Build your future business

The good news is we’ve been growing. But we’re operating a company of 50 employees the same way as we worked when we were 20 employees. We’re ready to do things better as we continue to grow. We want to build our future business. Any suggestions?

Thoughts of the Day: Growing the company is a good thing, keeping up with growth can be a challenge. Think ahead about your future plan, build systems that will benefit a company twice the size. Figure out your leadership team of the future. Imagine your customers of the future. Build controls that serve the increased volume of activity. Learn about technology advances that can help you stay ahead of productivity and innovation curves.

Must Your Business Grow or Die? – CBS News
https://www.cbsnews.com › … › Small Business
Jun 15, 2011 — The prevailing assumption in business is that your company must either expand or expire. But is there any truth to it?

A business will grow, improve, or die.

Good news – it sounds like your company is more on the side of growth. Your job is to keep it there. At some point, companies run into the Peter Principles – inflection points where they max out knowledge, run low on ideas, and come to a stall. As CEO, it’s your job to infuse actionable ideas by dreaming about what is possible, getting an education on what comes next, and engaging your people in pursuit of the possibilities of tomorrow.

Brainstorm what the company could look like down the road. Imagine it twice as big, with additional customers, new markets, additional employees, and systems in place that structure the work. If you’re not sure how to do that, hire someone who does, before it’s too late.

To build your future business, consider systems.

What areas need more resources? What parts have hardly grown? Start building underlying systems now that can support the company in the future. Try not to take huge bets, but rather move incrementally. Send people out to classes and to visit worksites that have, or are building, what your company will need in the future. Learn about what works for others and think about how you can adapt that to work in your environment. At twice the size, you’ll need to sharpen your skill set. Identify who on your management team is capable of handling this growth? Who will need to be replaced? Is a stronger support structure in place? Do an assessment of employee strengths, weaknesses, and needs.

Define skills for the future. Map out the organization’s people structure at twice the size.

Consider what needs can be met by contractors and consultants, what will come from additions to staff or boosting current workforce talent. Make a priority list, like a shopping list, set up an annual budget for talent growth and acquisition, and get to work assembling tomorrow’s dream team.

How much time do you spend thinking about who your company will serve 10 years from now? Probably not enough. While your company is busy servicing today’s customers, it also has to be imagining and designing what the future looks like. Who will have needs to solve, money to spend, and the motivation to look outside for solutions?

Set aside time quarterly to brainstorm where the world is going, and how your company might fit into that brave new world.

Make a list of actions to learn about customers and markets that can drive future growth and profits. The increased size needs more controls. How will you ensure quality and accuracy, oversee a company that has a lot more moving parts? Get to know what companies 2-3 times your current size do to maintain control.

Where will the world be in 5-10 years?

Dedicate a portion of your year to attending innovation conferences and reading what futurists say. Build a vision of how your company could fit in. Challenge your staff to engage with this vision and contribute to how your company will operate down the road.

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With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

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