As a business owner you have the flexibility to choose how you want your business to grow. Here are five paths to consider:
Consistently growing the top line is important for many businesses. Targeting the right customer base, improving your channels to market, introducing new products/services and fine tuning your engagement strategy are good places to start.
Investing in the business
Capital investment in buildings and equipment are exciting and important decisions. Investing in people, office space or marketing campaigns are reoccurring expenses that are important considerations. Good cost/benefit analysis is important in these cases.
Who wouldn’t like to make more money off of the business they already have? In many cases it is possible. Pricing your products according to their value is critical. For certain businesses good product management helps.
Improving the quality of the business
This revolves around making the business more sustainable, predictable and easier-to-manage. Increasing your repeat business, new business from referrals and generating multiple stable income streams are some strategies employed to improve business quality.
As a leader the only person who is going to take care of your professional and personal development is you. Setting and tracking goals, pursuing education and creating work/life balance are options to consider.
Which one will you pick?