges.
Business is cyclical, ups and downs are inevitable. If you are the only person, what happens when you get a family emergency? You’ll likely have late orders, differed payments, and on overall hurt your business and other people who depend on your business.
Some professional private practice can operate with one person, but the risk of the business dying once you are unable to deliver is almost to certainty. Some people start thinking of continuity when they are too old. Most of the time, they tend to trust family members notably grandkids to take over from them. Sadly, the transition is poor and the overall business suffers.
You have to think of operating a professional business that can outlive you immediately you notice that your business has a stable market. You start adjusting small like producing more, adding interns, creating departments, and so on. You don’t have to go corporate overnight.
3. Reduce the pressure on you
A one-man show is a difficult engagement. You have to spend all your time on the business such that you don’t have a life outside your business. Sometimes you may affect your relationships because you’re ever committed in your business. You must free yourself a little bit so that you can focus on learning and recreating your business.
Get exposure outside. Bring in other people who can inject more ideas and expertise into the business. Get more free time with your family. Studies have shown that happy people are likely to be more creative and successful. Family ranks first in the factors that determine whether an individual is happy or not.
Make your business sustainable by operating at a scale that allows you access to talents out there. Grace Lever reviews from customers point to the need to operate sustainably. One way to do that is to work on a scale that allows you to operate in a way that you can grow beyond your side of town.