What it Takes to Grow Your Business And Reasons You Should
Tomorrow your business could get hit by the “metaphorical bus”… some catastrophic change might happen, some market shift, some impact that will spell the beginning of the end. It happens all the time. Companies become complacent; they become too dependent upon one client, upon one market or on one product. Clients change suppliers, competitors get aggressive, disruptors enter ... Continue Reading
Tomorrow your business could get hit by the “metaphorical bus”… some catastrophic change might happen, some market shift, some impact that will spell the beginning of the end. It happens all the time. Companies become complacent; they become too dependent upon one client, upon one market or on one product. Clients change suppliers, competitors get aggressive, disruptors enter the marketplace, recessions happen and key employees choose to leave… any of which can hurt a company. For these reasons it is critical that companies continue to evolve and grow over time.
The question of whether to grow your business is one that every successful business owner experiences at some point. Growth may be impressive, even natural, but there is still the question of whether you actually want to grow your business. Even if you are perfectly content with your business as it stands, there are several reasons why growing your company or business is a great idea.
One reason is that growing your business can allow you to better compete in your chosen market. Growth generates attention for the company and opens opportunities. For example, a growing company might secure financing more easily than a non-growing company. Further, growth attracts growth and, at a minimum, growth may be required to compete in certain industries and markets. For example, someone who knits washcloths cannot become the primary supplier of washcloths to an international company without expanding his operations.
Another is that larger companies also tend to attract better staff members through the ability to offer greater pay and benefits. They also offer opportunities for professional advancement that are unique to growing companies. Aside from the greater availability of higher positions a growing company provides, it can provide invigorating challenges, too. The staff that growing your company attracts carries another benefit, as well; they may allow you more time for your personal pursuits, such as family or travel, because you don’t have to do as much on your own.
Also, while a growing company requires a lot of investment, sometimes even from the owner himself, a larger company provides greater potential for profits to its owners, its employees and the community at large. These increased profits can be doled out or used to buffer the company or its owners from loss during an unexpected downturn, failed venture or increased costs.
The biggest reason to grow your company is that the alternatives — standing still or declining — are simply not acceptable, at least not in the long term. In order for your business to be success, you have to grow at least as much as the cost of inflation. The price of goods and supplies will always increase over time and, while you can increase the cost of your goods and services to commiserate, profits do not tend to grow at the same rate. (Ehow.com)
Some realities of growth:
1. Growth takes investment and patience.
2. You will make mistakes along the way, and they will cost you.
3. Growth takes change… you need to change! You cannot do the same things today that you did yesterday and expect change to happen. Not only that, but your entire management team needs to understand the change expected of them… and embrace that change.
“If you change nothing, nothing changes.” Tony Robbins.
4. Geographical growth brings different challenges… it is tougher to manage what you can’t see every day.
5. Adding clients needs compelling messages, a strong sales effort and typically involves unseating incumbent suppliers!
If you want to grow your company, consider this facts:
– It takes some courage to invest the time and effort into something new, when you would be more sure of the return on that same investment in your known business.
– It takes belief and passion because you have to champion the cause, sell the idea to your team at the outset and keep that belief and passion even when things don’t go the way you would like them to go.
– It takes a commitment to change. It means a willingness to change your work habits, to change your way of doing business, to change how you spend your time and even how you measure the business. It takes a commitment to instill those same changes in your management team and to get buy in from the whole team.
– It takes hard work! You worked hard to start your business and this is no less onerous. You will need to go outside your comfort zone, perhaps travel more, learn new services/products, build new relationships, trust new people and all the effort that takes.
“Some people dream of success, while others wake up and work hard at it!” Thomas Jefferson
– It costs money, time and effort… are you willing to do what it takes?