You’ve successfully started your business and are on your way. Is it time to take a breather? That depends. Here are some points to consider as you determine how far and fast you want to get to your ultimate goal. By the way, what is your ultimate goal?
1. DEFINE YOUR ULTIMATE GOAL What is your exist strategy? When? Sell to the highest bidder? Keep going to see how far? Pass it to the next generation? Each goal has a different strategy!
2. HOLD… SLOW… OR GO Assess where you are now to your goal. Are you tapped out? How about new products/services/markets? Cost for the next step? Worth it? Acceleration potential?
3. PERFORMANCE ASSESSMENT Conduct an objective appraisal. Are you effective and efficient in your marketing? Operations? Products/services? Results? Return on investment?
4. INVESTMENTS NEEDED TO ACCELERATE Do you have the cash to fund your next steps? Keep up with inflation? Add new markets? Expand staff? Beat the competition? Get new customers?
5. ASSESS PRODUCT/SERVICE LINES What will produce the greatest revenue growth? Most profit? Highest potential? Income bread & butter? Which lines to drop? Which lines to expand?
6. YOUR CUSTOMER’S WANTS AND NEEDS Do you have a simple marketing plan? Have you surveyed your customers? How will you expand your customer base? Get new customers?
7. “OUTCOMPETE” YOUR COMPETITION Have you done a competitive analysis? How do you counter, block or better them? Where are they vulnerable? How do you exploit your advantages?
8. PREPARE FOR THE NEXT STEP Have you done a risk assessment? What could stop you cold? How are you using digital marketing? What are your most critical elements? How do you use them?
9. STRATEGY AND TIME-LINE What are short and long term objectives? Bench-marks to gauge progress? What about “best practices”? What’s your time-line? Contingency plans?
10. UPGRADING STAFF AND SKILLS What are the current skill sets of staff? Who trains them for the new expectations? What do they need? How many of what kind of staff? What about turnover?
11. TRANSFORMATION MANAGEMENT Updating systems and procedures? Process review? Do you have a change management plan? Is there a change of regulations? Install supervisors?
12. OK, GREAT….. I’M SUCCESSFUL. NOW WHAT DO I DO?? Other than helping your business grow and expand, keep updating and upgrading your plans and strategies. You are never finished!!
Call now for a free consultation and we’ll explain how we can help. No obligation, just objective input! Contact Bill Kaufmann, President, My Greener Future at the email: email@example.com. Our website is: mygreenerfuture.com
Tags: Entrepreneurship, Management, Small Business, Start a Business, Upsizing