Tuesday 01/31/2017

A New Way to Think About Growing Your Business

Tom Krause, CPA has many tried-and-true tactics for encouraging business growth. He expands on one of them below:

 

 

Anywhere you look, there are tips given for growing your business: books, online articles, podcasts, and more. Many of these sources have helped our firm and clients grow in significant ways. Growth strategies I’m familiar with have ranged from adjusting pricing structures to purchasing new equipment, hiring more employees to buying or starting new divisions.

Many times, I take a different approach.

I call it enjoying and eliminating.

Enjoying: First, you and your staff need to enjoy what they are doing. Often, what you are good at is also what you enjoy. Look hard at your offerings and decide what you are truly good at and what you struggle with. You will probably find that the enjoyment of a product or service is tied to how good the results are. This seems natural; however, I have seen companies continue with a service or product that was not a favorite of the staff. Often, profitability also suffers as a result.

Eliminating: Review those services or products that do not fit and remove them. By removing those items, it frees up capacity of your organization and allows room for those good, existing products to grow or new, solid, enjoyable services or products to be introduced.

Give this a try. It is unbelievable how recognizing the enjoyable products or services will create growth, satisfaction and ultimately profitability in your organization.

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