ARE YOU READY TO GROW?

I have been blessed with an opportunity to meet hundreds of small business owners. What amazes me is the lack of a “growth vision” that is prevalent among many of those that I have interviewed. A common thread includes the desire to make enough money to pay the business and home bills and perhaps have a little left over.

• When I ask the following questions, the answers give me an insight as to their current future growth plans:
• Why did you start your business? That includes commission sales people.
• What is your future vision for your business?
• How does your family feel about your business endeavors?
• Do you plan to work in this business until you retire?
• When do you plan on hiring employees? (expanding your business)
• Who do you envision selling your business to?

Please note that I did not include any request for the description of the business, its products or services. I did not ask about the value proposition, target market, or competition. I also left out questions about the financial status, as well as the business, marketing and retirement plans.

The purpose of my questions is to help me determine the commitment the owner has to the business and the confidence level in their ability to succeed.

These six questions usually lead to an in depth discussion and sharing as to why they are in business and where they want to go with it. It also gives me a chance to determine the “self-awareness” development and conceptual understanding that I have to provide that may be needed in order to build a personal foundation before looking at the business side.

Think about these six questions and write down your answers. By putting it in writing it will require you to give it more thought. You can contact me to review your answers.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack