Thinking about how to grow your business? Take a strategic approach.
Have you ever thought about what you want your business to be in the next 10 or 20 years and how you will be involved in it? Do you have an exit strategy – a strategy that will allow you to successfully exit the business? Do you see your business as a national or international firm or business, or perhaps turning it into a franchise? Are you thinking about how to make it attractive to investors so that you can take it to the next level? If you are bootstrapping, do you know what the numbers need to look like in order to get the business to the next level?
Many conversations I have had with small business owners and leaders have involved what they are doing today and perhaps a hope of what will happen in the future. It might be something to the affect of “I want this to grow as big as it can get” or “I want to go global”
But really – what does that mean? How does that impact the way the company is run, structured and financed? Does this mean that the company is in ten countries or one hundred? What expertise is required to go beyond borders? What additional education or skills need to be developed in order to run a much more complex business?