As part of the standard process of business and as I get more experienced and have owned my business longer and longer and have been working with more and more other businesses, here’s what I find. Businesses become efficient over time. Most businesses don’t start out efficient. They have an idea. They think they know what the market needs, but they often don’t, and they have to change. What many people would refer to as a pivot. You make a change to your product and your offering. You also learn your customers and your message over time, so don’t expect to be efficient when you first start your business. Many experienced business owners may approach you as a newer business owner and talk about the fact that you’re not being efficient or you’re not doing things as well as you want, and that’s okay.
Your financials aren’t going to line up like experienced businesses. You’re not going to get the same margins and income levels as experienced businesses, but you’re building an asset, an intangible asset, but an asset nonetheless. You’re learning about your market and your customers. And what to offer and how to make excessive profits and if you stick in there long enough and keep learning, you’re going to learn how to adjust and tailor your offering and efficiency will come. Then we can continue to hone your efficiency and hone your efficiency over time. Efficiencies are important in business and I recommend you keep an eye on it. But if you’re a newer business or you’re a business that’s changing your product or offering, you may want to put efficiency on the side for a while and focus on learning and collecting information which will allow you to be more efficient in the future.
What’s been your experience? Have you had a period of inefficiency in your business? Was the beginning of your business inefficient? Join us in the comments below and let us know about your thoughts and experiences.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Hans-Gunther Dreyer.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.