Plumbing Africa August 2018 - Page 35

BUSINESS AND TRAINING BRAINSTORMING IDEAS FOR GROWTH These are far from the only types of growth opportunities, but that is the exciting part. There is so much opportunity in the plumbing industry that there are no limits to the success you can enjoy. When you sit down to consider where your next growth opportunity lies, you should take the process seriously and do your research. Start with a simple brainstorming session. Write down 10 to 20 ideas — crazy, big, small, serious, and everything in-between. Once you have that list, pick your top five to do a strategic planning session for. List each strategy. Next to each one, in a new column, list the immediate resources you would need to execute it. Put numbers on these if possible — understand the capital, people, process, and administrative costs that are needed to pursue the opportunity. Next, look at the pros and cons of each strategy. Be honest with yourself about the day-to-day impact this will have on your business and your life. Cap this section off with a revenue estimate of what this strategy might add, in monetary terms, to your business every year. As much research as you can do to accurately predict this number, the better. Do not pick a number out of thin air. Finally, list the initial steps to take to implement the strategy. Now you are ready to consider your five options. You know your 33 resource cost and your potential upside. You know the pros and cons of each and how you are going to get started. When presented in this easy-to-read format, with all of the facts laid out before you, decisions become easier. Making growth decisions, not on whims but on facts, is important to the success of your company. There is no right or wrong approach to growth strategies for your business. Each company is unique. Look for opportunities that excite you and play to your strengths. A final tip: Do not discount the effect a growth opportunity will have on your personal life. If there is a great opportunity but it will disrupt your quality of life or goals for your family, which could be way more important than the money it would bear, that is another consideration to keep in mind. PA About the author Anja Smith is managing partner for a successful plumbing company in South Carolina, USA. August 2018 Volume 24 I Number 6