How To Grow A Business
You started a business you love. You are passionate about the product or service you are providing and you are really good at it. I hear this all the time. A few (2-4) years later your complaint is all you do is work. You’re never able to turn it off. The phone is ringing when you’re on Holiday break or vacation. You’ve now recognized that life is more than your work. You know why? Because you have grown your business to the point where you are not only making profit but you are prospering!
How To Grow Your Business
Now you’re thinking about how to grow your business and work less. You might even be considering selling. But you are so involved in the details that you can’t see the big picture. You can’t see the forest for the trees. Three owners come to mind right now that have this same problem. Confidentiality prevents me from sharing their names or details of their products and services but this is what I can tell you:
- One is a home service provider whose revenue is soaring. The owner should consider a franchise model or a licensing model as a solution to the growth question. He needs to hire a COO or an investment partner with these skills
- The second is a barber. Great product. Great service. He is limited because he makes all his money with his own hands. He cuts every person’s hair. He’s booked most of the time. My recommendation for him is to raise his prices, add a second chair and/or move to another location or add another location. He also needs to diversify
- A very successful event service provider whose revenue has blown up in the past few years. She loves the day-to-day but the day-to-day is the thing that keeps her from growth. She also needs systems and processes. Everything from training manuals to financial systems. However, the biggest opportunity is adding a production manager and building an ownership mentality with her team
Stop. Before you do any of these things get an opinion from someone with experience in these matters!
Work On Your Business and Not In It!
What do all these owners have in common? They know their business better than anyone in their business! Yes, that is good. But it would be better if they had people who they considered partners (not in equity but in mentality). They also have something that is working and there is some fear in making change. After all, if it ain’t broke don’t fix it.
So here’s the real question you should ask, “What do I really want from this business?” Do you want to keep up this pace and miss out on life? How do you take an objective look at your business and make good decisions?
As the leader of your business, you are responsible for spotting problems and delegating solutions. You are responsible for setting goals and thinking about the future. The only person in your company who will be genuinely motivated to grow your company is you. Every minute that you spend working on tasks that can be delegated is a minute that you are not planning, strategizing and building the best business possible. MORE
As a person who has been in business my entire life, I see things in businesses that business owners don’t or can’t see because they are too busy in their business and not busy enough on their business. How do I know this? I’ve done it. Went months on end without a day off and frustrated everyone around me. You don’t have to make this same mistake. So, maybe your question now is, “What Can A Coach Do For Me?”