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Ask "The BARON" Question of the Week

Question:
How should the growth process be scheduled? How do I determine what the business needs to get to the next level along with priorities and how to set them?
— Gloria J.

Business Coach William R. Patterson says:
Business Coaching - Planning Business Growth Here is a high-level overview of the process we use for planning a typical client's growth through BARON Business Coaching.

There are primarily ten key factors to consider when planning the growth of your business:

  1. Demand — What is the current sustainable demand for your company's products and services? How many quarters ahead can you reasonably predict the company's revenue and earnings?

  2. Business Model — Does your business have an adequate product/service line, diversified client base, and margins to support and sustain growth? Is your company's business model scalable and does it have effective lead generation systems, a product development schedule, marketing and contact management systems, and turnkey joint-venture programs or must they be developed?

  3. Exit Strategy — Is your ultimate desire to automate, sell, or take the business public?

  4. Market Size — How big is your market? What untapped niches exist?

  5. Integration and Joint-Venture Opportunities — What are the joint-venture and vertical integration opportunities that can help you quickly lower costs, access new leads, and add new products and services to your line?

  6. Competition — Are you in a commodity based business? How strong is your company's brand and positioning in the marketplace? Does your company have first mover advantage, or are you struggling to catch up to other dominant players?

  7. Capital — Do you have access to adequate capital and reserves to finance and sustain growth?

  8. Management and Staff — Are you able to recruit an experienced management team and staff to help you grow the company?

  9. Industry Growth — Are you in a growth, mature, or declining industry?

  10. Economy — What is the current environment? How is your business affected in a cyclical economy? Is the economy expanding, stable, or in a recession?
Once you have answered these fundamental questions, establish target growth objectives such as:
  • Generate $ ___ in Revenue by ___ Date
  • Expand Client Base by ___ Number of People/Companies/Subscribers
  • Expand Company Offerings by ___ Products/Services
Your objectives should then be supported by a three phase implementation plan:
  • Phase I: Business, Marketing, and Product and Service Line Assessments and Gap Analysis
  • Phase II: Roadmap and Implementation Plan Design
  • Phase III: Optimization, Automation & Exit Strategy
For many entrepreneurs, business planning is not their area expertise, so they often feel overwhelmed, procrastinate, and focus on the wrong things. This inadequate planning ends up costing them tens-, hundreds-of-thousands, or even millions of dollars. The right plan and business model is 80% of your success. To illustrate the point, image trying to drive to a place you have never been without directions. You would undoubtedly waste a lot of time, if you were lucky enough to make it to your destination at all. Having successfully gone through the process hundreds of times, this is an area where your BARON Business Coach provides a significant amount of value. Your BARON Business Coach will quickly identify the gaps and constraints in your business model and bring proven turnkey solutions to help generate more income and customers.

There is no better investment for an executive or business owner that can as quickly and easily provide them with the right knowledge, plan, and tools as BARON Business Coaching.


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