COVID-19 is a good time to take stock of your business.
It can be a set back but also an opportunity for you to grow your business.
You can spend the time during curfew and the lull in business to plan for the future of your business.
What do you know about Growth for your Business?
Growth can come in many forms. It can be growth in sales, growth in coverage, growth in products or services being offered.
But essentially, for the entrepreneur, a combination of all of this or any one of these can be a great start.
So how do you want your business to grow? Whatever you want, which is the best way for it to grow?
Let’s check it out.
Growth in customers – This is a goal that we all want – we want more customers which naturally means more profits. But there is a more important aspect to look at.
Just how would that growth in customers affect your business?
Would you rather have a manageable level of customers that will enable you to give a great service rather than having a number of customers you cannot manage?
Growth in business – This is a great goal to pursue but at what cost? If this involves taking on more debt or assets than you can handle, then this is not a growth area to pursue.
Everyone ultimately wants their business to grow but it must be measurable growth that can be evaluated positively ; if the scales tip on the good aspects, well that’s great but keep in mind that sustainable growth takes careful nurturing and time.
Growth in coverage – When your business can cover a greater area whether in services provided or the reach it has, it is time to celebrate.
But it may also signify deeper issues. Are you ready for that kind of growth?
How would you service all of it – has your capacity expanded or if it hasn’t then maybe you should consider expansion.
Yet, the question remains – what about additional investment, additional resources?
Growth in product range or service portfolio – While this too is a great success, it must be kept in mind that growth should ideally come within a timeframe that is manageable.
All this is heady, exciting stuff but must be approached with caution or else you will find that burnout will come
sooner than expected.
So what growth then should an entrepreneur look for? What is the kind of growth that works?
This is a question that can be deceptive.
But it is also pertinent because after all, in building business, we all seek growth ; real, tangible growth we can experience.
Yet, the challenge is in being ready for growth at the right time. Growth may come too soon but sustaining that growth is not easy.
This is the toughest phase – if we can get through that, we have succeeded.
Remember to work towards growth that you can maintain in the long term – that way, it works better for the business, the customers and you.
Be ready for it – it should not take you by surprise.
It should ideally be a planned phase that you are ready to handle – in terms of resources, planning, commitment, funding etc.
Only and only then will it be significant in terms of experiencing actual, tangible real growth.
Watch this space for more empowering stuff on building entrepreneurship.