Three reasons to tweak that secret sauce for one big goal — to grow

Companies that thrive tend to have a ‘secret sauce’ that makes the business tick. However, a ‘secret sauce’ kept too well can lose its sensation and a ‘secret sauce’ too marketed makes the secret a public idea. Striking a balance between both ends of the continuum can be a key determinant of success for a business.

Traditional companies in the curing and culinary business have a very strong sense of keeping the secret formula amongst key family members. However, secret sauce applies not only to the food industry but to the general traditional business as a whole. Family businesses are one of the prime examples where business secrets is strongest — family businesses tend to work with all the knowledge concentrated within the family members and external parties have very limited knowledge of the whole business perspective.

In light of this, I am trying to rationalise a few ideas where loosening-up the business knowledge helps:

Flatten and empower

To grow your business beyond what you are capable of managing, you have to learn to delegate and empower your subordinates to be able to work independently. Can’t they be independent without knowing much of the business? Yes they can, they definitely can. But like a balloon that you set-off without holding the string, you don’t know where it will go. A driver needs a map, you can’t just ask somebody to drive out to nowhere.

Expand and open-up

The main challenge in providing advice to MSMEs is their unwillingness to open-up their business to be challenged by someone external from the company. This is an awkward position for the owner, but a few challenges a day keeps your business brain working better. Expanding a business relies on the reliability of your subordinates in managing their tasks congruent with the company’s ideals — without congruent goals and knowledge, it would be impossible to grow your business beyond your own supervision. The second point focusses on seeking advice, you cannot seek advice by keeping your consultant blind.

Consult and decide

Successful businesses consult at an early stage to obtain the best roadmap for its operating model, business model and financial model. Many start-ups are adept with building a viable operating model and a working business model, however, most have not challenged these models that they have established and believed too much on their entrepreneurial green thumb. If you read a bit closely in my previous sentence, then it is clear that most of the businesses have ignored the financial modelling aspect in starting their business. This is where an experienced consultant would be able to help in making sure your financial, business and operating models are all working together in sync rather than in three different paths.

The business landscape is fast changing and we have to learn to flex and adopt with the changes in business. Learn to consult, asking the right question at the first instance could make your business leap or slump at its very onset.