Glenn Sandler on Ready, Set, Grow Your Business

What kind of business do you want to own: a lifestyle business or a dynamic, growing business with a huge potential for profitability? Many entrepreneurs and small business owners are asking themselves how they can get out of a rut and create substantial growth. Stop standing still; the economy is growing, and now is the time to race ahead.

Ready: Kick Down Barriers to Scalability

Many small service and consulting businesses have structural issues that prevent them from scaling up. They can't always meet the needs of new customers. Why? It may be because their pricing structure doesn't allow for full delegation of authority or duplication of roles, so there's a bottleneck in the process. Product-based businesses may be dependent on suppliers who are unable to meet increasing demand. If your business cannot scale up smoothly, then you need to address that before you invest in growth.

Set: Maximize Your Market Share

If your business is successful enough to pay your bills, then you have at least one product and one market. You know who your customers are, and you know how your product meets their needs. Now, take a close look at your competition. Learn from their strengths, but don't forget to identify and capitalize on the skills and knowledge that set you apart. Use a smart marketing strategy to maximize your company's share of its existing market.

Go: Tackle New Markets

When your business is ready to expand into new markets and new areas of expertise, it's an exciting time. You'll have a number of options, and your choices will depend on the nature of your business. If you're selling physical products, then you might extend your product range or develop new verticals, becoming your own supplier. If you're a retailer, then you might add physical locations, go online, go global, or develop a new niche market. If you provide consulting or professional services, then you might look for ways to serve new types of customers.

New markets are often the first thing businesses think of when they want to expand, but before you extend your reach, make sure you're on solid footing in your primary market and that you've eliminated any internal barriers to expansion. When you enter a new market, make sure you're ready and set to move full speed ahead.

About the Author, Glenn Sandler:

For over 30 years, Glenn Sandler has been in public accounting. Glenn specializes in Forensic Accounting, Financial Statement Analysis, Business Consulting, Income Tax planning and Income Tax Preparation. Glenn Sandler is licensed as a CPA in Florida and Wyoming and holds a Master's Degree in Forensic Accounting. Glenn Sandler is also a certified valuation analyst (CVA), and Certified fraud examiner (CFE). Glenn Sandler is currently working on the expansion of G.I. Tax, a premier tax return preparation company that is poised to become one of the leading professional tax services in the United States.