Opportunities

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Business Growth Strategies | Extraordinary Business

Thinking about how to grow your business? Take a strategic approach.

Strategic approachHave 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?

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Business Growth Strategies | Extraordinary Business

Thinking about how to grow your business? Take a strategic approach.

Strategic approachHave 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?

 [···]

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Extraordinary Business: When Opportunity Knocketh

How do you know when opportunity is knocking?

How do you know when it is the right opportunity?

How do you know when it is the right opportunity for you?

As a business leader, you are probably aware of the old adage that says, “It takes money to make money.”  Practically, this means that typically, in order to grow your business, or take your business to the next level, there is going to be some cost involved.

Think about it: when you advertise, while you would love it if for every post card you sent out to get a response right away, you probably realize that your response rate might be about 10% and your conversion rate, about 10% of that – typically after several mailings.  

There is a real cost associated with the mailings and an unpredictable return on the investment.  However, if you did not do the advertising, your return, your company would not benefit from the additional clients and resulting revenues.

The same could be said of investing in new employees, equipment, software, vehicles, etc.  While there is some risk and perhaps some pain involved, evaluating  any opportunity is vital to determining whether it is right for your company.

When evaluating an opportunity, you’ll want to have a process and a set of criteria set up ahead of time, so that evaluation and implementation or discard of any opportunity can be done as efficiently as possible.  There are six things that need to be done:

  1. Determine how the opportunity would impact the company
  2. Decide if it fits within the company’s beliefs: its mission or purpose, its vision and its values
  3. Decide what resources will be required to take advantage of the opportunity.
  4. Learn what results or outcome of the opportunity should be.  Understand both the best and worse case scenarios.
  5. Evaluate the risk and if you are willing to lose what you’ve invested and possibly more as a result of a worse case scenario
  6. Determine what the timeline will be required in order to implement the opportunity, including time to gather resources and considering what other projects your company has under way.
  7. Make your informed decision.

As the leader of the organization, your team is depending upon you to make good decision.  There will be cases where it might be beneficial to include them in the process.  In other cases, it will not be appropriate.  Nonetheless, your team will need your guidance.

Be extraordinary.  Pursue extraordinary opportunities.  If you keep doing the same old thing the same old way, you’ll get the same results…until something changes.

Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses.  We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services.  As always, we welcome your comments, thoughts, questions and suggestions.  If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].


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Technorati Tags: Extraordinary Business,Opportunity,Leadership,Management,Innovation,Process Engineering

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