As a business owner, how many times during the day do you simply want your staff to “get it done?” Do you find yourself getting frustrated, sitting down (or getting up) and doing the task yourself? What kinds of feelings does this incompetence engender in your line of thinking? Where does it go?read more
So you have had your business for a number of years and you are successful for all intents and purposes. You have an excellent product, you have an active client base that purchases from you regularly. You know how and where to get new clients and how to keep the ones that you have. Your team is pretty stable; you have a low turnover rate.
Question is: what is next?read more
Over the past few years, you have committed a great deal of time and money to developing your small business. By reinvesting your business’s profits back into the company and keeping a close eye on the often unstable US economy, you have made strides in creating a profitable enterprise.
However, as a seasoned entrepreneur you are also aware that the only way to persevere is to continue to grow. The question is not whether you will grow; it is how to grow without overextending your investments or making other costly mistakes. Having a clear understanding of the landscape in which you intend to increase your business will clear the path for successful growth in 2016.read more
What is a tipping point and how does it apply to business growth?
Malcolm Gladwell, in his book, “The Tipping Point: How Little Things Can Make a Big Difference,” describes the tipping point as “the moment of critical mass, the threshold, the boiling point.” Gladwell describes examples of this such as, “Ideas and products and messages and behaviors spread like viruses do.”
In the same way, business growth stages can occur, wherein a business reaches a point at which it moves from one stage to the next – over the tipping point. As he goes on to describe, going over a tipping point requires extra effort than normal operating procedures. If you think about it like reaching boiling point, at 211 degrees, water is starting to show some activity, while at 212 – one extra degree, water goes from still to boiling.
For example, your company might experience a tipping point when you hire additional staff to take on the work you expect to have at some point in the future. It is difficult because the amount of resources exceeds the amount of income or work while we push to increase productivity. Once over the “Tipping Point”, we will be back to a normal situation where the amount of work is equal to the number of resources and paying them properly.read more