Taking your business to the next level can be a tricky thing. Have things been going reasonably well of late? Employees are happy and productive? Sales keep coming and margins keep growing? It is often difficult to try and determine when the right time is to grow a business. Here are a few signposts, however, that will tip you off that it just may be time.
- Your cash flow is flowing and your reserves are on good shape. You are making the conversions and people are actually willing to buy your products and/or services. Not only that, but your business structure is solid enough that you are actually showing a solid profit. You have cash stashed in your accounts to see you through at least six months of a down time. Limited cash flow is the number one reason businesses fail but you are flush enough to ride out a rough patch or two.
- You have made the right draft choices. You knew that the success of the business depended greatly on the team of people you could assemble. Does everyone fit into your system? Do they work and play well with others? Have they been properly trained? Do they have people skills, or, perhaps, even sales skills? Are they dependable? Have they been properly motivated and led? Did you give them the overall vision thing? If these answers are coming up in the positive vein, your people are in place to grow and thrive for years to come.
- Your mindset and your system is solid. You have developed the right mindset and have developed the leadership skills needed to grow and sustain the long term vision you have. You must have a plan in place and you must work the plan. You need to have enough self awareness to know where you are weak and to bring in those employees who will be strong in the areas in which you are weak. Your system was developed and deployed and is working. You know that you simply can’t wing it in business, especially these days. Don’t think a system will help you grow and win? Just go and ask the New England Patriots how their system has been working out for them.
-Written by Kevin Sawyer