I’ve spoken to many entrepreneurs over the years that have a clear idea of what they want to achieve for the future of their business but don’t have the time to make it happen.
An early start
There are many business owners out there who only think about the next steps when their business reaches full capacity in one way or the other, this could be when they can’t take on more clients due to the size of their premises, don’t have sufficient funding to branch out into new markets or even when they need more qualified staff. Some of these limiting factors for a business can take months or even years to overcome and that’s time where your profits are lower than they should be and your competitors might be moving ahead.
The best laid plans
While growth should always be at the back of your mind, a plan needs to be put together to identify the exact mechanism you will use. If you think back to when you started your business it’s fair to assume that the next stage of your business will take a similar amount of time, effort and risk, with that in mind it can be helpful to create a new business plan and spend some time reflecting on your successes and things you would do differently if given the chance.
Don’t wing it
It’s easy to start taking little steps towards growth without a clear idea of what the endgame will look like, and while some people would argue that it’s better to do something rather than nothing, I have always believed in getting the full potential out of every resource that I invested. Business owners are often put into situations where they have to choose between 2 good scenarios or 2 bad ones its very rarely black and white, which is why having a plan can help you decide on what fits best for your business.
It’s important to give yourself time related objectives and to coordinate the various different parts of your growth strategy to work together in order to save time and money. For example you don’t want your new marketing campaign to start 3 months before you move to your new premises because you will then receive customers that you can’t provide a service for and they will be dissatisfied. Timelines can also be a great motivator when things get busy and you need something to focus on.
This is such a common theme that they even have a word for it, overtrading occurs where a business owner is so distracted expanding their operation that they forget about the existing clients that their business is built upon and the levels of service drop. Whatever you do the core of your business still has to be handled consistently and loyal customers need to be looked after.
I wrote this blog to highlight that control and planning are required at various stages of a business and you can lose out as well as gain when you make major changes to your business.
If you would like to discuss any of the issues covered above please contact us.