Now is the time to grow!
The economy appears to be running on all cylinders. The stock market reached 15,000 on May 7–a record! People are putting money in the market like never before! Perhaps now is the time to enhance/enlarge your business.
The growth in the Baaken formation in North Dakota is unprecedented! The Feds say that there is more than twice as much oil as previously forecast. With this kind of growth, only 4 years after one of the worst economic downturns our nation has seen in the past 75 years, now may be the time to grow.
However, before you run out and buy all new equipment, new machinery and office space, let’s go slow and careful. Is growing really what you need to do for your business? WHY should you grow? What do the numbers say? We are always harping on the numbers, however, the numbers never lie. They are, what they are!
Growing means more overhead, more labor expense, more facility costs, more equipment. Now, none of this is bad if you have the sales strategy to be able to cover those costs. Perhaps now is the time to review a complementary market line– perhaps that line would be a great addition to your current business. Now might be the time to think about upgrading your current equipment, using new technology to produce a better product with less labor and material costs. The ideas are endless, however, before you go out and go “hog wild” on spending, make sure that you have a plan.
A great business plan will address your market share, your costs, your labor and material requirements. These are all factors which you need to know, review and understand before you decide to grow. If you need help, our consultants can provide the assistance you need to be able to insure that your growth is in a measured manner. Now is the right time to grow if you have done the planning and the numbers substantiate your actions.
