So you want to elevate your business but you are not sure where to start. How do you move your business to the next level? Before you take the next big step, you need to answer a few questions. What does it mean for you? Is it more revenue and profit, or more employees for growing a team? Perhaps you’re looking to expand to a different city or add new products or services.
Regardless of where you want to take your business, the key to successful growth is in proactive planning. A planned strategy for new challenges in the growth process is a major step in the right direction.
Here are three areas to help evaluate whether you are ready for growth:
1) Clarity on the outcome: what is the end result you have in mind? How will you measure success? Identify measurable outcomes: revenues, profits, your lifestyle, company structure, or ideal target markets and clients. What products and services will you be offering? Do you have a clear vision of where you want to be? If not, start with where you want to be in a few years. A vision will help you gain clarity, be strategic and stay focused on your goals.
2) Prioritize and pace: if you are a typical entrepreneur, you’re probably anxious to grow. Know that growth will stress your existing way of doing business. Consider if you have capacity to deliver if your demands grow. What will be impacted in your existing processes? What has to be different to implement this new stage of business? You might need to add people, processes, or require additional financing. Prioritize where you need to add capacity, and pace your growth so that you can execute the changes well.
3) Act like a CEO: As your company grows, strategic planning and leadership becomes increasingly important. Are you currently focused on the day-to-day operations? Should you be? What do you need to change in your daily focus to lead your company? What skills and knowledge should you acquire to become a more effective leader? What should you stop doing?
Take time this week to answer these questions to give you a clearer picture of what’s required to elevate your business. Create a blueprint of your strategy and commit to it to succeed. Elevating your business starts with elevating yourself as a strategic leader.
Felicia Lee is a Business Coach and founder of Candeo Business Coaching. She works with clients who are profitable but plateaued to create scalable business models to move beyond trading time for money. Her experience includes building and bringing new services and products into markets, creating business models for licensing, building networks and connections for entrepreneurs, and being a mother to two amazing daughters. In addition to running a coaching and training practice, Felicia is also an Instructor and Business Advisor at Langara College Self Employment Program, founder of Mom CEO Academy, and mentor to entrepreneurs at Women’s Enterprise Centre, FWE, and CYBF