Before the days of the periodic table, people believed everything in the world was made up of five elements: earth, wind, fire, water and air. That was way before I took Mr. Schulenberg’s high school chemistry class. Entrepreneurs have learned a few things since then.
For small businesses, I postulate there are three resources that are the core of our brand, our identity and the building blocks of our success.
Revenue / Money
We seem to never get away from money. Apple Inc. is the world’s most valuable brand. Their retail stores make approximately $6000 per square foot. Even though your operation may not make that much (yet), money is still the life blood of businesses. With more revenue, you can market more, reach more clients and hire more people. When your company generates more capital, you manufacture more goods. This growth is the holy grail for most entrepreneurs. Businesses need money to operate and thrive.
People
As much as you need money, you will have to have people. The employee (even if it is just you) is the soul of the business. Your people are who your customers see when they first walk in to your store. Your salesforce is the face of your company when they make a sales call. A dynamic research and sales division keeps new products in the pipeline. Your employees determine the work ethic, culture and future of your company. One strong employee can propel a company from mediocrity to greatness. Michael Jordan did it for the Bulls. Who are your strongest employees?
Time
We can always hire more people. We can always – hopefully – make more money. However, we are all given 24 hours in a day and 12 months in a year. As a business person, your time is your most valuableresource. You use time to develop your marketing strategy. You use time to research new developments in your industry. You use time to meet with prospective clients. Time is especially valuable for small businesses because every business has the same amount in a day, week or month. It is the eternally equalizing resource.
When I first started my business, I wasted my resources. I drove for meetings when I could have simply called (time). I focused on administrative activities I later hired someone to do (people). I purchased equipment I didn’t need because I saw other companies had them (money).
As a veteran entrepreneur of 3 years, I have learned to protect my three most important resources – money, people and time. Maybe one day my business will be worth $158 billion. I’m coming for you, Apple!
Scientifically Speaking, of course.
Next Week: Forgotten Social Media Platforms
