The five signs your business is ready for the next level
Whatever business you’re in, it’s not a case of where you go from here, but how you grow from here. Every company needs a clear-sighted growth strategy, but sometimes, smaller business owners are too close to their business – and, frankly, too busy – to draw up and action a credible growth plan for the next two, three, five or 10 years.
That’s because many business owners are entrepreneurs at heart, not administrators. For them, the thrill of starting a business can be greater than the process of running it. If you can answer yes to the following questions, then your company may be ready to kick on dramatically – through investment, expansion or through acquisition by another organisation…
1. Are you turning away work?
It’s a great problem to have, but if demand for your products or services is outstripping your ability to supply them, then your business needs to take action. We hate to say it, but it won’t be long before potential customers start going somewhere else…
2. Are your customers household names?
Whatever the sector, working successfully for major organisations often creates a ‘domino effect’ of referrals and new business. And this means cross-selling opportunities. How often have your customers asked you, “I know it’s not really your area, but could you just take a look at this for me…”
3. Are you pitching against the big boys – and winning?
Once you aspired to be like them, but now you are tendering for the same work as your larger competitors, and beating them to the contract, too. Whatever you do, it’s clearly working – but maybe due to your size, you still find the really big jobs are just out of reach…
4. Do you need to recruit more staff?
Bringing in new expertise in new fields – or simply expanding your existing headcount – is of course a clear sign your company is growing fast. But it’s also an indication that your company is transforming itself from within, as a great team will bring its own ideas, contacts and methods, and that will accelerate growth, too…
5. Do you need more hours in the day?
Many business owners know exactly what to do to grow the business, but don’t have the time or cash to make it happen. One of the biggest frustrations of BCMS clients is that they can’t justify committing the necessary resources to supercharge their company. And no-one wants a boss that keeps saying “If only…”
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