Five signs your business is ready to grow
by Htet Myet Oo Feb 07 2018
Here at Business Doctors Myanmar, we come in contact with all kinds of small and medium-sized enterprises (SMEs) at every stage of their business-growth journey.
We have noticed that you can usually see the signs that a company and its owners are ready to invest the energy needed to take it to the next level. To help you see them too, here are a few of the indicators that we look for when talking to people about their business plans:
1. Your heart is in the right place
Owning and running a business takes its toll emotionally. When a SME owner’s passion is there for all to see, even after many years of 60-hour working weeks, then we know the business is ripe for growth.
2. You want to improve your work-life balance
Sixty-hour working weeks! Yes, I know that sounds horrible, but in a great many cases it’s the truth. Business owners frequently approach us wanting to rein in the time spent on their SME. This is a good sign; they acknowledge there may be issues that mean they work such long hours, and they are looking for ways to work more efficiently.
3. You know your strengths
Chasing big money contracts that involve non-core work can often distract you. We help businesses decide where to focus their efforts and what is the right work to undertake. We also help SME owners to realise that occasionally they can’t do everything themselves, and investing in new staff to help move the business forward is a positive step.
4. You can visualize your future
A business owner’s vision of the future is a great starting point for us to work from when developing a company strategy and plan. Sadly, a lot of the time the vision stays in the owner’s head. This is why we work with them to turn their vision into an achievable business plan, developing a future that is easily worked towards.
5. You understand you need long-term commitment
The road to sustained success is often long and winding. Committing yourself, your family, and your finances to this journey is sometimes the hardest element of business growth. If you’re committed to this life, then so are we!
- First published by Simon Monaghan (Jan 07 2016) on Businessdoctors.co.uk.