Though the Covid 19 pandemic is not fully behind us, I am seeing many businesses pressing ahead with their plans for growth. With the economic uncertainties of Covid quickly dissipating and with most businesses on surer financial footing than during the first few months of the pandemic (though unfortunately this does not include hospitality, entertainment and some others), it is definitely time for companies that were striving head pre-covid to get back into that mode if they haven’t already.
Whether it’s new product development, executing new and/or larger marketing efforts, hiring more salespeople, opening up new offices and territories or making an acquisition, it’s time to move forward. Both businesses and consumers have pent up demand and cash, and I see significant economic opportunity in the coming months and beyond though there will continue to be some companies and many individuals that are still struggling.
For those who have started and those considering getting started, here are a few tips:
- Think about what your clients (past, present and future) need from you and to extent that the answer has changed since before the pandemic.
- Assuming there is growing demand for whatever products or services you do or can provide, what supply-chain issues might you face. Do you have enough labor? Computers? Other devices that required chips?
- What are the best opportunities for your growth? Which are easiest to execute? The fastest to execute? Have the best return on investment?
- Do you have the cash or access to cash necessary to execute your growth plans?
- Do you have the team in place who can take you from 30 miles per hour to 70 miles per hour without missing a beat?
- Do you have a financial model that shows how to make sure this growth is profitable and doesn’t cause short term shortages in cash you weren’t otherwise prepared for?
If you’d like to discuss any of these, please reach out. If we can’t help in non-financial areas, we have many resources that we can introduce you to that can.
Finally, I’d like to hear from you about your thoughts on the economy and what it means to you and the company(ies) you’re most directly tied to. If you haven’t already, please return to our newsletter and respond to the survey questions on this topic.