Once upon a time, there was a farmer who had a herd of cattle. One day, he saw a rainbow in the field. When he went out to investigate, he found a Unicorn! The farmer was elated to discover that the Unicorn pooped gold nuggets. Somehow, the milk from the cattle was sweeter with the Unicorn around. The farmer did everything he could to ensure that the Unicorn was happy and well-fed. He even built the Unicorn a nice stable to ensure that it would never leave. Everyone was happy.
One day, the farmer woke up to find that the Unicorn had disappeared. He was bereft. How would his farm run without the Unicorn? What was he going to do now that the cattle were back to average? Inconsolable, the farmer locked himself in his barn and cried as his farm fell into decline.
I’m pretty sure this story isn’t true, but the parable stands to teach a valuable lesson. If you have that someone special in your business that you can’t live without, what happens if they leave?
Unicorns are wonderful, but they create a unique challenge in a business because Unicorns aren’t scalable. If you don’t want to grow your business, that might not be a problem. But businesses that grow or get purchased have to be able to run Unicorn-free.
Running a Business Without Unicorns
To run Unicorn-free, you’ve got to take a big step back and draft the right structure for the business, looking 6-12 months out. Here’s how you can do it:
- Identify Key Functions: What are the essential functions that the business needs to run properly? Think about areas like operations, marketing, sales, finance, and customer service.
- Define Roles and Responsibilities: For each key function, identify the top five accountabilities or roles. What are the critical tasks that need to be accomplished in each area?
- Assign the Right People: Once you have the structure and roles defined, put the right people in the right seats. These should be individuals who are not just capable, but great at their jobs.
By focusing on structure and accountability, you ensure that your business can thrive even without a Unicorn. This approach not only prepares your business for growth but also makes it more attractive to potential buyers.
Remember, while Unicorns bring magic and excitement, a well-structured, scalable business brings sustainability and long-term success.