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You Unexpectedly Made It Big, What Should You Do Now?
By Jake Young on 2010-03-22 17:08:53
As an entrepreneur you have to expect the unexpected and fear for the worst, but what if the worst never comes and you make it big? You haven't prepared for this experience and more than likely you aren't trained for growth and success so the new experience can be a scary, life-changing event. For new entrepreneurs that are making turning the economy around, here are ways to prepare for when you make it big.
1. Understand what growth means for you and your company - Growing doesn't necessarily mean that you now carry more items or have bigger numbers; growth pertains to, but is not limited to the changes that occur to your company in terms of operations, production, staffing and facilities. If you were working out of the home garage on your own and now have a small building on a highway with an apprentice working under you, you have grown in numerous ways and are on the way to making it big.
2. Maintain relationships with your funding sources - As your company grows, you're going to require more cash inflow to meet the needs of your cash outflow. Make regular cash-flow projections to understand how much credit you're going to need before you start writing checks then maintain strong relationships with your funding resources and be sure to have a primary and back-up sources available.
3. Get comfortable being in the spotlight - Get used to and enjoy being the center of attention, this attention will help your company grow faster than you could have ever imagined. This level of attention will be something you have never experienced before and it will quickly affect your business.
4. Hire people based on where you want to be, not where you are - If you hire people based on the income you make now, you won't quite meet the expectations you want. Instead, hire someone that can perform higher and help improve your business so you can grow into the business you always dreamed of.
5. Put the right people in the right places - If you have a certain job position open in your business, make sure you hire the person with the right requirements, otherwise you'll increase you're mis-hires and employee turnover which will lead to a failing business.
6. Take care of your people - Happy employees equals a success business. As an officer of your business, make sure you keep the employees happy and performing in an appropriate manner, by creating a healthy environment for your employees, more people will wish to work for you and your suppliers, advisers and employees will continue to brand your company with a good name.
7. Listen to the experts - You may know how to run your business, but there are people in the world that know more about business than you do. Listening to the insiders and experts will help smooth out your learning curves and keep you on your growth track.
8. Stay close to your customers - If you didn't have customers, you wouldn't have a business; so thank them often and keep them informed. Learn what they like and what they want and give them everything you can to maintain that healthy relationship; never let your customers wonder what's going to happen, just inform them whether it's good or bad.
9. Focus on your core business and don't get distracted - Stick with what your business knows best, if you offer car services you can also sell car products, but don't try to sell computer software as it's not what your company specializes in and will confuse your employees and customers.
1. Understand what growth means for you and your company - Growing doesn't necessarily mean that you now carry more items or have bigger numbers; growth pertains to, but is not limited to the changes that occur to your company in terms of operations, production, staffing and facilities. If you were working out of the home garage on your own and now have a small building on a highway with an apprentice working under you, you have grown in numerous ways and are on the way to making it big.
2. Maintain relationships with your funding sources - As your company grows, you're going to require more cash inflow to meet the needs of your cash outflow. Make regular cash-flow projections to understand how much credit you're going to need before you start writing checks then maintain strong relationships with your funding resources and be sure to have a primary and back-up sources available.
3. Get comfortable being in the spotlight - Get used to and enjoy being the center of attention, this attention will help your company grow faster than you could have ever imagined. This level of attention will be something you have never experienced before and it will quickly affect your business.
4. Hire people based on where you want to be, not where you are - If you hire people based on the income you make now, you won't quite meet the expectations you want. Instead, hire someone that can perform higher and help improve your business so you can grow into the business you always dreamed of.
5. Put the right people in the right places - If you have a certain job position open in your business, make sure you hire the person with the right requirements, otherwise you'll increase you're mis-hires and employee turnover which will lead to a failing business.
6. Take care of your people - Happy employees equals a success business. As an officer of your business, make sure you keep the employees happy and performing in an appropriate manner, by creating a healthy environment for your employees, more people will wish to work for you and your suppliers, advisers and employees will continue to brand your company with a good name.
7. Listen to the experts - You may know how to run your business, but there are people in the world that know more about business than you do. Listening to the insiders and experts will help smooth out your learning curves and keep you on your growth track.
8. Stay close to your customers - If you didn't have customers, you wouldn't have a business; so thank them often and keep them informed. Learn what they like and what they want and give them everything you can to maintain that healthy relationship; never let your customers wonder what's going to happen, just inform them whether it's good or bad.
9. Focus on your core business and don't get distracted - Stick with what your business knows best, if you offer car services you can also sell car products, but don't try to sell computer software as it's not what your company specializes in and will confuse your employees and customers.
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