The Job Of The Small Business Owner

The question is often asked: What is the job of the Small Business Owner in starting and growing a small business? The answer to this question could be found in defining the role of the Small Business Owner.

The key aspects of the job of the Small Business Owner range from setting the vision and creating strategy, through raising capital and building an all-star team, to communicating the strategy and holding everyone accountable.

The job title of the Small Business Owner carries weight. The Small Business Owner is the big boss, the leader of the team.

But what is a Small Business Owner and what are the main deliverables of the position? This is more art than science and individuals evolve in their own right, on the strength of their acumen, personalities and leadership styles. For every Small Business Owner, knowing what to do can be a challenge. This makes it critical for the Small Business Owner to understand the role. Or what the role should be.

Congratulations on taking on the exciting and challenging role of a Small Business Owner.

The six core jobs of the Small Business Owner can be outlined as clarifying the vision for the business, nailing down the strategy for the business, finding the capital to pursue the strategy of the business, building the team to execute the strategy, communicating the strategy of the business internally and externally, and holding everyone accountable for achieving the goals of the business.

The Job Of The Small Business Owner

Here’s a breakdown of what a Small Business Owner can expect in each of the key roles:

1. Clarifying The Vision And Mission Of The Business

This serves as the guiding light for your decisions. The Small Business Owner must define the purpose of the business. Why it exists, the value it provides and the impact it aims to make. The Small Business Owner must conduct internal discussions, articulate a short and sharp vision statement – an aspirational future state for your business.

The mission statement must outline the core values, ideal customers and primary products and/or services of the business. The vision and mission must align with the personal values and passions of the Small Business Owner.

2. Setting The Strategic Direction

The Small Business Owner must craft a strategy for the business; a roadmap to achieve the vision and mission of the business. This requires specific goals, initiatives and action plans. It also needs a SWOT analysis of the Strengths, Weaknesses, Opportunities and Threats of the business.

The business must set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals that are aligned with its vision and mission. It must define its Key Performance Indicators (KPIs) and create timelines for realising them. It must run on a detailed and actionable strategy document that outlines the steps to achieve your goals.

3. Finding The Capital To Implement The Strategy

The Small Business Owner must mobilise the financial resources needed to implement the strategy of the business. This includes finding the money to cover operational costs and growth plans. The business must consider different funding options, including personal savings, bootstrapping, loans or grants.

The Small Business Owner must have a persuasive pitch and a compelling business plan that showcases the vision, strategy, team and financial projections of the business. The business must partner with investors and financial institutions, negotiate funding terms and secure investment deals.

4. Building The Team To Execute The Strategy

A high-performing team that is motivated and committed to achieving goals will make a difference. The Small Business Owner must assemble and manage a team with the skills and talents needed to execute a strategy that is aligned with the culture and values of the business. 

The business must identify key roles, define job descriptions, recruit competent employees, provide clear expectations and offer continuous training, development and performance feedback. It must foster a collaborative and supportive work environment.

The Small Business Owner must delegate tasks effectively, based on the strengths and experience of members of the team.

5. Effective Internal And External Communication With The Stakeholders

A key role for the Small Business Owner is to communicate effectively. The Small Business Owner must clearly and consistently communicate the vision, mission and strategy of the business to internal and external stakeholders.

The Small Business Owner must regularly communicate with employees through meetings, memos and personal interactions. There must also be a relentless engagement with customers and partners to build understanding and trust.

6. Holding Everyone Accountable

A prime assignment of the Small Business Owner is to ensure accountability. You must establish clear metrics and hold yourself and your team accountable for achieving the established goals. You must develop a performance management system with defined metrics and Key Performance Indicators.

As a Small Business Owner, you must monitor progress regularly and provide constructive feedback. You must celebrate achievements and acknowledge areas for improvement. You must implement fair and consistent consequences for failing to meet expectations.

A Small Business Owner will likely wear many hats and juggle various tasks in the early days. As the Small Business Owner grows, things will flatten to a point that demands a focus on being the best you can be at a few critically important tasks. Concentrating on these six key roles will create a solid foundation for the success of the business.

How do you play your role as a Small Business Owner? Do you have a clear job description? Are there things you should stop doing? Are there things you should start doing? Do you feel like you have been growing over time? Or you feel like you are going nowhere? What do you need to keep doing, or need to change? How have you changed over the years? Is this a good time to re-invent and renew yourself?

Clarity on these questions can help you learn from your successes and failures and accelerate your continuous strive to improve the performance of your business. Examine yourself and your business. Do what you must do to grow yourself and your business.

If you need help growing your small business, contact us today.

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