My business is running me. I am ready to expand but if I do more of what I am currently doing it will kill me. How do I increase my sales, build my team, expand my space, enter new markets when I am running around like a chicken with my head cut off?
You are right to be concerned. More businesses fail right after a big growth phase than any other time. Why? Because they put everything they knew, everything they had in to create the growth, and growth in and of itself is not a one-time thing. It needs to be continuous. A tree doesn’t grow one year and is so proud of what it accomplished that it stays there. The growth must be sustainable growth to have it be effective.
This is the first in a series of seven articles addressing the top concerns entrepreneurs express when they sit down with us to talk about the future of their business.
Working from the 7 Building Blocks of Business, I will open each block to identify the corresponding bottleneck and how this building block helps you build a sustainable, leveraged, and profitable business.
"My business is running me. I am ready to expand but if I do more of what I am currently doing it will kill me. How do I increase my sales, build my team, expand my space, enter new markets when I am running around like a chicken with my head cut off?”
You are right to be concerned. More businesses fail right after a big growth phase than any other time. Why? Because they put everything they knew, everything they had in to create the growth, and growth in and of itself is not a one-time thing. It needs to be continuous. A healthy tree cannot grow just one year, stop growth and expect to remain healthy. Growth must be sustainable growth to have it be effective.
What does it take to create sustainable growth in your business?
Building block #1 PLANNING
You have heard it before, planning, planning, planning. Setting goals, is essential to every success story. Does setting goals make a difference? The short answer is yes, setting goals works. But only if you work the goals.
Your annual goals must be in line with your long-term strategy and must show up on your daily calendar as action steps.
Setting annual goals is just the first step. In Unlock the Power of Daily Success (UPDS), the planning system is set up to do just that. Unlock success one day at a time. You may not feel successful each day, but if you follow your plan you will reach the annual goals you set.
Be honest, what goals did you set for this year? Where are they? Can you see them every day? In this case, out of sight truly is out of mind.
Begin with the end in mind.
What does your business look like 3 years from today, can you see 5 years out?
How is your personal life different when your business achieves that growth?
- -Start with a 3 Year Strategy. 3 years from today, what do you want to see in your business?
- -To reach that in 3 years, where will you need to be in 2 years?
- -One year from now what does your business look like for you to be on this track?
- -Now bring each of these ideas down to as simple a statement as possible. It may look something like this:
- 1 year out: Cashflow
- 2 years out: General Manager
- 3 years out: New Product launch
Now you have a direction. If you know you where you want to be in 3 years, you can make decisions that lead you that direction
Set your goals for 12 months out, remember you do NOT have to wait for January 1 to do this. Start today. What do you need to see different in your business 12 months from now? Follow the SMART / STRONG goal setting methods
These annual goals should take you a year to fully achieve. In fact, with our clients if they have achieved 80% of their goals we are thrilled. That means they are thinking big enough. If you can accomplish your goals in 6 months, you should start thinking bigger.
Until it is on your calendar it is just a good idea. Your annual goals are now broken down in to Quarterly Objectives.
Write down your Weekly Plan for the quarter. This is where you begin to see the answer to “how do I get it all done?” because now you have a plan, not just goals.
Daily Success happens when you commit to doing something each day that moves you closer to your dream business.
This is not the production IN your business, this is the production ON your business. The work that you as the leader are responsible for either doing or delegating.
“How can I expand when I am already too busy?” is set goals and create the plan to make those goals a reality. Have the Patience to let the plan unfold and the Urgency to get something done every day.
P.S. Having a plan like this does not mean work more, work harder, it means work smarter. If the plan is for you to take the day off, DO IT. You need to give yourself time to recharge or you will burn out.