Today, I want to drill down on skill gaps in your business and help you think about what those gaps are costing you. Whether you’re a solopreneur or running a full-scale operation, identifying and filling these gaps can make all the difference in your growth.
You might be handling everything yourself, from being the head cook to the bottle washer, or perhaps you have a business partner and a few managers overseeing various departments.
No matter your structure, one thing remains: if your team isn’t skilled in all the fundamental areas of business, it could hinder your progress.
I always talk about the five fundamental disciplines of running a successful business. These core areas should be covered, either by you or your team, to ensure that your business runs smoothly:
If you’re not proficient in all of these, or don’t have a team to plug in the gaps, then it’s like driving down the motorway with your windscreen blacked out, eventually, you’re going to hit something, and it could be painful.
Finance
The first fundamental is finance. Do you have someone who understands finance deeply, or are you relying on a bookkeeper to handle only the basics?
It’s not just about having an accountant; you need someone who can:
Finance is the backbone of any business, and it’s crucial that you either understand it yourself or have someone on your team who can stay ahead of the game.
Next is operations and systems. Do you have systems in place to manage and streamline your business?
Who is managing them?
Systems are the spine of your business, people run systems, but without solid systems in place, your business will struggle.
Here’s what you need:
If your systems are weak, the entire business suffers, and no matter how good your people are, they’ll be working in an inefficient environment.
The third area is people. Who’s handling the recruitment, development, and training of your team?
A strong HR function isn’t just about filling vacancies; it’s about creating an environment where your people thrive.
Consider these questions:
Great people are your most valuable asset, but only if you’ve invested in managing and nurturing their growth.
The fourth discipline is sales and marketing. How are you getting your message out there, and how do you ensure it’s effective?
Many business owners fail to establish a solid sales process, and they end up making it up as they go along.
Here’s what you need:
Both sales and marketing need a clear, measurable strategy. Without it, you risk wasting time and resources on ineffective methods.
Finally, we have corporate governance. Whether you’re a solopreneur or leading a large team, you have legal obligations that must be met.
These include:
Even if you're a small operation, failing to address governance could result in costly mistakes. Do you have someone managing these legal and regulatory aspects?
If you identify skill gaps in these five areas, don’t ignore them.
Whether you need to upskill yourself or hire the right talent, filling these gaps is crucial for growth. Here's a simple exercise to help you assess where you stand:
It’s a simple exercise, but one that could have a massive impact on your business.
Don’t wait until your business is hitting walls, take proactive steps to close those gaps and set yourself up for success.
The key to business success lies in understanding where you need help and filling those skill gaps.
Whether it’s finance, operations, people, marketing, or governance, each element is vital for the overall health of your business.
Take the time to evaluate where you stand, and ensure you have the right skills in place to move forward successfully.
Always here to help you start, grow, and thrive. Let me know how I can support your next big move.