Stop Spinning Your Tires and Grow Your Business
Posted on July 11, 2001
by June CampbellDoes operating your business these days remind you of spinning your tires? Are you generating a lot of activity but not moving forward? Believe it or not, this could be a good sign. It could mean that you are ready to move from one stage of business growth to the next.
Experts identify three main stages of business growth. The Startup Phase is the time when you get your business up and running, locate customers, make sales and essentially, try to get money coming in. Typically, at this point, you are an Owner/Operator.
The next stage is Early Stage Expansion. In this phase, your business experiences "growing pains" similar to the ones I will discuss below.
In the third stage, your business moves from Owner Operated into Management. In other words, your function is that of manager.You are no longer involved in the day to day operation of running the business or of producing the product or service.
Experts claim that only a minority of small businesses move into the third phase. Therefore, today's article will address ways of managing growth as you move from Startup into Stage Two.
You know its time to look for ways to manage growth if any of the following apply:
1. You have steady income and regular sales but you are working too hard. You are investing "sweat equity". You know that if you continue working at that speed, you will burn out, lose productivity or worse -- become ill. It is time to find a way to increase growth while working less.
2. You are running into cash flow problems. Often,
cash flow problems are caused by the need to invest
in inventory or in product development, or to cover
payroll. However, while money is being spent on the
above items, the payment for sales is delayed until
the product is developed, delivered and invoiced.
That is, you have capital assets (equipment, inventory),
but cash is flowing out faster than it is flowing in.
In this situation, you will need to find a way to
manage by generating an influx of cash while
continuing to develop your products or services.
If it's time to grow your business, you'll want to manage that growth as efficiently as possible. Try one or more of the following strategies:
a. Existing Products and Existing Customers.
b. Existing Products, New Customers
c. New Products, Existing Customers.
d. New Products, New Customers.
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