It can be hard for companies to maintain their profits or continue increasing them, so it’s important to focus on ensuring no one forgets you’re in the market. “Continuous innovation” of your product or service to keep ahead of the competition, and embracing methodologies used by larger organisations.
One self-starter we spoke too called this “stability that enables innovation”. “Some try to grow too quickly and forget about what they are really there for,” said another. Keeping focused on your vision is key.
If you use this period to push forward, spend some time looking how larger, more successful companies have done it. Soak up their strategies and make sure you’re marketing yourself as effectively as you possibly can.
It’s also a time to re-evaluate, innovate and keep looking towards the future. From accelerated business and company expansion comes increased competition, because if your product or service is doing well - you can be sure that others will take similar tracks.Download your PDF
- Are you continuing to advertise effectively?
- Has the market changed or is it currently changing?
- How can you innovate your product or service?
- Can you afford to take the risk of sustaining growth?
- What new methodologies can you embrace?
- How can you continue to diversify?
- How will you stay most efficient?
- Do you have an exit strategy in place?
How to stay on top of your game
Measure your success
At this stage, measuring your success is as important as celebrating it. Can you gauge a new sense of “financial stability and freedom”? Has your success allowed you to track a “constant choice of interesting work to take on”? Are you seeing a “steady return of high-value customers” that matches your expectations?
Evaluation is a key to constant improvement, just be aware of the danger of turning the metrics that measure success into vanity stats that don’t do anything except make you feel special. Now is just as much the time for hard questions as ever.
Think about your customers.
Are they here just for now? Or are they loyal enough to be life-long supporters of your product, brand or service? Are you still attracting new customers? Or do you need to market more effectively to broaden your base?
If you’re taking the lion’s share of the market you do business in, can you build on this dominance? When you’re on top, there’s always someone else looking to take your spot, so stay savvy. What are people spending their hard-earned money on if not your product?
When enough is enough
It’s always good to have an exit strategy in mind. Perhaps a saturated market or long slump in sales makes closing the business the smartest move. Maybe you’ve been offered a stack of cash to sell the business to someone else. It might even be that you’re just ready to transition out of the industry you’re in.
Harvest as much cash flow as you can from your product or service before discontinuing. Ways to do this include reducing discretionary costs such as advertising and sponsorship, or selling off assets and equipment.
While it may have been a long and sometimes trying adventure to this point, if you continue to navigate the challenges, you don’t have to go it alone. Many founders look at bringing in a seasoned CEO who can apply their experience and learnings to their business. This can give you time to focus on other endeavours.
We found through speaking to self-starters just like you that growth brings different outcomes to different people – but everyone needs to plan it. Regardless of whether you have a comfortable retirement or an ever-growing empire in mind, we hope this Toolkit remains a constant companion on your journey to better business.
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