Are you willing to do what it takes?
I asked the client about the potential his business had for growth over the next 3 years. The business owner and founder surprised me when he said…..“I think my business is going to double in size every year for the next 5 years, but, I’m not sure what my next steps should be.”
Having significantly grown 3 businesses over 25 years, I was taken aback by his statement because of the ramifications if what he said was true.
At times, I’ve stated aggressive goals without thinking through if they are realistic or fully grasping what is required to accomplish them.
I provided him with a list of questions to help make sure he was grasping the reality of what he had just shared:
- Is this growth rate reasonable given the overall market size for your product?
- Have you thought through how your organization will need to be structured to accomplish this?
- What investments are going to be needed to make this happen?
- Will you have enough cash to fund this growth?
- Will this growth all be organic, or will you need to purchase another organization to make this happen?
- Can your service operations support this growth?
- Channels of distribution are key to sales growth. Do you have all the channels you need in place today? If not, what new channels of distribution will need to be established to make this happen?
That’s a lot to consider.
Here’s a simplified plan of attack to start realizing the growth potential you may have for your business:
- Don’t get too preoccupied with the long-term potential. You are not going anywhere if you don’t execute your plan well for the next 12 months in support of that longer-term vision.
- Hire people you can grow your company around
- Cash is key!
What challenges have you had to overcome during seasons of significant growth?
