What is a foundation for your business? Do you have one? Do you need one?

A foundation is necessary for you to build your business upon. You don't start building a house from the top down, right? You also don't just start building without a plan (you don't, do you?). The same can be said for your business. You need a foundation from which to build your business upon so that you have the support you need. What exactly constitutes a foundation for your business?

Here is a list of what I consider to be necessary for your foundation:

a. Ideal client
b. Business Plan
c. Marketing Plan
d. Systems/Procedures/Processes
e. Business Structure (Sole Prop, LLC, S-Corp)
f. Your Support Team
g. Welcome Packet/Marketing Packet
h. Bank Account for Business
i. How Will You Accept Payment for Services
j. Business Cards
k. Business Phone/Fax/Internet
l. Name of Business
m. Purchase Domain Name and Email
n. Database (How will you keep track of potential clients)
o. Standards Around Hiring a Client
p. Standards Around Firing a Client

When you look at this list and match it to your business foundation, how many of these do you already have in place? Of those in place, do any of them need to be updated? For those not in place, imagine the impact on your business if you had them in place. What will you do to put the missing foundation pieces into place?

For example, if you did not have any standards around hiring a client, you are more likely to take on any client that is breathing and can pay you. By doing this, you will probably experience a great deal of turnover, frustration, confrontation, and anxiety. Your business will begin to feel like that 500 lb gorilla that you don't want to deal with or carry around.

Now imagine that you have a standard around hiring a client. You are less likely to turn them over, you are able to collaborate rather than confront, your frustration level will be minimal, and your anxiety will be non-existent. You look forward to working in, and on, your business. You are also 500 lbs lighter! *smile*

Hopefully, the above example illustrates why you need all of the elements of a foundation in your business. The foundation pieces do not have to be lengthy or difficult to put in place, but they do have to be there for you to build a solid, profitable business.