How To Get Unstuck And The Secrets Of Business Growth
Businesses get stuck. It happens. As a result, owners sometimes start looking for new avenues because they think that they have done all that they can. However, that’s not always the case. One solution is to take a close look at your company’s life cycle and the challenges that relate to each stage.
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Each business has its own unique challenges and processes to consider, and it’s not always an easy solution. That’s why taking an in-depth look at your business allows you to focus on the right steps needed to secure further growth. Consider the following areas to evaluate:
Focus
Simply looking at your company’s lack of growth and wanting to make significant improvements to change that is normal. However, diversification isn’t necessarily the answer. Oftentimes, when a business is moving out of the transition phase, leadership believes that diversification will accelerate their business’s growth rate; when really what they need is focus.
People
Though it is vital to preserve some systems and processes throughout your company’s life cycle, that won’t always be your main focus – and that’s OK. Instead of spending a ton of time and effort to perfect your company’s processes and systems, ensure your business is focused, and you have the best team on board to help move your company forward. By maintaining your focus and continuing to invest in continuous staff development, you will be better positioned to succeed when further growth leads to the implementation of improved systems and processes.
Systems
When the right leaders are in place, then you can turn your attention to your company’s processes and systems. There may come a time, often during a growth period, when your staff will glide by without any effort, but your systems might begin to slip and break down. When this occurs, it is imperative to act immediately, or you could start reversing the life cycle – or worse, get forced out of business.
All of the above areas are necessary for continued business growth. But, perfecting each area will not be a fast or easy process. Right now, numerous companies are having a difficult time pushing past the $1 million, $3 million or $5 million mark, but it can still be accomplished. Luckily, you don’t need to master all of these areas overnight. Work to maintain your focus, nurture your people and implement sound systems. As with everything, there is always room for improvement.
If you want to learn more ways to evaluate your business for continued growth and success, email Rea & Associates. Our team is ready to help your business reach its potential and have success now and in the future.
By: Tom Jeffries, CPA, principal (Millersburg office)
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