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Claiming your business independence

Posted on 19 September '16 by , under General News.

Entrepreneurs are particularly independent. No matter how risky starting a business seems, for entrepreneurs, it is the route to the pursuit of happiness.However, while some started their companies to be independent, many may have lost that freedom along the way. If you allowed yourself to become subject to the petty demands of your business, it is time to come up with your own Declaration of Independence.

Here are some things to include:

  • Independence from overly powerful customers

If you get most of your income from one or two major customers, they control your future, not you. They can dictate the amount of your income, the security of your business, indeed, the quality of your life. You don’t want to lose these customers, but make it a priority to expand your base.

  • Independence from overly powerful channels

Successful entrepreneurs start their businesses by concentrating on one channel to reach their potential customers. They may target one specific industry or sell exclusively through one distributor. However, as your business grows, it is vital to diversify, so that if something unexpected happens, you can still survive.

  • Independence from overly powerful vendors

Likewise, if you depend on only one or two sources for your critical supplies, then you’re at their mercy. Find other sources, and give them at least some of your business. Even if you’ve been using one source for years, ask from time to time for bids from other vendors. Stay flexible.

  • Independence from overly dependent employees

If your employees come to you for every little decision, it’s time to give them their independence and free yourself at the same time. Create a working environment that gives them responsibility and authority, making certain that employees are also given the training and support to handle such authority.

  • Independence from continual insecurity

Being in business is never completely secure, but once past the start-up years, you should be able to free yourself from constant worry. Build a base of continuing customers or product lines. Set aside a cash reserve. Diversify your personal assets so you have financial resources in addition to your business.