It’s a new year, and with that comes new opportunities. While some business owners are pulling back in fear of the looming recession and what will happen to the economy, others are using this time to prepare their companies to scale. If you’re feeling the fear but want to be one of the businesses that use this time to propel yourself forward, it’s time to learn how to get your business ready for the new opportunities out there.
If you look back throughout history, including the recent pandemic, you’ll find there are businesses that collapsed and those that grew by leaps and bounds. Leaders who were on their toes and intentional about pivoting early on faired much better than those who buried their heads in the sand.
So, how do you get your business ready for new opportunities?
1. Build the right team
You need the right talent on your team to take advantage of opportunity when it comes your way. If you’ve been resisting making your first hire because you aren’t sure where to start, it’s time to get help figuring out the right steps. If you’ve been holding onto employees who aren’t pulling their weight, it’s time to take action to help them work toward correcting their behavior or replacing them.
Assess your team to get an accurate picture of your current situation. For example, do you have a team of people excited to try new things? Do you have confident employees who are self-starters and intentional about helping the business grow?
Look for areas where you can provide additional training to help your team grow now, so they’ll be ready as a new opportunity comes your way.
2. Get your systems and procedures in place
A lack of documented and followed systems and procedures is a common obstacle for leaders who started as solopreneurs. You start your business on your own and are the only person doing the work. You don’t have written systems and procedures documented because you know what you’re doing.
But as your business grows, you want to start adding to your team. However, it’s difficult to train employees because you haven’t documented your processes properly. And now you’re so busy that you struggle to find the time to document them and get the right systems in place.
When you feel like you’re always working from behind, it isn’t easy to be in a place where you can jump head-first into a new opportunity. So, be intentional and dedicate time to documenting your procedures and creating systems for future employees. It’s okay if they’re not perfect from the start. You can always adjust them as your company grows.
3. Understand your numbers
Understanding the numbers and reports is another common challenge that leaders run into when growing a business. While you may have people on your team, or contractors, who handle all of this for you, you must understand what the numbers are saying about your business.
This knowledge allows you to make wise decisions when facing new business opportunities. If you don’t know how to understand what the current position of your business is, it’s going to be difficult for you to know what realistic options exist when faced with decisions.
You don’t need to become an expert at business reports, but you need to know what the numbers mean and how to read them.
4. Set goals and have a plan
The best way to know if you’re being presented with a good opportunity is to understand your goal for your business’s direction. If you don’t know what direction you’re trying to move, it becomes very easy to get distracted and pulled off course.
Remember, not every opportunity that comes your way—even if it’s a good opportunity—is the right one for your business.
Knowing what your overall business goals are allows you to see if a new opportunity fits into that plan or helps you achieve it more efficiently. Some new opportunities are flashy and sound exciting, but it’s not the right fit for your business.
5. Invest in yourself
Continuing to invest in yourself and your growth will help you face the opportunities and challenges you’ll face in your business throughout the year. Coaching and mentoring relationships take time and investment. However, you don’t have to wait until you’re desperate for help and guidance before investing in your future growth.
Working with a coach can help you position your business to grow and scale throughout the year. It also provides you with an experienced individual to bounce ideas off.
If you’re ready to position yourself to scale your business this year and take advantage of the new opportunities that come your way, join a SPEARity coaching program today. Complete this form to discuss your needs and find the best fit for yourself and your business.