For many entrepreneurs, the thought of growing a business is typically directed at sales, sometimes with the goal of becoming #1 in a market, with a product, etc.
However, such goals are often unattainable, and if they are attained, are not sustainable for any period of time. In fact, try to think of one company that was number one in anything for over five years, and you would be very hard pressed to cite even one.
So, SCORE would like to help you grow your business in a way that it fulfills your ‘true goals’, helping you bring other relevant thoughts to mind. In addition, ‘growing your business’ might mean different things at different times in the business cycle, and you might redefine your goals in any number of ways, such as:
• To achieve a one year goal – I want to breakeven within twelve months
• To achieve certain annual increases to sales and/or profits each year - I want to grow revenues by 10% each year
• To achieve a certain annual net profit goal that can be sustained – I want to earn $100k net income
• To develop and launch a ‘break through’ product that I can sell or license to others
• To achieve financial goals while adding professional and personal skills that contribute to you, your family, your staff (if you have one), and your community – I want to earn $60k in net income and add professional skills that will pay off in the future
• To develop a successful business that you can turnover to your family to run in the future
• To improve your community, so that you ‘make the difference’ that you believe in – I want to introduce sustainable farming for the local market
• To create a business or service that have the broadest positive impacts on the community, such as ‘green’ or ‘environmentally’ sound products – I want to provide ‘green’ cleaning services for our community
• To invest and build a business that you can sell at some future time at a targeted value – I want to make a ‘reasonable’ income now while I build our brand identity and market position so that I can sell the business in 5 years for $1 million.
• To achieve anything else that you identify – the list goes on
The steps, and their timing, to growing your business in line with any of the goals above can be vastly different. Some goals require more investments in time and money, and often those ‘investments’ reduce current income while building for the future.
SCORE can help you sort out your goals and objectives so that the steps you take have a chance at achieving your objectives. SCORE mentors have a history of building businesses, either as a business owner, as an executive or as a business professional, and they faced these questions time and again. On a free and confidential basis, they can help you create the strategy that will address your particular objectives. And from the strategy, they can walk you through the individual steps that need to be taken and the timing of those steps along the way. In fact, often several counselors may become involved with a single client as a growing business faces different issues, such as Marketing, Technology, Human Resources, Capital formation, Finance, and general operations. In addition to face-to-face mentoring, SCORE provides a host of ‘tools and templates’ that are free and readily available on line just by clicking on the tab above and looking them up.
The point is - SCORE is here for the life of your business – from inception through the ultimate ‘end game’, and it reflects the desire of each SCORE volunteer to ‘make a difference’ in his or her business community. Sign up for mentoring today.