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25 February  2008 ~

business-growth.jpg What if someone presented you with the possibility uncovering more than $200,000 in profit in under 2 hours of your time?  

I’ve seen many advertisements across the web from “business coaches” and “successful entrepreneurs” that will show you their magic way to grow your business by at least 25% and charge $15,000 or $20,000 for you to learn it across 3 days of your life.  Yes their ads are captivating and I’m sure they’ve achieved success.   

However, THROW OUT THE HYPE!  You don’t need any of that. All you need is a solid tool for assessing growth opportunities and about two hours of your time.  Business growth, be it for the Candy Store or the Consultant or the large Corporation is generally going to follow a similar path.  The real “secret”, if there really is one, is to understand the components of growth, make time to address them and then put them into practice. 

Call it the Ready – Aim – Fire sequence.  Three parts… 1) Understand the components for growth, 2) Make time to address them and 3) Execute upon these findings!! 

Growth can be a double edged sword.  On one hand most businesses crave it, yet on the other, growth can kill a business if it is not managed effectively. 

Why is that important? Because when you’re growing your business, you need to properly anticipate shifts in business direction.  You need to be ready to zig when your business zigs and zag when your business zags. If not, growth will become like an unstoppable snowball rolling down a hill and ultimately suffocate your company.

Let’s explore a sample of the areas that should be covered in your 2 hour business growth strategy.

  •   How often do you explore your existing customer base to identify your top 10 highest opportunities for business growth?  Once you’ve done that, how do you “tweak” your business model to make sure the focus on them is increased? 

  • Ever used a business dashboard? Do you understand the benefit that you get from having a complete view of the dynamics of your business, all in under 2 minutes?  Benefits?  Think of the many hours of time saved, think of increased clarity you get for your business resulting in better business decisions, and think of the  speed you will have in making these decisions. 

  •  How about your Budget Process? If you are interested in potentially growing the business and potentially adding  thousands more in profit, you will need a “business roadmap” to validate the activities you plan and minimize the “overwhelm factor”

Your budget provides answers to many business questions including:

  • What sales will be needed to achieve the desired profit?
  •  How much time should I focus on a particular service?
  • When will you be able to afford additional sales people?
  • What are my expectations for them in terms of business success?
  • Do you need to expand your facilities or equipment?

Knowing what all your business activities will cost and when such expenses will occur will help prevent any unexpected surprises that could lead to financial problems down the road.  

  • What is your business exit strategy?  Do you realize most of your day to day decisions impact your exit strategy? If you don’t have an end game in mind, this can result in a haphazard approach and add unnecessary additional costs to moving your business forward. If you planned out a specific exit path and then coordinated all your business decisions to help you achieve that, can you see how beneficial that would be for you? 

We could go on and on looking at over 100 components of growth.  We’ll stop here for today and pick this topic up again in a couple of weeks.  In the interim, feel free to contact us and let us know what you focus on to grow your business. 

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1 Comment »

  1. […] February 2008 What Everybody Ought to Know About Accelerating Growth in a Small Business. This article started with a question – What if someone presented you with the possibility […]

    Pingback by The CFO Strategist First Half 2008 Summary – Five Key Articles · CFO Strategist June 29, 2008 @ 9:08 pm

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