Business Growing Pains

It’s good news and bad for every business founder: your business has grown. Dramatically.

Following this news may be the realization that you’re no longer the best person to run the business anymore. It’s bittersweet, but exciting. Like the student whose skill has excelled beyond their teacher’s, your business is ready for a new mentor.

You now have the chance to create something even better, bigger — if you can get out of your own way and put it in the right hands.

When transition time comes, don’t just look for another “you.” Take yourself — your roles, skills and attributes — apart and look for candidates with those strengths. You may not find them all in one person. In fact, it may take multiple people to replace you. That’s OK. Plan to develop a C-suite, not just a CEO, and you’ll build a team that can go farther, faster than you ever could alone.

Find leaders you trust, and when it’s time to pass the baton, consider passing to a whole relay team, not just the next person in line.

Business Growing Pains2018-05-07T20:51:50+00:00

Recurring Income – More Money, Less Work

Recurring income is a holy grail for business owners. Who doesn’t want to sell something people buy over and over, (with little to no additional work for you!)

But if your business model is built chasing one-time or big-ticket sales, adding a reoccurring income stream may seem out-of-reach. Get your team together (or enlist your creative agency’s help) to brainstorm supplemental products or services your company could offer after the sale. For instance, can you deliver valuable service or maintenance reminders (for services you sell or manage) via email, SMS or an app? Can you offer add-ons or upgrades that would improve or update your product after a time? Can you create personalization or customization opportunities?

Think outside the box! Study unrelated industries to see how they incorporate reoccurring income into their business models. With a little creative thinking, some of their concepts might translate to you.

Recurring Income – More Money, Less Work2018-05-07T20:54:05+00:00
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