As a business, nothing is ever enough, right? We’re always looking for ways that we can make more money, bring in more custom, and grow our businesses to be one of the best that they can possibly be in the industry. But, does this greed as it were, lead to you taking on too much? Yes, it does, but you won’t realise it. When you’re just so desperate to get to the top, it’s so easy to fall victim to taking on too much work. Taking on too much work is inevitably going to cloud your vision, make you miss vital opportunities, and risk bringing down the company that you have worked so hard to bring back up! So, we’re going to try and show you the signs of taking on too much, how you can stop it, and when might be the right time for your company to increase the workload. Have a read on to find out more!
If you feel as though you’re taking on so much that your business is struggling to manage every order, and every problem with an order that comes back to you, then you know you’re going through a business overload stage. It’s all well and good doing this to begin with. You’ll stretch your staff to the limit, and you’ll enjoy the money that’s coming in. But, after time, the strain on your resources will become too much to handle, and even your finances might start to dip. Companies take out loans to try and fulfil orders, in the hope that more orders come in. But, the result is, debt will build and build until a company falls. So, if you’re going to try and take on too much, you need to make sure you have the staff and resources in place first. If you have already taken on too much, and are looking for a way out as it were, you’ll have to take a read of our last paragraph!
Moving On Slowly
If you haven’t got to the point where you feel as though you’re taking on too much, then make sure you take things slowly. As a company grows, so does profit, and so does ability to run the company. So, rather than continually expanding yours, why not merge with another? So many companies buy each other out, depending on the assets and shares that they have. If you were going to do this, you would need a procurement cost analysis & opportunity assessment to make sure that the venture you were going to take is financially secure for you. If you were to take on a smaller company, the opportunities they bring might be smaller to begin with, but so will the workload. This will allow you to manage both companies, merge them as one easily, and make more profit as time goes on!
Reducing Custom work
The final piece of the puzzle. If you’re getting to the point where you can’t run your business any more, simply reduce the custom. Stop selling certain packages or products for a while, take down any sale offers, and if you sell services, refuse new customers. All it would take is a few weeks of reduced custom for your business to be back on top again!
Photo by Ron Hansen