How you know it is time to grow

20140302

 

A novel concept, but our best ideas don't always appear in light bulb form above our head! More often than a 'flash of genius', the best business decisions are carefully considered and slow to come to fruition.

 

Growth is one of those slow-going, one-step-at-a-time processes. So how do you know your business is ready to start the race?

 

Trees take time to form strong roots before they grow to towering heights. Successful small business should follow the same model when considering growth.

 

Ask yourself, how strong are your roots? Can they support additional weight? A solid base is the key to fruitful growth.

 

Generally speaking, there are three signs that your business is ready for growth: strong sales, customer requests and stagnancy.

 

Other signs that the roots are in place and the time is right:

  1. Business is beginning to tap into a new market

  2. New business / leads are flowing in without much marketing / promo effort

  3. You have more clients that you can reasonably handle

  4. Quality feels like it might be slipping under the weight of volume

These symptoms are cause for an immediate inspection - this tree is begging to branch out! Envision a strategy and begin to set the wheels in motion, including securing the capital necessary for such expansion.

 

You may also recognise the need for growth when customers begin churning out a demand for related products or services.

 

Acting quickly and becoming the supply to their demand will put you in prime growth position.

 

With regard to small business growth we suggest considering the following criteria:

  1. Discovery - Attend events and stay in touch with the market so you can be part of the growth opportunities. They usually won't come to you – you have to find them!

  2. Business Development - Have your profit goals and expectations rooted in reality.

  3. Integration - This includes connecting a number of various strategies to improve your chances of achieving your goals. Don't depend on just marketing.

  4. Sustainability - Commitment & discipline are both essential, which will require a sustained effort.

Like the gnarled root system of the towering tree, when done right, small business growth is intricate, exponential and will be a long-term commitment.

 

Contact us

Email results@businessacademy.nz

 

Skype PhilANZ

 

Phone 04 920 0911

 

P.O. Box 30-545, Lower Hutt 5040

Click here to learn to improve the long-term profability of your business

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