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Every business owner wants to see the hard work, time and financial investments they have made come to fruition. For those daring enough to venture into the world of entrepreneurship, success or failure is measured by just how well the business is able to sustain itself without necessitating a constant financial nudge from its proprietor(s).
Whenever most people are starting a business they tend to lay out a solid, but often elaborate business plan for it. What people often forget is just how easy things seem when on paper. Every little detail seems necessary to acquire the very moment we hit the ground running. It is always wise to take a step back from all the excitement and differentiate between business needs and wants for our proposed business ventures.
Needs are synonymous with survival. When applied to the business context, these are simply things or facilities without which our businesses cannot run and, or thrive. Wants on the other hand are synonymous to luxuries. These are those extra things we do to boost various parts of our businesses that are not fundamental to the core purpose and, or running of the business.
In order to meet some of our needs, we require to get into partnerships with other businesses. For start-ups, financial aid is almost always a need rather than a want. Start-ups often have the challenge of a high market demand with low capital to service this demands. Partners such as Deluxe Business come in handy in such situations.
Having business partners who have more experience in running a successful business from the ground up can go a long way in teaching you how to make your business financially viable. Financial lessons such as the right investments to make, legally cutting costs in order to maximize profits without compromising quality are all lessons that come with experience. Entrepreneurs know this and hence the reason they seek out both financial backing and guidance from more experienced companies and, or individuals. However helpful this may be, upon closer examination of your business, you may realise that you do not need to get into such partnerships just yet.
The rule of thumb when it comes to deciding whether an item, facility or personnel is a need or a want in your business is simple. Say you have a chance to achieve the business growth and sales volume you so badly desire for your business by getting into partnership with Deluxe Business. However, some of the terms of the partnership do not necessarily agree with your business’s core purpose. If running your business as is without the financial aid and expertise being offered still results in growth then the partnership might just be a want rather than a need for your business.
Take a step back from your business plan, be it for an already running venture or one in its inception stage and consider all the different parts. Can the business survive without them? If yes, then those go into the wants category. Only after fully catering to the needs of our business can we move on to fussing over the wants.
