BUSINESS AND TRAINING
BRAINSTORMING IDEAS FOR GROWTH
These are far from the only types of growth opportunities, but
that is the exciting part. There is so much opportunity in the
plumbing industry that there are no limits to the success you can
enjoy. When you sit down to consider where your next growth
opportunity lies, you should take the process seriously and do
your research. Start with a simple brainstorming session. Write
down 10 to 20 ideas — crazy, big, small, serious, and everything
in-between. Once you have that list, pick your top five to do a
strategic planning session for.
List each strategy. Next to each one, in a new column, list the
immediate resources you would need to execute it. Put numbers on
these if possible — understand the capital, people, process, and
administrative costs that are needed to pursue the opportunity.
Next, look at the pros and cons of each strategy. Be honest
with yourself about the day-to-day impact this will have on
your business and your life. Cap this section off with a revenue
estimate of what this strategy might add, in monetary terms, to
your business every year. As much research as you can do to
accurately predict this number, the better. Do not pick a number
out of thin air.
Finally, list the initial steps to take to implement the strategy.
Now you are ready to consider your five options. You know your
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resource cost and your potential upside. You know the pros and
cons of each and how you are going to get started.
When presented in this easy-to-read format, with all of the facts
laid out before you, decisions become easier. Making growth
decisions, not on whims but on facts, is important to the success
of your company.
There is no right or wrong approach to growth strategies for your
business. Each company is unique. Look for opportunities that
excite you and play to your strengths.
A final tip: Do not discount the effect a growth opportunity will
have on your personal life. If there is a great opportunity but it
will disrupt your quality of life or goals for your family, which
could be way more important than the money it would bear, that
is another consideration to keep in mind. PA
About the author
Anja Smith is managing partner for a successful
plumbing company in South Carolina, USA.
August 2018 Volume 24 I Number 6