SMALL BUSINESS SCHOOL
Step 6: Solid growth
Small Business School  last update: 10/10/2004  |   view the current episode Small Business School
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Paths Within Step 7 (from The Basics)

1. The Basics.

In some of our stories you meet people who are really flying high; within a few years, many have broken through $3 million in revenue, some through $10 million, and a few through $20 million. They are examining their limits to growth, international markets, and e-commerce.

Some of our case studies are of people who are in their 70s and 80s (and even one who was 96 when we taped the story) and still work every day. They would not have it any other way.

Everybody also continues to ask themselves basic questions about who they are and what they "want to do when they grow up." Some are looking forward to a little time off, to a break in the schedule. Maybe you are, too! Certainly you deserve it. You also deserve to begin harvesting some of the fruits of your labor. That often means sharing equity. Sometimes it means preparing the business for acquisition and selling part of it back to key people within the business, to business partners, to board members, to suppliers, and sometimes even to customers!

There are examples of each within our case studies.

Three types of Case Studies

Buying others to grow larger:

Franchising to grow larger :
Strategically focused on growth:
The Initial Public Offering (IPO) and the Financial Markets  

2. Your inner community. Your business history will often reveal your inner community. Who have you trusted? With whom do you spend your time? It also reveals something about your products and services that are keys to understanding this businesses long-term prospects, beyond your lifetime and possibly beyond many lifetimes. A sustainable business constantly evaluates the leveragability of its products and services.

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  • Review the points made within the episode of the show, Staying Power. All nine points are very basic and really should be internalized by everyone in your organization.
  • If you have not already reviewed the work of Albert Black, he is well-worth the time. He has a lot to say about sharing information with the employees.
  • Pam Rodgers teaches her managers and her managers teach their people; all know how their group is contributing to the bottomline. She has one of the most successful automobile dealerships in America.
  • This is a good time to review all those shows that are within your type of business or a similar business type. Here you will learn how all of these people continue to be filled with energy even after many years of diligent work to grow their business.

3. Structuring your time. We believe there are products and services that we all need, and we are out to find the best and to recommend them here to help each of us become sustainable businesses.

How you work the equity in your business becomes a critical. Look at the section about Money. Learn what a Small Corporate Offering Registration is. Learn about your your options.

Awards Programs for your business: Many of the people we have profiled have come to our attention because they were recognized by one of their peer groups, their national business association, a national publication or one of the groups that recognizes small business excellence such as the SBA, Ernst & Young's Entrepreneur of the Year, or the Mass Mutual's Blue Chip Awards.

Awards Programs for your people: This is a good time to review the work of Marty Edelston and I-Power. Every time your business is recognized, recognize someone within your business!

4. Projecting the day when "the Chairman of the Board" means something. We all use titles so loosely, yet most people within the business community know when a business is doing well. You, founder/owner, are more gracious and giving, and the business and your people are out in the community more.

Though we will be adding and revising this section, consider tracking non-financial ratios.

  Go to the PostScript...  

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