As an owner or CEO of a growing business, there are so many instances where you will find the need to restrategize, reorganize, reinforce your approaches or simply make a big move. More often than not, the big move will be focused on reaching out to more customers, maximizing your profits, building new relationships or even strengthening the existing ones. Your big move can be something as simple as rebranding, launching a new product or simply changing the way you do business in an attempt to transform your business into a more impactful giant in your specific industry.
Whatever it is that you consider a big move, you will obviously need to make a major decision. But sometimes these decisions can be marred with challenges and confusions, which often brings in the need to seek professional help before doing something that will hurt your business badly down the road. Sam Ovens, a well-decorated business coach from Big 4 Consulting says that some of the things entrepreneurs need most include passion, determination, grit, and tenacity.
To skip the hullabaloo, here are 3 things to reflect on before making a big move for a growing business.
1. Purpose and Objective
Before making any major decision or move for your business, it is highly prudent to ask and answer the why and the what questions. For instance, why do you really want to launch that new product? What do you really want to achieve by hiring a hundred more workers? As hinted out earlier, some common driving factors would be to increase your customer base, maximize returns, expand your business beyond the local borders, create awareness for a new product/service, and so on and so forth. The purpose has to be rational and in the interests of the business. It also has to have clear and realistic objectives that preferably have a specific timeline along with a strategy in place to achieve them.
2. Timing and Preparedness
Nothing can be more fatal for a business than making a big move at the wrong time, especially when ill-prepared. In business, some of the most successful decisions are those whose execution comes along with a specific realistic timeline. You just can’t wake up one morning and decide to rebrand or restructure your growing business and expect the consequences of such decisions to be in your favor.
Even the launching of a new product or service requires the right timing. It may require you to wait until the right season or time of the year or season, perhaps when people need it most. On the other hand, adding dozens of more employees to your payroll may require you to wait until the time of the year when your balance sheet and P&L accounts reports are out. This way, you will be sure whether or not you have the resources to execute and sustain your big business move.
3. Risk Versus Reward
Sometimes certain business decisions need to be made quick regardless of timing and the available primary resources. The good thing is that there are always alternative options to explore in such cases. However, your big business move may not do so much for you if there are too many risks involved compared to the reward or the objectives you’re pursuing. It’s always prudent to assess the associated risks versus rewards and weigh your options to select the safest alternative.
A growing business can be really demanding. This is especially the case where you have to make certain big decisions along the way. With the above tips in mind, along with professional help, however, making a big business move can be less daunting for you as an entrepreneur.
