5 Reasons to get off your duff and pursue the dream you have for your business.
What is the number one excuse business leaders have for not “Going Big?” ACTUALLY DOING IT!! You see, going big won’t happen over night, it doesn’t happen without a plan and some money, and thus, it doesn’t happen without YOUR commitment. Business leader, you have to get off of your duff and do something about it.
Now…for clarity, going big doesn’t necessarily mean that you are going to build the next Facebook or some ingenious product that absolutely changes the way people do things and can not live without (i.e. the internet?), but rather, that you have a business that is sustainable, that doesn’t require your 24/7 presence that allows you to make life choices such as, “when I am XX years old, I want to sell this thing and retire!”…or work fewer hours, or take on a different role, etc… The alternative is to work your whole life, live hand to mouth and never have an opportunity to enjoy life the way you want to. Going Big is your solution.
Beginning with the first step – knowing what the end will look like – business owners need to sit down and figure out what the map looks like that will get them from point a to point b. The reason for this is that growth doesn’t happen by accident. Case in point: there was a restaurant in a local town that grew (in business) so quickly that they could not keep up with staffing requirements, allowed health requirements to slip and got shut down as a result. While the business revenue increased, they didn’t think through what would happen if they grew exponentially.
On the other end of the spectrum, I worked with a company that wanted to expand operations to go into an industry that was a natural expansion of services. Because his clients would purchase the item from him anyway, it was relatively easy to shift from having the vendor doing it to doing it himself. The problem that he ran into was that while he invested in the tools and the staff to install the product, he didn’t have a real go-to-market strategy to sell enough product to fully justify the investment, didn’t’ clarify his expectations and as a result, lost money on the investment for a very long time.
Five reasons to get off your duff and Go Big!
- If you don’t do it, somebody else will. That’s right. Somebody that looks just like you, talks like you, walks like you but works better will do exactly what you are doing to the market you are after and put you out of business. And they will Go Big! The marketplace isn’t a playground; as much as we try to coexist, we have to realize that we must maintain our territory, every day. It is far better to be on the offence then on the defense!
- You need wiggle room in the event of (another) economic collapse. I don’t even need to prove it to you…but when business slows down, it still needs to be enough to keep the doors open and the lights on. You need to have enough foresight to know that if you cannot do your primary business, you still have other offerings that could sustain you until things get better. Keep in mind that the Great Depression was 20 years.
- Your business needs to continue if you can’t. A buddy of mine’s father had a major heart attack. Fortunately, he had the foresight to have a foreman on staff who could take over and run the business in the event that he was unable to. This was planning on his part. It didn’t happen by accident or at the last minute.
- Obsolescence?! As we have seen, even if you dominate a market, if you don’t move with that market (market taker) or create a new need for that market (market maker), you will be out of business…and it doesn’t matter how large your company is. Does Blockbuster come to mind?
- Grow or Die. Believe it or not, customers love to see change and growth. Don’t believe me? Look at the cell phone industry. It seems like every time someone creates the best mobile phone in the world, and you get it, a better one that has more bells and shinier whistles comes out that you have to have. You don’t even think about the fact that you could buy a decent computer or wardrobe for the same (retail) price, do ya? Look at restaurants, bars and clubs – it is as though they have a shelf life, except those that reinvent themselves every few years. Customers want to be part of the new, hip thing.
Going Big! requires a commitment to yourself, your market, your staff and your business. It is not and should not be an overnight task. It is something that you plan and execute over time so that you can build with staying power, hit the goals you have on your plan or re-evaluate and re-launch in the event that you don’t.
Build an extraordinary business. Go big or go home!
Aepiphanni Business Consulting: The Business Strategy People is an Atlanta, Georgia based Operations Management and Business Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders. We help business leaders DESIGN| CREATE | BUILD extraordinary businesses. We support our clients with financial management, product and service production and delivery, outsourced services management, sales & marketing and business growth. We provide them with a number of flexible solutions to help them reach their goals.
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