A Million Dollars for the Answer to: How To Build a Bigger Business
Entrepreneurs are always searching for the next thing that will have a big impact on their business. That may be a new client, a new product, less competition, new team member. Something, anything to get excited about. We are adrenaline junkies, see the previous blog on Being Boring in business.
Every now and then it happens, like a bolt of lightning from the sky. That big opportunity for growth, more money, more excitement. Much more often though there are opportunities right in front of us that we miss. Opportunity is missed by most people because it is dressed in overalls and looks like work. Abe Lincoln
To build a bigger business, you must be able to think bigger, have a bigger vision. And you must be able to identify what bigger and better means to you.
Finding opportunities for growth in your business requires a little bit of preparation.
- DEFINE what success means to you
- If you do not know what you want your business to look like, how can you know when an opportunity can help you? Know where you are going, what you want your business to look like when it is 'done'. By setting your RAS (Reticular Activating System) for what you want, you will see it when it shows up.
- KNOW what the next step is for you
- A plan, like having STRONG, annual goals broken down in to quarterly objectives, makes it clear what would be helpful right now in your business
- Be READY for the next step
- Unlocking the power of daily success is about doing what you need to do today to be ready for the opportunities that may show up tomorrow.
- Be WILLING to do what it takes
- Taking advantage of opportunity can sometimes mean having to check your ego at the door. Being a business owner requires a little bit of arrogance. If you do not believe you are good at what you do, don't do it. We all need help. Being willing to reach out and accept the help that is available can be the difference between a thriving business, and one just getting by.
Growth comes in many forms. One of the challenges of growth in a small business is that each change impacts something else in the business. Improve your marketing, leads to more customers (great,) which leads to needing more product, so you hire, now you have more people to manage and train and more expense, which means you need to increase your gross profit margin and sell more product. That is a lot to pay attention to, especially when you are still working in your business.
There are seven business building blocks that every entrepreneur needs to pay attention to. And within these seven blocks, there are smaller blocks that require attention regularly
7 Building Blocks of Business
1. Planning Which includes daily, quarterly, annual, long term focus and the financial information to support those plans
2. Marketing How, what to whom, when, and what are the results
3. Sales Including hiring and training a sales team. doing the testing and measuring required.
4. Product Development What can you offer, repackage, regroup, create, to get customers to come back more often
5. Customer Service Are your customers delighted with you every time, are they treated the same regardless of who is taking care of them
6. Team Training From hiring to training this is a continual process.
7. Personal Development Everyone on the leadership team in the business must have continuous personal development happening or you will fall behind as a company
The opportunity in front of you today, may not be the one you thought you needed right now. If you have been doing what you need to be doing in your business, you will still be able to take advantage of what is available.
There are million dollar opportunities out there. But more often there are smaller things that add up over time to build the business of your dreams.