Hi Aunty B,
I am in the personal services industry and I keep charging at the $1 million revenue barrier only to be rebuffed.
I can’t seem to get past the 10 employee mark and every time I try, I end up having to cut back my staff. I want to build a really big business.
What do I do?
How long is a piece of string? At least you are one of the minority of business owners in this country that wants to hit the big time.
OK. I will throw up 15 ideas and you can take your pick, but I am sure our readers will have others.
- Are you outsourcing a function that you could bring in-house and create a business around that?
- Do you have any IP that could be developed into a new business opportunity?
- Is there anyone in your organisation who can see a new opportunity? When was your last company strategy meeting?
- Expand into another city and take on an equity partner in that city. Don’t be greedy. Be prepared to share the profits.
- Hire a general manager so you can continue to drive the business at the top end (or maybe not – read Entrepreneur Online: The right message.)
- Join a group of like-minded chief executives like The Executive Connection or Entrepreneurs Organisation and see how they did it. Ask yourself: have you got the skills to take the business to the next level?
- Get a business coach, mentor or advisory board. They will provide you with fresh ideas and motivation. Maybe you are the psychological stumbling block!
- Have a good look at your sales staff. Are they really performing? Do you need to boost their horsepower? Is it time for a great sales and marketing campaign?
- Focus on your distribution networks: think outside the square. Who can help you get your message out?
- Become an online expert. Read our blogs on SEO and SEM. Are your online strategies delivering fresh customers to the door of your website?
- Are you spending the time to develop long-term goals? What will your business look like in five years time?
- Spend more time with customers looking at their needs and working out how you can solve their problems. Is there a new product or service you can offer?
- Take a fact finding mission to new markets. Which countries are emerging? Which countries could you be targeting?
- Are your staff capable of taking the business to the next level? Do you need to think carefully about your team and whether they have the skills and capacity to get the business to the next level?
- Is it time to think acquisitions and mergers? There is a large number of business owners thinking about selling their businesses.
What are you waiting for? Email your questions, problems and issues to [email protected] right now!