No matter the economy, as a CEO, president or business owner, you have a desire to improve and grow your business. Not even the most sluggish economy since the Great Depression can keep a smart business person from achieving success.
Where there is:
… there is always a way to succeed in business. Some of the most successful and profitable companies were founded or reinvented during times of great shifts and changes in business. Now is no different.
It’s a matter of:
- Thinking it through
- Taking calculated risks
- Getting the right business advice
- Finding a legal, ethical yet innovative way to succeed
- Making it happen
Lately, I’ve been hearing more business people say they want to grow their business. Translation: CEOs, presidents and business owners realize the need to move forward for business survival and profitability. Otherwise, the company will no longer be significant in the marketplace. Worse yet, the competition will take the business and its customers. As a CEO, president or business owner, what will you do then?
There is a misconception when business people talk about wanting to grow their business.
For many business people the initial question is:
I want my business to grow. How can I do that?
But that’s not where you want to start.
It’s not a matter of growing and expanding your company to be bigger or offering more than it does now or adding new locations.
The primary question you want to ask yourself is:
Am I operating the most profitable business I can?
In order to answer the question you need to ask a series of other questions.
Here Are 12 Questions To Ask Before Deciding To Grow Your Business:
- Do I truly understand my business?
- Is the reason I am in business today the same as when I started the business?
- Do I understand the needs of my employees, customers and vendors?
- Do I understand how to lead my company to greater success?
- What are the weaknesses of my business? What am I going to do to correct them?
- What are the strengths of my business? How am I going to maximize them?
- Have I done a study of the marketplace to understand how it has changed in recent years or shifts that have occurred in the industry?
- What are my customers’ needs now? How have they evolved since we started to do business together?
- When I lose business to the competition do I view this as a valuable learning tool? Do I find out what I could have done better to win that business going forward?
- What is my daily work attitude? Am I ready to undertake new business challenges?
- How do I think about business on a daily basis? How have my thoughts changed over the years? What is it I really want from the business?
- How will my company need to change in order to grow the business?
After you have done a thorough complete study of everything I’ve talked about here (and you may have other questions to add to the list). Then, and only then, you can think about the possibility of putting together a strategic plan to grow your business.
But until can provide solid, realistic answers growing your business may not be a formula for success. Instead, to grow your business may only be creating more business problems for you. Are you ready to handle those problems and issues? Many of which cannot always be anticipated. In other words, unintended consequences.
Business growth does not guarantee business success.
Nor does it guarantee business profitability.
You may be better off to stay where you are with your business and continue to improve it which also has it rewards – such as more profit and less stress.
Think of it this way:
It is only logical to build a solid foundation before you build a new house. Without the solid foundation, the house cannot be built as it will not pass inspection and will eventually fall down. The same will happen with your business. If there isn’t a solid foundation, the business will not just falter but more than likely, fail. Let’s keep the roof over your head and a sturdy foundation beneath you so the business remains strong.
Ask yourself one more question: What needs resolved before adding more – more responsibility, more costs, more employees, more office space, more equipment, more production, etc?
As you can see there are many questions in your leadership role of CEO, president or business owner to ask yourself on an ongoing basis.
If you want to succeed and be more profitable, first things first.
- Get your business in order.
- Make every aspect of your business more efficient and profitable.
When you are sure you have done everything you can do to make your business better, then and only then, grow your business.
To your success!
Want to explore how best to grow your business? Talk with Howard! – 888-738-1855 – Howard Lewinter guides – focuses – advises CEOs, presidents and business owners to MORE success – MORE profit – less stress.
This article was also published on Howard Lewinter’s LinkedIn profile.