At the beginning of a business, it is important to focus on the growth factor. That includes growing your base of customers as well as the product lines. Once you are established, it may be hard to get out of the growth mentality. It is now time to figure out exactly how much growth is needed at that juncture.
The first thing to consider is whether you truly want to be a bigger business. This would mean not just a change in profit, but a change in the company's organization as well as a change in your duties. You will need to build infrastructure and hire management personnel. You may find that, instead of a hands-on owner, you are relegated to a desk and forced to spend your time in dealing with meetings and human resources issues. Along with the higher revenue potential, your business will have higher liability and an increased potential for disaster.
You must also think about finding quality, capable employees and management material. You will need to be able to trust them. If you already know people like this, that is great. If not, you will have to decide if you are capable of finding such help yourself.
You will have to think about overhead as well, since you will need office space. Do not forget about communication fees, phones and internet and so on. This can all cost large sums of money. Loans are an option, but that will take a gash out of your profit.
Finally, you need to figure out if you will have the time to devote to growth. It is a very time consuming process and has to be top priority. It can be difficult to do that as well as have a home life. Don't expect a quick change, it can take years to achieve growth. Be sure you have a fairly stable personal life before undertaking the task. It is ideal to have everything else in order beforehand. - 15224
The first thing to consider is whether you truly want to be a bigger business. This would mean not just a change in profit, but a change in the company's organization as well as a change in your duties. You will need to build infrastructure and hire management personnel. You may find that, instead of a hands-on owner, you are relegated to a desk and forced to spend your time in dealing with meetings and human resources issues. Along with the higher revenue potential, your business will have higher liability and an increased potential for disaster.
You must also think about finding quality, capable employees and management material. You will need to be able to trust them. If you already know people like this, that is great. If not, you will have to decide if you are capable of finding such help yourself.
You will have to think about overhead as well, since you will need office space. Do not forget about communication fees, phones and internet and so on. This can all cost large sums of money. Loans are an option, but that will take a gash out of your profit.
Finally, you need to figure out if you will have the time to devote to growth. It is a very time consuming process and has to be top priority. It can be difficult to do that as well as have a home life. Don't expect a quick change, it can take years to achieve growth. Be sure you have a fairly stable personal life before undertaking the task. It is ideal to have everything else in order beforehand. - 15224
