Dear Aunty B,
We are three-years-old, established and looking at a myriad of opportunities.
And that is our problem. Which do we choose? How do we grow in the next few years? Organically? Setting up offices in every state or by spinning off some new products and exporting? We have the capacity to do both.
What is the most important way to measure the outcome?
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Dear Just wondering,
I would like to clone you. And may I tell you why? Well, I will anyway. You are so focused on growth! The best measure to hold against new opportunities is this: what is going to bring you profit but could also be easily absorbed if it fails? What will make you money pretty quickly but won’t kill the business if it fails? What is going to enhance your brand, build capacity in your business and make your customers love you even more?
If it were me, I would look at your second suggestion first and focus on spinning off new products. Why? Because you are still young and selling new products to existing customers is the most risk free way to grow. It can be highly profitable, with a lower cost of sale as you already have your foot in the door.
But make sure the new products complement your mainstream business so you can leverage capacity and skills. And also make sure the development of the new products do not distract the core team.
Your Aunty B
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