Strategies for Getting to the Next Level.
Enjoy these excerpts from “A guide to hitting your next business milestone” by Brian Moran, Founder & CEO, Brian Moran & Associates.
“Part of any successful business is setting professional and personal goals and putting long-term plans in place. We should measure our businesses against benchmarks and implement new plans of attack in order to reach milestones and grow our businesses.
First, you obviously need to formulate an idea of what you want to accomplish. You also need to realize implementing it takes planning, research and patience. Whether you’re just starting out with a new concept, looking to grow your employee base, enter a new market or launch a new product or service, the process of taking your business to the next level should be strategically thought out, from idea to execution.
Launch a New Product or Service
One way to grow your business is by introducing a new product or service to your customers. Have you done your homework? The first step is to do a SWOT analysis. Identify the strengths, weaknesses, opportunities and threats in the marketplace. Is your product/service something your customers would need or want? If this product or service exists already, where are your target customers getting it from right now? If the market is saturated, how is your product/service different? Do you have the capital you need to successfully push the product/service to fruition?
Hire New Employees
A critical component of turning an idea into reality is the team you put together to support the launch. As a growing, entrepreneurial company, it’s imperative you find the best people to join your team and reward them appropriately to keep them happy. However, in a world where there are more resumes than job openings, how can you be sure to find the right talent? Think about hiring as making an investment in your company. The time it takes to search, interview, hire and onboard new employees translates into dollars (time is money).
Enter New Markets
This isn’t for every company, but if your business is enjoying strong sales and steady growth, you might be ready to diversify and enter a new market. Depending on your business, this could entail opening a satellite office on the other side of the country or finding a storefront and opening a retail outlet. Or it could be that you’re ready to sell your product or service online and want to build a new, expansive website with e-commerce features.
Buy Your Competitor
This can be a risky move, given the capital it generally takes to merge two businesses or acquire a competitor. However, if you’ve done your homework, examined the financials and have a clear understanding of how that other business runs (from employees to sales to marketing), then this could be the right move for you. If you aren’t sure, it may be smarter to try and acquire the competition’s clients or customers first. You should already be on top of your competitive set. If you’re not, start your research and find out how they tick. Where do they focus their marketing efforts? Who are their biggest clients? Put a plan in place to pitch them your product or service. Start paying more attention to the competition’s strategies, and build your strategy from there.
Form a Partnership
Maybe acquiring or merging is a little too steep a step. Is there an opportunity to form an alliance or partnership with a competitor? A partnership can enable both owners to find flexibility, simplify operations and expand (or shrink) inventory. How do you ensure forming that relationship will prove successful for your business?
These five opportunities for growth are not to be entered into lightly. And while they vary in how they will help you expand your business, they all require planning, analysis and patience in order to succeed. As you continue to plan for future growth, do your research, know your goals, and then get started.”
