The Habit of Expanding Your Business
 

By Nancy L. Cofield, CBI, BCI, M&AMI • Business Broker

Please note that information in this article may be time sensitive and specific to the date it was originally published. Please contact the author for updates to this information.


When business owners talk about expanding their businesses, they may discuss having to “think outside the box” for ideas on how to grow. While the cliché may be timeworn, the concept isn’t.

In many cases, though, thinking outside the proverbial box is just a clutter of random ideas and talk. Nothing ever gets accomplished, and no plans get implemented. Instead of worrying about the outside of the box, it may be a better idea to think about making the box first, by focusing on one small thing that would increase business.

For example, you may feel strongly that mailing a circular to your existing customer base or to the immediate neighborhood would increase business, but you never have the time to do it. Why not plan on mailing 1,000 circulars to possible customers over the next thirty days? This means devoting about one hour, two or three times a week, to take this project to fruition.

Since it takes about 21 days to form a habit, several months should set the stage for the rest of the year. This time will also help determine whether a mailing will increase business. If it doesn’t, take the same time you did to work on the mailing and come up with another idea.

Also, don’t work on something you know you won’t finish, no matter how great the idea. For instance, calling all of your prospects may be a great idea, and one that may expand your business, but if you don’t like cold calling — forget it.

One plan at a time and staying focused on it is the key. While coming up with 20 ideas outside the box may be easier than staying focused, if the ideas never get implemented, what good are they? Work on what you consider to be the best, reasonable idea and spend the time to develop it. It’s the habit of spending one hour, two or three times a week that is critical.

Nancy Cofield is managing partner of
Corporate Investment International of North
Florida, Inc. She can be reached at
(904) 996-1666 or via Email at ncofield@cii-ma.com.