Successfully operating a business–over time–may mean that growth is just around the corner. Afterall, growth is a critical milestone that every business owner yearns to experience. But, determing the ins and outs of a large-scale expansion can be time-consuming and taxing on your resources. Looking before you leap is certainly good advice and without more, par for the course.
Are you ready to scale your business?
Here’s how to know for sure.
1. Is your product or service currently performing well?
If your current offerings aren’t doing well in the marketplace, it’s probably not the right time to think about expanding. Know for sure and get an objective assessment. Avoid becoming “top heavy” by steering clear of unwelcome growth. There are several ways to accomplish this. However, one surefire way is to immediately learn why your products and services aren’t fairing well. Then, implement key tweaks that can improve their overall quality and performance. You will reap greater rewards in the long run by avoiding the economic and opportunity costs associated with prematurely exposing your brand to an unfriendly market.
2. Do you spend more time working “in” rather than “on” your business?
When you’re first starting out, it’s hard to know the difference between working “in” rather than “on” your business. However, as you mature in business, you eventually begin to understand that some tasks are simply better delegated. When you relinquish the need to be a “Jill of all trades” within your enterprise, you can then create opportunities that are supremely focused on growth. A good rule of thumb is: If hiring someone to manage specific tasks would free you up for more specialized work (i.e. work that would promote growth), that hire is not only a good investment, but a must.
3. Can you push ready, set and go today?
With the advent of technology, the drudgery of having to “go through the motions” to complete critical tasks, is now a thing of the past. The necessity of automation has made life easier for business owners to get things done effectively and efficiently. The only question is whether you’ve set your business up for success by automating systems that make it easier for you to work “on” your business. Have you? If not, now may be a good time to take a closer look at what’s available to clear the way for your success.
Are you ready to scale your business? Of course there are various things to consider. However, your preliminary assessment should include a quick review of these questions. Once you’ve answered them, go here and gather more information about this critical next step in business.
To your success!