How Big Can I Grow My Business?
This can be a really tough question to answer, in particular if it is your business. First, there are resources we need to successfully grow a business. “Would we be able to find and afford them?” Secondly, “How do I develop a business plan that if effectively implemented will lead to growth of my business?” Thirdly, are the questions about oneself like “Am I qualified to lead this business and successfully grow it according to my plan?” These are the three primary questions that you need to answer in order to decide “How Big Can I Grow My Business?”.
Every growing business needs to be able to obtain the necessary resources to fit its growth machine. Technology, plant, material and people are the most important. Ask yourself, “Are these basic resources readily available in the area where my business is located? If not, can I outsource to say a technology provider or production of some or all my products?” “Are the people I need to run the business available in the area labor pool?” You must have the answers to these key resource questions before you can determine how big you can grow your business.
In my blogs, I write about business planning quite a bit. In my opinion, I cannot encourage small business owners enough to develop their own plan. Way too often when I begin working with a client I find out they do not have a plan other than the one they carry around in their head; and it seems to change as the owner’s mood or outlook changes. You must have a written plan that you create, with or without outside guidance, to use as your guide in building your business. Without this all-important guide or map, you and your business ultimately will get lost and you will find yourself wasting resources and time trying to get back on track to grow your business.
The third primary question is the very personal one, am I qualified to lead my business according to my business plan. A critical self-examination is called for at this point. Questions such as what do you want for yourself and the others in your life such as your family. How much do you feel comfortable risking to grow your business? It is one thing to get up each day and feel the passion of building a business and in the alternative waking up one day and thinking what have I gotten myself in to? And finally, do I have or am I willing to acquire the skills necessary to take the business where I want to? Take the time to examine the personal pros and cons of assuming the responsibilities and risk of growing a business to a certain level and where does that fit in your personal as well as professional comfort zone.
These are, in my opinion, the three primary areas or issues one needs to look at when determining how far, fast or big they want to grow their business. When it gets down to it one store, 1 product or 1 primary service may be just the right size for many of us. On the flip side, you may have the desire, tools, abilities and support required to grow your business way beyond anything you once thought possible. Only you, as a business owner, can determine how far you want to take your business.
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