Have you set up systems and processes that put you in a strong position for growth?
Presumably you hope your company will grow, so how do you prepare for growth? What recommendations and experiences do you have when it comes to growing and scaling?
Steven Freeman ,
at Evolved Sound
Short answer is yes. Long answer is that creating and refining these systems and processes is never ending as your business constantly grows and changes. Often you don't know what you need until you get there - usual life story.
In hindsight it is best to set these up as though you are lot bigger than you currently are rather than simply helping with solving your immediate requirements.
Analytics is the short answer to that I believe.
Without knowing all the information about your business you can't grow to your full potential. For those who believe in infinite growth are getting setup for failure. We live in a finite world so everything has limits.
If you don't know your limits you don't know how far you can push. With business it is no different. If you don't know your limits you can find yourself in a position where viability vs return is declining. For example, how many employees per customers do you need. Too many employees and your profitability will drop.
You don't have to be a mathematician to do this, it is very simple. I strongly recommend people to first understand their industry and do the maths on growth requirements. What are your growth limits and what will it take to get there.
One of my old friends has been in the same industry for over 20 years, running his own company and is still chasing the dream of making the big money. Why, because regardless of the amount of times I have told him and offered to do for him, he has never looked at the real issue holding him back. Limits!
He has the dream of infinite growth however is stuck making ~$5k per month running his own business, and has been like that for years. What he doesn't want to see is he cannot earn any more than that with the current limits he has, he is stuck in a rut and can't get out because he doesn't stop to think about what can be done. Not because he is lazy, because if he isn't working all the time he doesn't make money to pay the bills.
So before you get stuck in a rut where you are running around like made to just get by. Do the maths on your industry. At what point do your reach limits and what can you do to push those limits further. What is the cost vs reward and the most important variable, what do you want at the end of this. I am sure you don't want to be working until you are 100, when do you want to retire and what will happen with your business then?
Are you planning to sell your business, pass down to your kids or just let the business fade out.
These are all factors you need to account for when it comes to growth and planning. Look for limits and work with them not against.