One-man-army business

Business runs with leadership. All the big businesses whether it is the venture of Reliance, TATA's or Birla's, it is the leadership that drives the business towards success and expansion. That is the reason the companies are recognized more by the name of the leaders like Ambanis, TATAs.

In fact, it is more easier to see success in a proprietary small business. Business decisions flow timely and integration of tasks would be easy. Overheads would be less enabling you offer competitive price to the customer.

But how? What is the approach to succeed?
As is the case for any business, the foremost aspect is to be having a clear vision of business model with the following facts.

• The product / service offerings and the means to produce and deliver the same
• Target customers
• Target geography
• The business projections (covers investment, sales revenue, expenditure, future projections, profit & loss)
• The approach / operational metrics
  
• The growth perspective
• Budget allocation
  

The owner of business must stratagize and integrate the flow of business processes concerning the above points. It is essential that the business owner has experience in the line of activity.

The business owner could prefer the following approach with contextual revision.

• Create corporate identity (refer to my post 'corporate identity')
  
• Maintain right legal identity / good relations with bankers / Partners
• Go for professional documentation (Administrative methodologies, NDAs, MOUs, SLAs, etc.,)
• Define partner / collaboration model
  
• Empanel CA / Auditor / Legal Advisor
• Compile prospect client / lead database
• Identify consultant / partner database who could supplement your business requirements
• Introduce your services to the prospect list
• Interact telephonically with shortlisted prospect
• Present your service range, delivery model, ROI, USP and business commitment, process maturity that you adopt in the organization
  
• Submit professionally done proposals / quote / offers
• Provide cost to cost services (transparent margin till you grow)
• Extend deliverables solely by you or through collaboration (where you will not be able to handle the entire requirement of client on your own, you may invite collaborator's participation or outsource client's requirement. This will enable you operate on your own without engaging your own team till you grow)
• Go for periodical performance review
• Go for effective use of technology
  
• Maintain professional communication flow and sweet relations with all

The above processes could be achieved by a single business owner. It is essential to work for growth even if it is small. It is imperative to manage clean record with banks, lenders or vendors so that it will pave for a very peaceful journey and a bright future.

What kind of businesses would be ideal for a one-man-enterprise?
Service industry, consulting outfit, distribution and retail setup or micro industry

The best business happens always through or from old client. Thus satisfying every client's requirement should be the top priority than scouting for new business. You should never neglect the existing client to catch new prospect.

What are the precautions to the business owner?

• Never neglect meeting committed deliverables to a stakeholder
• Do not be overconfident of doing every thing on your own. Involve collaborators / partners /consultant
• Don't postpone documentation requirements (Agreements, Accounts, Processes)
  
• Don't neglect mandatory reports to Tax authorities, industry bodies, lending institutions
• Never over commit
  
• Don't neglect a call even in the midnight from an existing customer
• Manage your health and energy levels
• Manage judiciously every finance
• Don't ever invest all your time and resources on a single client
• Try not to over please a customer
• Maintain clean record in the entire business
• Don't neglect appointments and schedules
  

It may look difficult to follow the above. But as you progress you will find that you are almost doing these things. Unless you are not messing up with the business affairs.