01 Mar Take Advantage of The Growth Phase in a Business Cycle
Every business has a cycle, from beginning to end. Day One kicks off the startup phase. It doesn’t take long before the growth period is at your feet and its time to hit the ground running. Expansion determines the course and size of a business. It is critical to grasp the opportunity and take charge of the potential your business has to offer.
So, what should be in place to ensure every avenue is explored? Let’s take a closer look at these 4 areas:
- Industry connections
- Recognize your potential
One of the key factors to a successful growth phase is an open atmosphere. Innovation is spawned through nurtured ideas. Encourage your team to express their thoughts and constructive input. Let them know that you support creative thinking. If an idea fails, praise their efforts and urge them to try again. If it succeeds remind them it was because they took a risk.
2. Growth Spurt
It may be the ideal time to hire on new employees. If you increase your staff to manage various parts of the business, it may help you grow in ways you had not anticipated. Unexpected development at this stage may trigger peak growth and optimize results. Now is the time—take advantage of it and maximize staff potential. When people see they are making a difference and succeeding in their chosen field, the possibilities are endless. Nothing is more inspiring than witnessing the results of hard work and dedication. It builds confidence and teamwork.
Once the business is primed for success, it is time to call your friends. Industry contacts can serve as a great way to expand your client base. Bring in familiar faces and show them you are ready to meet their needs. Those who don’t fit as clients may become valuable resources. Your friends want to see you succeed. Let them help you by sharing their knowledge. In the future, they may be asking you to return the favour. Success breeds success.
By taking advantage of the expansion phase in a business, an entrepreneur maximizes their future potential—a great opportunity to see how far you can go. It’s an exciting time in any business so make sure you recognize it. Things are just heating up. Hop on board and enjoy the ride.
If you are considering selling your business and are interested in a Brokers Opinion of Value please contact the team at A R Business Brokers to get the process started. Our combined years of experience and expertise allow us to review your current status to determine when is the correct time to enter the market. Contact us today or visit our current listings here.