If your industry has been shifting or you’re uncertain how your company can grow, don’t assume you’ve failed. You may have simply outgrown that industry and need to pursue another, or you may need to change your business model.
We’ve touched on the subject of exit strategies here before and one of the most important points in that discussion is that you should have the end in sight even when you’re first starting a small business or buying an existing business.
Starting and growing a business is complex and it’s impossible for you—the business owner—to know all the answers. The more information, talent, and resources you can access, the greater your chances of success. Advisory boards can help. No matter how small or large your firm is, you can benefit from building an advisory board.
Small business owners need to know what their personal and professional goals are five years from now. Only then can you begin to execute the plan to leverage your time and your talent to grow your small business. Start now. Don’t wait.
Most sales people I speak with claim they have a plan—often I think they thought they had a plan, but really didn’t. But whether they do or don’t, so many sales people get off course in their sales efforts. They encounter difficulty, are put off their plan, and just play catch up through the rest of the buying process.
There are any number of reasons for setting goals for yourself as the CEO of a small business. Even with a successful track record behind you and a well-oiled process in place, new challenges will always appear on the horizon and you never know in what ways you might soon be tested.
A slow season every now and then can be difficult to avoid, as most small businesses will inevitably hit a slump in revenue at one time or another. However, just because profits have dropped does not mean work is over.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.