Know When to Grow
Will 2020 be the year to make a big leap in growing your business?
Should you add employees, create new products or services, or expand into a new niche?
Now is the time to make that decision. The last quarter of 2019 is the time to put systems and resources in place so that you hit the ground running even before the new year begins.
So, how do you know when to grow?
- Your customer flow is steady and reliable – Check the numbers. If you have consistent customer flow and good customer retention, there are opportunities for growth. It’s important to make sure you are looking at enough data collected over a long enough period so that you’re not making a growth decision based on a temporary spike or a one-time circumstance.
- Your regular customers are asking for more – When regular customers are repeatedly asking for more of your time, services or products, you know that there is a demand for the growth you are envisioning. This makes marketing and sales much easier than creating something that may get an uncertain response in the marketplace.
- You are regularly turning down business – Are you keeping track of the number of customers you’ve had to turn away because you don’t have enough capacity to serve them? It’s leaving money on the table when saying, “no” to new business becomes a regular occurrence.
- Your life is no longer your own – If you can’t remember the last time you ate dinner with your family, took a vacation or really enjoyed your work, it’s time for a change. That change might involve new systems, but it may also be time to grow your staff or consider outsourcing.
Many of our customers come to us when they are wondering whether it’s time to grow or to go. They’re the ones who are saying “something’s got to give.” They’ve lost sight of what motivated them to start their business in the first place and it’s been way too long since they felt the joy of doing something they love.
As we explore growth possibilities with them, we look first at whether their existing systems can be improved or if systems need to be created. In short, we work to make things easier, simpler and more profitable.
Next, we ask about those first 3 items on this list. If they answer “yes” to any of those questions, it’s time to consider growth. When they’re ready to take the leap, we support them every step of the way.
What about you? Are you ready to grow?
Go forth and do great things,