Launching Your Business: Airplane Principle- Part III

As discussed in Part I and Part II of this series, growing a business is like flying an airplane. No matter how naturally talented you are or how brilliant your business concept is, you must take the time to be educated. In the words of the great 20th Century sage, Bill Nye, Everyone you will ever meet knows something you don’t.Bill-Nye

If you’ve happened upon this post and are in the early stages of starting your company, I encourage you to start at the beginning of this series. If you have already started your company, but find yourself floundering, there might be some good insight for you, as well.  Today, we discuss taking off.

You’ve safely backed out of the bay and taxied to the runway. It’s time to take off and Take Offbegin your flight. 20 mph… 40mph… 60mph…  You’re gaining speed and momentum, but with that comes resistance and the danger of veering off course. In order to avoid crashing, you must use your resources to remain on course. You must begin to pay attention to your gauges but you are also still using the window as your primary tool to maintain your bearings and make sure you stay pointed straight down the runway as you hurtle forward.

 

As you grow your business, you will get to the point where you cannot do everything.  To attempt to do so will be a detriment to your business. You need others to help you do different jobs because you can no longer perform all the functions that you used to. As the demands on your time increase and you realize the limitations of the basic tools.  Plain and simple:  In order for your business to grow, you will need help.

The type of help you will need will depend on the size and nature of your business. You might find you need to outsource some of your functions. You might need to bring on part-time, or even full-time, staff. It will cost money and that will likely make you uncomfortable, but in order to continue gaining momentum, it will be necessary. Otherwise, you will become bogged down and veer off the path.

At this point, it’s obvious that you are very good at whatever it is you do. However, peripheral tasks can derail anyone who is not willing to take the step of surrounding themselves with a good team. What type of person are you? Creative? Promotional? Refining? Executing?

Creative Getty Images

Creators:

If you’re a creative type, surround yourself with people who can help you refine, promote, and execute your ideas. Your fabulous concepts are essential to the company, but will be nothing more than pipe dreams without the support of those who can make those ideas reality.

 

Promoters:Promotional

If you’re good at promoting a concept, surround yourself with people who can help you create fresh ideas, refine them, and execute them. You may be an excellent salesperson or motivational speaker, but you won’t have anything to promote without a team of creators, refiners and executors.

 

 

RefinerRefiners:

If your gift is refining and tweaking, surround yourself with creative people, promotional people, and those who will execute a well refined idea. No matter how good you are at polishing and producing excellent final products, you have to have fresh concepts and a team of people to promote and execute a plan.

 

Executors:

Executor

If you’re the person who can be counted on to execute a plan, surround yourself with people who will create fresh ideas, promote, and refine them so that you can then carry out the plan.  For Executors, these other roles can seem frivolous, even extraneous, but they are essential. The good news is that you don’t have to do these things. You just need to find the people who are excellent in these roles and make them a part of your team.

 

The best entrepreneurs in the world are those who surround themselves with a team of people who complement them—who make up for their weaknesses and blind spots.

 

In Part IV of this series, we will discuss flying.

Realized you need to surround yourself with some reliable and insightful help? Right Column Financial provides many elements of the team dynamics mentioned above to its clients through Forecasting and CFO Services. We want to help you complete the puzzle. Connect with us if you’d like to learn more about how Right Column can come alongside you to grow your business.

Photo Credits:
Image 1: Ink Tank
Image 2: AmericanFlyers.net
Image 3: Getty Images
Image 4: Beyond Career
Image 5: Flickr- Joe Pemberton
Image 6: LardBucket.org
Team Roles: Internal Change-Team Dimensions Profile

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Author: Right Column

Mike Townsend is the President at Right Column and brings 15 years of entrepreneurial, finance and accounting experience to the table which enables him to truly relate to the clients Right Column serves. He thrives on spending time in front of clients working with them through the different financial and strategic elements of their business. Prior founding Right Column, he founded Tax Credit Services in 2001 after seeing an opportunity to help small to medium sized businesses in a struggling economy. The company he founded now secures millions in tax credits every year for clients across the country. In his spare time he enjoys Georgia Bulldog football, boating on Lake Lanier, duck hunting, taking his wonderful wife, Beth and 3 kids to Disney World whenever possible. Mike graduated from the Campbell School of Business at Berry College in 1999 with a degree in Finance.

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