Understanding the inner workings of a small business

small business owner
Author

Sur N.

Release Date

Tuesday, May 14, 2024

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Owning a small business is a dream for many, but it requires focus and effort to succeed. Starting from choosing a working business idea to the nuts and bolts of execution, massive learning is required. But perhaps even more importantly, an entrepreneur needs to focus on inner work to learn their own drivers.

There are many factors that drive a small business and as many are first time business owners there may be ways to make the inner workings of your job much easier for instance the use of tax forms and business structures. Let us dive into the inner working that are important. 

Why inner work is important

A small business also runs on the inner fuel of the entrepreneur, who is often the face of the brand. This means ensuring that you know exactly what you are doing and why. This calls for inner work. Specifically, entrepreneurial inner work themes required for a small business can be divided as follows:

Motivation: We’ve heard this time and again. Do what you love, and you’ll never work a day in your life. Ideal as it is, that’s hardly the only motivation for starting up a business. It can well be that your biggest passions don’t quite translate into a viable business. Instead, perhaps an interest of yours that requires cultivation fits right in. Sometimes, the motivation is not the nature of business, but a fat bank balance. And that’s perfectly acceptable if you can work towards that goal without distraction and craving to do something else. Whatever the motivation is, an entrepreneur needs clarity on their why. And that alone can be the fuel driving you forward.

The blocks: Executing the business, especially in the initial stages, can require you to overcome some of your blocks, however. For example, cold calling might make you squirm but is an essential aspect of business development. You can either outsource the function or get to a place where you are comfortable with it. If you do the second, making it part of your comfort zone, will require you to overcome inner blocks. These blocks can be anything from fear of rejection to diffidence about your abilities to make an engaging conversation.

Your vision: Once the business is up and running, the next step is to take it forward. How far and how fast it gets ahead depends on the entrepreneur’s vision. You might be happy running the local grocery store, for example, where all your customers are your neighbors. But you might face competition from a big grocery chain. Your vision will determine how you want to pivot to survive and thrive going forward. You might decide to sell only exclusive organic products that give you an edge. Or you might decide to start your own grocery chain. Or you could sell to a big chain, invest your proceeds, and retire in a beach town. Whatever the vision, understanding it clarifies the next steps.

Complex work on a small business

Much like the inner work required for an entrepreneur, complex inner work is required on a small business too, to improve external results. Some of the keyways to improve the inner functioning are:

Efficient finances: No business survives without making money. But selling products and services isn’t enough to make money. Managing finances efficiently is also important to free up time and energy to sell your wares. There are plenty of resources that make this possible. Lean on accounting software, investing advice and even tax-forms to ensure the process is as smooth as possible.

Adequate resources: From employees to inventory, adequate resources are required to keep a business on the ball. Otherwise, you are likely to lose business that would otherwise have been yours.

Consistent sales and marketing: Having regular sales and marketing processes can take a lot of stress out of the business. If you are constantly pitching your products and services, you are at less risk of a single customer falling through. And if it happens, you already have a process in place to come out of it unscathed.

Achieve outer success

It’s clear then that inner work for both the entrepreneur and the business is essential for business success. For an entrepreneur, understanding the vision, motivation and even the blocks that hold you back is essential. And for the business, it’s important to get the processes in place to ensure that outer success is achieved sustainably.

 

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