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Home » Grow Your Business

How to grow your business (part 2)

When the economy turns around, you want to make sure that your business is in a position to take avantage of it. In this second post in a 10 part series, we show you the tools you need and the question to ask to move your business forward. If you’ve missed any of the previous posts you can catch up with the  other parts here.

Act

In times of uncertainty you can’t afford to sit back and not take advantage of opportunities which present themselves to you.

When an opportunity presents there are 3 steps (3 E’s) to take:

1. Examine

First of all what is the opportunity that has presented itself?

2. Evaluate

How does this differ from what you have done before?

What will be the impact this will have on your business?

What will be the impact on your other products or services?

What is the Market for this product/service or enhancement?

How will your customers react?

3. Execute

Once you have evaluated the opportunity you must act decisively. As Henry Ford once said:

“it doesn’t matter whether you are wrong or right, you are”

Doing nothing is not an option. You need to be actively looking for opportuities.

Opportunities present themselves in many different ways. Your job as a leader or business owner is knowing where to look here’s some suggestions:

Competitor products

Other industries (eg Southwest Airlines took inspiration from Indie Car racing to reduce gate turnaround times)

Ask you customers: what do they think? What do they want?

What do you think? Do you have any examples of acting decisively?

8 Comments »

  • Ryan Hanley said:

    In life doing nothing is really not an option. Those that choose to do nothing end up feeding off society…

    Success is driven by doers… For every great decision you might make two bad. As long you never make the same mistakes you’ll be alright.

    Thanks,

    Ryan H., http://www.RyanHanley.com

  • Matthew Needham said:

    Great insight here Ryan. Doing nothing is definitely not an option as youre competition is definitely not doing nothing!

  • Joshua Black | The Underdog Millionaire said:

    Matt,

    You are so right. Without action there is no business, no customer, no product, and most of all… no money.

    Too many new and seasoned entreprenueurs get stuck in analysis paralysis where they are scared to jump in and end up reseaching a topic to death, just to avoid starting.

    There is a reason that software comes out in versions… because they didn’t get it right the first time.

    Money and ideas like speed. You have to get out there and make a few mistakes. It’s ok to fail, just fail fast.

    -Joshua Black
    The Underdog Millionaire
    .-= Joshua Black | The Underdog Millionaire´s last blog ..Entrepreneur Skips Buying Coffee and Becomes Independently Wealthy =-.

  • Moon Hussain said:

    Matthew, I will be sure to remember the 3 E’s. Most people stop right before ‘execute’ sadly, which is the one step that could change that something.
    .-= Moon Hussain´s last blog ..Why You Shouldn’t Stick to Your Schedule =-.

  • Matthew Needham said:

    Execute, Execute, Execute is what it should be really. But then that would be a boring post!!! You’re quite right most people fail to execute, which is why it’s the most important!

  • Ryan Hanzel said:

    Hey Matthew, great post man. I am not sure if I will ever make it as an Entrepreneur (still in the research stage) or as a businessman in general. We will see on that one but like you said life is full of opportunities and as long as I act decisively on them as they arise I should do fine. Until then though posts like this are very educational and motivating.
    .-= Ryan Hanzel´s last blog ..Keep it simple =-.

  • How to grow your business (part 2) – Big Red Tomato Company « Tech4buziness – Eng said:

    […] Once you have evaluated the opportunity you must act decisively. As Henry Ford once said: “it doesn’t matter whether you are wrong or right, you are” via bigredtomatocompany.co.uk […]

  • Steve Scott Site said:

    One of my favorite lines is, “Doing nothing is not an option.”

    A big mistake that people make is allowing themselves to grow stagnant. No matter how successful your business is, no matter how much money you’re making, you always need to think ahead. Trends change, technology improves, and we need to stay on top of that. Doing nothing for just awhile can lead to doing nothing forever … once your business fails and you have to start over from scratch.