Business
Nurturing a growing business
Published
9 years agoon
By Johanne Bouchard EBS Business Columnist
There are steps you can take to maximize the opportunities to successfully grow your business.
As a company founder, recognize if you’re an asset or a liability to the growth of your business. No matter how proud you are of the business you’ve successfully launched, if you can’t grow it hire someone to step in. I’ve been brought in by many investors to mediate situations where founders weren’t effectively scaling a company. Identify relationships early that will create an optimal scenario for all stakeholders: you, as well as your employees, customers, investors and partners.
Focus. It’s imperative that you don’t diversify too early. Focus on growing the sectors that can build a sustainable business and brand recognition. Avoid constantly changing your positioning by reacting to the competition. While being fully aware of the competitive landscape, stay on course with a clear strategy.
Build your infrastructure and automate what you must. Regardless of the size of your business, the sooner you can implement the right systems to help you scale, the more efficient and effective you’ll be. I’ve seen too many companies confronted with the challenges of growing while trying to remain savvy regarding operational efficiency as they scale up.
Monitor. It’s important to actively track as much data as you can about your business during its early stages. Ideally, you’ve entered into this venture with a well-researched hypothesis about what it will take to thrive. Once your “doors are open,” you’re in an active testing period that requires careful monitoring. This should include:
-Meticulous financial record keeping, including detailed return on investment regarding all business costs
-An up-to-the minute database and customer relationship management of prospects
-Up-to-date, real-time inventory monitoring
-Regular reviews of employee performance
You need to be in a position to take a “business pulse” and to have an accurate status report at any time.
Be flexible. If any aspect of your original hypothesis isn’t producing the expected results, you must have the humility to adapt. Many businesses fail because the people behind them refuse to reconsider their choices when something isn’t working. Don’t let stubbornness sink your venture!
Have comprehensive contingency plans in place. A fixation on “what ifs” can inhibit progress, but it’s important to consider them in business planning. Unexpected challenges should inform your choices regarding purchasing insurance; securing legal counsel and financial advisors; making succession plans for yourself and key staff members; maintaining files of back-up vendors who can meet unanticipated needs; and purchasing emergency supplies like a back-up generator, for example. Know when your suppliers are unable to deliver goods, and be proactive in identifying services and products that can supplement your revenue stream.
Marketing never stops. If you’ve got money in the budget to promote the launch of your new business, but haven’t thought about promoting it post-launch, you’ve skipped an important step. The likelihood that your launch will be so successful that you’ll never have to actively market again is pretty slim.
Talk to someone who knows the landscape. If you’re new to business ownership, you can save yourself a great deal of “learning the hard way” by talking to a professional advisor about how to set up effective systems. And know when having an advisory board is right for you. The cost of doing it right from the beginning will pay dividends in the long term.
Remember, growth and operational efficiency are not mutually exclusive!
Johanne Bouchard, a former high-tech marketing executive, is a leadership advisor to CEOs, executives and entrepreneurs, as well as an expert in corporate board composition and dynamics. Visit johannebouchard.com to learn more or download her recently published eBooks “Board Composition” and “Board Basics.”
Megan Paulson is the Co-Founder and Chief Operating Officer of Outlaw Partners.
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april, 2024
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We all are familiar with using a limited palette, but do you use one? Do you know how to use a
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We all are familiar with using a limited palette, but do you use one? Do you know how to use a limited palette to create different color combinations? Are you tired of carrying around 15-20 different tubes when you paint plein air? Have you ever wanted to create a certain “mood” in a painting but failed? Do you create a lot of mud? Do you struggle to achieve color harmony? All these problems are addressed in John’s workbook in clear and concise language!
Based on the bestselling “Limited Palatte, Unlimited Color” workbook written by John Pototschnik, the workshop is run by Maggie Shane and Annie McCoy, accomplished landscape (acrylic) and plein air (oil) artists,exhibitors at the Big Sky Artists’ Studio & Gallery and members of the Big Sky Artists Collective.
Each student will receive a copy of “Limited Palette, Unlimited Color” to keep and take home to continue your limited palette journey. We will show you how to use the color wheel and mix your own clean mixtures to successfully create a mood for your paintings.
Each day, we will create a different limited palette color chart and paint a version of a simple landscape using John’s directives. You will then be able to go home and paint more schemes using the book for guidance.
Workshop is open to painters (oil or acrylic) of any level although students must have some basic knowledge of the medium he or she uses. Students will be provided the book ($92 value), color wheel, value scale and canvas papers to complete the daily exercises.
Sundays, April 14, 21 and 28, 2024
Noon until 6PM.
$170.
Time
14 (Sunday) 12:00 pm - 28 (Sunday) 6:00 pm
Event Details
Please join the Arts Council of Big Sky for free music from Jacob Rountree at the Wilson Hotel Lobby Bar from 5-7 p.m.
Event Details
Please join the Arts Council of Big Sky for free music from Jacob Rountree at the Wilson Hotel Lobby Bar from 5-7 p.m. on April 24.
Jacob Rountree is an alternative/indie songwriter living in the stunning alpine of Montana. Contemplative yet playful, his lyric forward style is reflective of his love for philosophy, poetry and quantum physics.
Time
(Wednesday) 5:00 pm - 7:00 pm
Location
The Wilson Hotel
145 Town Center Ave
Event Details
Trivia from 7 to 9 p.m. at The Waypoint in Town Center. Participation is free, food and beverages available.
Event Details
Trivia from 7 to 9 p.m. at The Waypoint in Town Center. Participation is free, food and beverages available.
Time
(Wednesday) 7:00 pm - 9:00 pm
Location
The Waypoint
50 Ousel Falls Rd