I had a conversation recently with a business owner who described a universal dilemma that all successful business owners face at one time or another. Here's the scenario.
She took an idea and turned it into a product that people want. She built a business that provides a nice income and allows her to set her work schedule to fit her life. The product is selling well, the production is going smoothly, the revenue is surpassing expenses and she has a comfortable balance between work and family life. So where's the problem? This could easily be described by many people as success.
The dilemma lies in the question that has begun to haunt her - the same question that has plagued entrepreneurs for decades, maybe even centuries: "How do I take my business to the next level without sacrificing the quality of my product or the quality of life that I've created?"
This is no trivial task. In fact, this is exactly the place where many businesses crash and burn. But it doesn't have to be. The truth is that when you reach this point, it's almost like starting your business all over again. Because, in a way, that's exactly what you are doing, with a few important differences.
When you first began, you were at ground zero: no revenue, no customers, no reputation, and so nothing to lose but time and maybe some start-up dough.
But by the time you get to the take-it-to-the-next-phase stage, if you don't navigate the changes well, there's a lot to lose: revenue, customers, reputation, the entire business - and depending on how your business is financed, maybe even your home!
Fear not, you can control all of this with a simple four-letter word and not any of the ones that ran through your mind at the end of the last paragraph. The four-letter word I'm referring to is p-l-a-n.
When the haunting begins, it is time to go back to the same drawing board that got you where you are today. If you've managed to acquire this first level of success in your business, you can acquire the next and the one after that and the one after that and take it as far up the ladder as your desire dictates; but not without an advancement plan and a strategy for each rung.
This doesn't need to be a torturous process. Just return to the basics you employed at ground zero. Begin by asking yourself some strategic questions like:
· What do I love about my business as it is now and want to hold on to?
· What would I like to phase out?
· What do my customers love most about my business?
· Will expansion change or create an additional category of ideal customer?
· Growth affects both revenue and expenses. Based on my industry, can I expect these to adjust proportionately?
· What technological additions should I investigate to make the growth as smooth and easy to manage as possible?
· Do I need to update or implement new systems?
Once you start asking yourself questions like these, they'll start to flow almost on their own. Before long, you'll have a pretty good idea of how much growth you are ready and willing to take on as well as which professionals you'll want to enlist for help along the way. Change is the only constant in life and business, but by applying this simple recipe you'll be in good shape to enter your next phase of gain with minimal pain.
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