Maybe you have that feeling, you’ve heard the voice. You know it’s time to expand your business. Before you do, though, take the time to go beyond just making payroll or increasing your bottom line. Stop, take a breath and ask yourself why you are looking to grow your business —
Do you want to increase revenue to acquire another brand?
Could it be time to own your own space?
Are you, maybe, looking to keep your business viable for future generations?
You might ask: Would I like to sell the business so I can follow my passions?
The answer you find will require different paths and tactics.
I once worked with the owner of a salon and spa who wanted to transition the company to his daughter when she turned 25. The problem was, she crashed two cars, dropped out of school and showed no signs of being able to support herself financially or be responsible. The owner realized the expansion plans for the next five years were not going to be adding stylists or changing the advertising message. He needed to educate and train his daughter, first, so she would be ready. Together we formulated an exit strategy for him, based on these needs. He had to hire from within and just tweek his message. The plan we formulated was dictated by the goal to bring his daughter into the business.
You might want to reach out to a new market, increase your space, or decrease your carbon footprint. Each one of these reasons will require different steps, different areas of focus, different ways to travel. Until you discover the true reason for your desire to grow, neither you, nor your consultant can have real success. Each business owner has his or her own unique circumstances. There is no one-size-fits-all plan. You need to know where you’re going before you can create a map to get there.
So, find out now: Why do you really want to grow your business?
Diane Lemonides, president Verve Marketing & Design