How to assess if you are ready:
So many business owners and solo professionals say they want to grow their business. They swear they want to take it to the next level. But I always ask them are you ready—and most important—willing—to do what it takes?
Building a successful business is not for the faint of heart.
I always tell people to get ready for a wild ride. Fasten your seat belts because there will be incredible highs as well as unbelievable lows. If it was easy, everyone would do it.
So what does it take?
I believe you need to be great in two areas…..SKILL and BUSINESS. Skill is the area where you have talent and expertise. For example you could have amazing design ability, be a kick ass litigator or know how to read financial statement as if it was a romance novel.
The business component covers the following 7 key factors:
- Marketing: How do you reach your ideal client? Being the best kept secret will not make the register ring.
- Sales: Do you have the pulse of your sales funnel? Are you familiar with your sales cycle and your best selling season? Not every month is equal for sales opportunity. And last but not least, can you tell a compelling story about your business that highlights your expertise? Success in sales is the direct line to your clients wallet.
- Hiring talent: What skill is missing in your organization, that if brought in, would make the biggest difference in your business? Are you wearing too many hats for fear of letting go of control? Delegation is the path to freedom.
- Training staff: Do you have formal structure to train new employees as they come on board? Often business owners lack patience to train, therefor they continue to do the work themselves. A trained employee ready to take on challenges is priceless.
- A motivating company culture: Do you have an environment that encourages collaboration and new ideas? Do your employees love coming to work? Having a great culture will allow you to attract and keep the best talent. Imagine people actually working and not on social media all day!
- Customer service: Do your clients feel they matter? How do you demonstrate that? How quick are you to solve customer grievances? Just as a reminder, satisfied customers are our greatest referral source.
- Finance: Probably the biggest challenge in any business. Cash is king! Are up up to date on your P&L statements? Do you analyze your numbers to see where you are profitable? Profit should not be an afterthought. Remember you love to give to charity, not be one.
As you can see, there is so much involved in growing your business.
As I look at this list, it’s giving me a headache. Companies do best when the owner does not take on all these challenges alone.
Developing teams to oversee each area of expertise works best. When you reach a plateau or have an obstacle preventing growth, it is often best to work with an outside consultant. A fresh point of view and support, along with with the implementation of new ideas, turbocharges a business.
So I suggest, look at the above list.
Where do you need to gain more muscle?
Are you willing to get the support you need to have your profit breakthrough?
If you answered yes, you are ready to grow your business. If you answered no, then at best…it’s maybe.
If you want to turn a maybe into a yes, then give me a call at 917-842-0283. Let’s talk about it.
