Okay, you are starting your business, working from home, and you are ready to take your business to the next level. If so, you are going to need to have your ducks in a row to ensure your probability of successful growth and achieving your full potential in the marketplace.
Of course, all businesses are different, though there are certain characteristics that remain constant among businesses that have successfully made the leap from an independent solo operation to an exciting full-featured business organization, a player in the community, and a positive contributor to the world at large.
Top Business Growth and Expansion Concerns
1. Control
The first thing you want to think about preparing for is gaining full control of your business. When you are small, it makes perfect sense to outsource as much as you can to reduce operating expenses, but it puts an incredible amount of control of your organization in the hands of others, which can compromise your business as you grow, so move these services in-house. You want direct control of all these services, which means that you will have to learn enough about these services that you can rigorously evaluate performance directly as you move them in-house.
2. Money Management
Bookkeeping and accounting may be effectively outsourced but if you are expanding your business, one of the first things to bring in-house is all of your money management. You need control of your finances, and that’s what it’s all about, right? Right. You need to keep a close eye on your cash-flow to make adjustments quickly on-the-fly to maximize your capital performance. Your money manager needs to be kept close-by and aware enough to keep you in the loop at the first hint of change in cash flow, and you need to decide what to do based on your gathering all the necessary information. Keep your attention focused on the marketplace and be on the lookout for ways you can channel your revenue into research and development, upgrades, and expansion opportunities.
3. Public Relations
Public relations (PR) encompasses your image to in the marketplace and your message to the world. Easily outsourced in the beginning, your message and image are too sensitive to trust to an outside source. You must reign in all your social media, online and offline advertising, and other publicity. You also want your business to be seen and heard in the community where your target audience hangs out. Maintaining the image that you want your business to consistently adhere to maintain the connection to your audience is vitally important and you want someone in your organization whom you can trust to be in charge of your image.
4. Mistakes and Failures
Mistakes and failures happen all the time in business, and you need to be keenly aware and connected in order to identify any flaw that may appear as it is noticed as early as possible. Often early detection can help to intercept a potential landslide, so keep your ear to the ground. Have an in-house MFT (Mistakes and Failures Team) who you trust and can brainstorm with to quickly intercede when any mistakes or failures show up on your entrepreneurial radar.
Growth does not take place without change and nothing is more conducive to initiating growth and change than mistakes and failures. Know they will come, embrace them, and act quickly to counteract them when they do.