Elevate Your Business
Running a business is probably one of the most challenging things to do ever. Congratulations, you are a part of the small population of people in the world who can actually do this - but you are faced with one additional challenge. How do you continue to grow? This is the die hard question which will make your business. Yes you can just sustain but what does that mean for the future of your business? Well here are some things to consider when thinking about elevating your business and reaching that next level.
Are you mentally prepared for growth? Understanding what the growth looks like for your businesses is important. Yes growing a business sounds good, but there is commitment and another level of dedication that will be required. Are you ready for this? And it is absolutely okay if you are not. Some businesses are moving just fine where they are - do not be peer pressured into growth. Have this heart to heart with yourself and answer. The next steps are predicated on your answer to this.
Do you have a plan? The biggest part of growth is having a strategy to follow. Even if nothing works as planned, you want to at least have a guiding post. Being organized will come in handy now more than ever. Make sure you visualize your growth and have written it down. What will the next month, 6 months, next year look like? What kind of work is required on your end? Write these things down. Get a white board - draw, write, sketch whatever will help you flush your ideas out.
Are you organized? Do you have the proper business documents? If securing funding is a part of your growth plan, you will need to have your Ts crossed and your Is dotted. Most importantly, you need to know where your business stands financially today so you can know where you want to be in the future. It doesn’t make sense to aim for $1 million in revenues if you do not know how that will apply and how much of it will go towards expenses. Make sure you have accurate books and financial statements so you can always stay up to date on your company’s financial health. Yes, to most, growth means more sales but the first step to having a very successful company is controlling costs. Sales don’t matter if you are bleeding cash regularly and don’t know where any of it is going.
Who is going to help make that growth a reality? Does growing mean hiring more staff or a new business partner? Do you need to find new mentors to coach you through this next phase? Knowing the key players in this new stage of your business is paramount. “If you want to go fast, go alone but if you want to go far, go together”. This rings true even more so in business. Having people you can go to for advice, split responsibilities and just brainstorm with goes such a long way. The right staff and people around you are the difference between being successful and a colossal failure.
Growth and change can be scary but you got this. Proper planning and preparation will help make the process a little less stressful. Make sure you ask yourself the 4 questions mentioned above as you are considering your expansion. If you ever need someone to talk you through some of these questions, that is what we at O-Squared are here for. Book a consultation on our services page if you want to learn more.