Growing & Changing Your Business!
I’ve been thinking about this topic a lot over the last few months since I changed my business around. I have worked in the training industry for over 25 years, in some form or other and it is still my passion. However, due to increasing hearing loss and family commitments, I’m less able to deliver the quality and range of training solutions in different parts of the world that I used to enjoy.
In September, I was given an opportunity to add to my business in a completely different direction – one that would employ skills I’d not used in over 25 years! Administration Skills – don’t laugh, those that know me!!!
I was lucky, I was given this opportunity by someone who I trusted as both a friend and a business owner. It didn’t take me long (a few hours and a good chat over dinner!) to make my decision and Century Outsource Ltd was born. I have also been extremely fortunate in having a brilliant & knowledgeable business mentor to take me through the first few months of this venture; reminding me of key tasks to complete and supporting decisions that I’ve made.
So, what are the key things to take into consideration if you get an opportunity to change or diversify your business?
- First of all, ask questions of yourself & your motivations. What attracts you to the new proposition? Why are you considering a change? What’s changed with how you feel about what you currently do?
- What is the new business idea? Research the current and future market & its potential for growth, short & long term. Who are your competitors? What makes your new idea better than the rest?
- Do a skills analysis on yourself, your leadership team and your employees – do you have what’s required? If not, can you afford to invest in training and development or indeed new employees?
- Seek advice from business mentors, other business owners in similar fields and colleagues past and present.
- Talk to those that are offering the opportunity and ask all your questions, no matter how silly they might seem – they could be critical to your business. Don’t rush your decision, make sure it’s right for you, your business and your employees.
- Keep communicating with your leadership team and/or employees throughout the process. The result of your decision will impact their future too!
4 months in and Century Outsource Ltd is growing. We offer a registered office address and mail handling service to around 1000 UK businesses; manage Fife Expost mailbox franchise with parcels and letters in & out every week; and of course Growth Avenue UK, the training business, offering training and development solutions across the UK and Ireland.
If you’re looking at diversifying your business I wish you as much good luck as I’ve had!
Vickie de Vries - Century Outsource Ltd