Alberta’s economy is strong and with that it brings assorted challenges as our businesses grow. Read more about how growth can affect your business and what to do to mitigate risk in this month’s X5 CROPS Report.
Customers are your business’ backbone. They more or less pay the bills that allow you to run your business. It’s imperative that as your business grows, you don’t lose sight of the important role customers’ play in directly allowing you to seek out new opportunities, perhaps offer a new product or service, or expand to a new location. Sometimes more customers doesn’t necessarily equal more success. Don’t sacrifice service for growth. Build your business on something you can be proud of that will keep your existing and new customers satisfied.
This month’s feature article is listed below!
As your business grows, it is important that your processes and procedures that help it run grow too. It’s important to continuously modify your practices in order to improve your efficiencies, lower costs, and of course mitigate risk. Although these types of tasks can seem time consuming in the short run, having good processes and procedures that effectively align with your growth targets and offerings will enable your long-term success.
Have you heard the term “Hire slower, Fire Faster?”. I heard this saying years ago and it speaks volumes when your business is growing. Never look to put warm bodies in seats. Investing your time, effort and money into people resources that will bring long-term benefit to your organization is a must. And, if things aren’t working out, don’t be afraid to make tough decisions of letting people go to keep your business on track or re-align your goals in accordance with your growth plans.
Growth brings more opportunity and more opportunity usually equates to sales. But, as we’ve learned before, there are spikes in the economy and unexpected downturns. Ensure your business is building on stable sales and growth, and will be prepared to cope with economic changes that could have an adverse affect on your business.
Feature Article: The ‘Risk’ of Your Business Moving Too Fast
Written by: Mike Mack
First, I want to highlight a key point from our recent podcast with Angela Armstrong, President at Prime Capital Consulting. Within our interview with Angela, titled: “Doing Business in Alberta,” we asked her what are some of the main challenges of doing business in Alberta. A timely response evolved around the speed at which we do business in Alberta. It is fast-paced and brisk and this can create challenges for many businesses.
Have you found that you’re business (whether or not you are located in Alberta) is moving too fast? Change has run rampant in many businesses, which has led to sometimes rushed expansion, poor hiring decisions, too large of capital investments and other business decisions that can have a long-term negative affect on your business.
There really is a catch-22 with economic and business growth. You want to ride the wave to prosperity and new opportunities, but you risk losing your focus or vision, compromising your business goals, and alienating or over-working your employees.
How to mitigate risks:
- Consider strategic partners that can complement and support your business in areas that aren’t your “specialty and expertise.” (You can’t be all things to all people). You don’t want to spread yourself too thin, or sacrifice your reputation to make a few extra bucks.
- Ensure the decisions you make today are made understanding all the full implications they can have on your business. Will they positively affect your short and long-term goals? Look at all the pieces in the puzzle and what affect they can have on each other.
- Don’t risk losing your top talent today. If you plan on continuing your growth, your business will need the experience within the company to sustain itself. Develop and train your greatest assets – your people. And, start succession planning so you will be prepared for achieving future growth targets and combating retirement.
- Lean on your top resources when it comes to making major growth-related decisions. Make vital business growth decisions as a united senior management team utilizing all of your expertise, experience and industry knowledge. If you’re unsure – seek the expertise of a business coach or industry expert.
- Maintain your customers’ confidence in your products and services. We must pay attention to our customers and not assume or take anything for granted. Survey your customers for feedback and work to retain repeat business and strong relationships with those you service.