Whether you’re new at self-employment or a seasoned pro, there are a few key things you can do to help move your business forward and grow your bottom line. Determining how far, fast and big you want your business to grow is a fundamental cornerstone to the success of your venture. Yes, you must pay attention to what’s happening today; but taking a longer view, say three years, will reorient your thinking from what’s possible today to what’s possible in the future.
Here are some statements to complete to jumpstart your thinking:
- Three years from now…
- My primary business income stream will consist of…
- My cash flow will have changed from where it is today to…
- I will be working (add #) of hours per week in my business…
- My team will consist of…
- My life will be…
Once you’ve contemplated these, check to see how your answers fit in with your current goals. Chances are you may want more for your business than your current goals allow. That’s the point of this exercise – to see where the gaps are and determine how you can modify your thinking and direction to plug them.
It’s fun to dream, plan and organize for the impending future. After all, your future will become your present sooner than you think. Preparing will mean that your future will be productive for you – and not simply take you by surprise.
Here are six things you can either do now or prepare for to help your business grow into what you want it to be.
- Have a vision and a plan. Flying by the seat of your pants might be OK in the very early life of your business, but it doesn’t bode well for long-term structured growth. Spend one day away from the office and map out a plan. Bring along a trusted advisor or mentor to assist in the process. It’s easy to get stuck in our own heads and think smaller than we should. So be sure the person you bring will challenge your thinking and help you see the bigger picture of what’s possible.
- Don’t think of your business as having to be only you. Building a team, even if it’s a team of other professionals you can refer others to, helps build up your business. Consider subcontracting work that you could do but isn’t as lucrative for you. Think of it as helping out a fellow professional who might need the extra income you can provide. In the Glitterbug business, building a team is the optimum way to boost your income in a passive way since you earn a percentage of everything your team brings in. Finally, outsourcing tasks that don’t generate income (house cleaning and bookkeeping come to mind) will free you up to focus on income-producing opportunities.
Check back on Thursday for the continuation of this article!
