Tipping point marks the sudden explosion of your business. It’s the threshold of prosperity and growth and flags the coming of greater exponential business growth for you. Sounds good but there is small catch; your awareness and most importantly your preparedness to bend this tipping point to produce mind blowing results for you is the key. If you are unaware and ill prepared, you can ruin this opportunity, so the point here is to ensure your receptiveness to sense its arrival.
Key Indicators Your Business is Reaching its Tipping Point
Here are the key indicators of this business blaster and ways to make the most of it:
Your staff slogs and still fights backlogs
Your staff will begin to feel the heat of added workload. Steadily they become fully occupied and you sense a rush of urgency. You also get caught up with them and try to find ways to clear the backlogs.
You wish you had 48 hrs a day
You begin to extend your work hours and time passes by at an alarming speed. This is when you really feel like having more time a day to run through your added workload. Your priority to attend to the core business activities goes up and eats into your time which you otherwise spend for other business activities like HR management, back office tasks, administration and marketing among others. You see a visible drift in the proportion of your time spend every day with a huge tilt towards core money making activities of your business.
You wish to hire more resources
This is the first thing that crosses your mind. Why not hire more staff and stay fit? You begin to feel a pressing need for more people around you to take up current and new additional responsibilities, which pop up from nowhere. You begin to feel that you are stepping into the next zone of business growth.
Hardcore marketing seems passé
More customer calls, more business, new services and products demands, and all seem rosy. You begin to trust that the flow of business is going to stay with you for a good time to come and your mind eases on the need for hardcore marketing. You begin to tighten the marketing budget and you still find your business. You sense something else is working in your favor and things are going your way.
Partners and new business avenues cross your sight
You come across partners or associates who earlier seemed less valuable, of great help now. You begin to talk and negotiate with them and things shape up well and make you and your business look real big and ready for that big leap. However it’s the initial sense of feeling that you get, which instils a rush of energy and confidence that ushers in the tipping point for your business. But, how do you make sure that you turn this good fortune into consistent growth and see that your business stays strong even in rough times?
How to Maximize Your Tipping Point
Here are some thoughts on how you can ensure that you get the maximum out of this tipping point:
Seek professional help
Don’t limit your growth by limiting your resources. One thing about the future is sure: the speed and ease at which services and products will be delivered to the customers. This requires you to be hyper active and alert all the time and this mandates your 100% focus on all areas of your business operations. This is where you need to diversify your operations, bottom-line you have to find partners and associates who can help you with managing specific areas of your business with complete focus and dedication. Effective teamwork can lead to great results. Outsource your non-core back-office jobs so that you can concentrate on building your business.
Business owners who tried the unknown and failed are the people who ultimately succeeded. This is true because those who dare are sure to achieve some day. So try to experiment with the new and unknown, you never know you may hit the jackpot or even if you fail you get to learn a whole lot which your competitors will never. Think of new ways to make your processes faster, offer better customer support, streamline your back-office, make your product of service more customer friendly, and more. Think creatively for all aspects of your business.
Move out of your comfort zone and think of big audacious goals. What is YOUR business goal? It could be in terms of number of employees, total revenue, number of clients, number of locations, and so on. For instance, it could be a 200-employee business, with $10 million revenue, 500 clients, and five locations within three years. It does not matter what the parameters of growth are, entrepreneurs must select their goals cautiously, as chances that their business will fall short of expectations, are very high. If you aim low, then all your plans would limit your growth, but if you aim BIG, then all the plans would move towards achieving your goals. Don’t be satisfied with what feels “good enough” – strive for more.
There’s evident truth in the saying that “those who fail to plan, plan to fail.” Effective planning is what will take you where you want to be. Getting ready for tomorrow’s growth basically involves two things, one: anticipating the future needs of your customers, and second: knowing where you are right now and gearing up for tomorrow.
Build robust processes
The next step is to start thinking in terms of business expansion and operating like a big business. If you have a written process on how your company should answer customer calls, or what the process of billing would be, and so on, you will find it a lot easier to add new people in your team and face lesser number of issues. Similarly, set-up processes and protocols for all activities, this will make business management more efficient.
Category: Business Growth