3 Essential Goals For A Small Business Owner Looking To Grow
Antony Draper (Ex Military Mentor)
I help Veteran Entrepreneurs Achieve Consistent Revenue Growth in 60 Days using my 'Revenue Enhancer System' and 30 years experience of scaling businesses and skills honed from both the military and corporate.
If you are a small Business Owner who has just passed the start-up stage and you are bringing in a consistent revenue, amongst the many decisions you will be making you will find yourself with 2 key choices.
1. I am happy with the amount of consistent revenue coming in and I am going to continue with the current business model for the foreseeable future
2. I am happy with the amount of revenue coming in and now its time to grow the business and take it to the next level
With the first choice you need to be setting goals to ensure that you maintain a consistent revenue with the changing markets, and you should also want to set goals that improve efficiencies and decrease customer acquisition costs.
With the second choice you will need to ensure that you also have the same goals as the first, however there will be number of additional goals that you will have to consider.
3 essential goals are listed below:
Increasing revenue
Whilst this may be obvious, it is worth homing in the fact that it is an increase in revenue and not necessarily an increase in profit. Whilst you will be looking to increase your sales, as your business grows, you are likely to experience an increase in operating costs.
There will be a balancing act between increasing revenue and profit, whilst using the increase in profit to pay for an increase in operating costs to enable growth.
Hiring the right people
The organisational model of a business will need to transform as it grows, and this will involve certain management roles becoming more senior and additional roles being created. There will be choices to made over developing existing staff and hiring new staff. There may also be a releasing of staff as some people are more suited to the culture of a start up company than a small to medium sized company.
More Business Owner Strategy Time
This goes hand in hand with the maturing of the organisational model. As the business grows, there will be more time needed on being a proactive owner with the time to provide oversight across the entire estate. As your staff become more senior, you will need to work with them to ensure that they can help you achieve the time to manage your business strategically.
There a more goals that will be needed, but above are 3 of the essential ones.
If you are interested, I have a Free small Business Owners checklist called ‘The Right Targets, Right People, Right Systems’ Checklist that you can download here:
https://reflectandreshape.com/checklist.html
It provides a clear set of tasks that you will need to perform to prepare you and yourself for growth.
Founder & Joint Managing Director at Vault Multi-Channel Marketing
4 年HI Tony - its ok, i think perhaps its needs a little more meat on it , more examples but overall pretty good - we need a coffee soon... Like the sentiment about Turnover & Profit... we always say "Turnover is for VANITY - Profit is for SANITY"