Doug D’Anna’s latest ‘e-Wealth Daily’ article is titled “If it Ain’t Broke, Don’t Fix it”. [‘e-Wealth Daily’ Article]

Doug D’Anna’s latest ‘e-Wealth Daily’ article:

If it Ain’t Broke, Don’t Fix it

Though it might be a cliche, it holds true for a lot of situations. Sometimes it’s best just not to make changes when everything is going right. Or better yet, when nothing is going wrong.

If you’ve managed to get through the first year of business, then you have accomplished something that a lot of people couldn’t. So, sometimes it’s best to just ride out that success. Not every business has to be a multi-billion-dollar corporation. If you’re happy, then you shouldn’t grow. Why mess with a good thing?

This is the main thing: you have to decide what you’re happy with and what your goals are for your business. If you truly feel that you need or want to make more money with your business, then growth is the way to do it. However, if you’re experiencing success and the only reason for change is that you want a nicer car, then you might want to think about this decision further.

It costs money to grow a business. You need more of everything. More marketing efforts, more room, more employees, more product, more supplies, more everything. You also need more of a plan before you get started.

You have to put together a new plan of action and you need more research on your customer and the market. This takes time; time that you might not have or want to use. That means that you will end up hiring someone, like a consultant to help you out, which means more money.

Growth can be a huge undertaking. You will be taking time away from your personal life for planning, and this comes just as you’ve gotten into a routine and feel comfortable with your
business.

For instance, growth into an international market can be risky and costly. There are regulations that you have to deal with, and details that are different than what you have now. You also
have to do a lot of work to be sure that there is a market for your product. Not all businesses work in every country. Needs and wants differ from region to region.

The same goes for opening another location. You have to be certain that there is a market there for your business. You have to assume that you will be able to duplicate your success. This
means that, in another city or state or country, people will be just as willing to buy. If you open up in the wrong place, you could lose everything.

If you’re looking for more money, then sometimes the better solution is to increase your productivity and marketing efforts with the current business model that you have. You don’t need
to grow to increase sales.

Look into increasing your profit margin by raising prices. You can look for different ways to decrease your costs. Paying less to run your business creates more money. Reducing your costs
can result in huge money for your business. So, perhaps your time should be spent on putting together a plan to improve the way your current business is run instead of thinking about
growing it.

If your productivity is where it should be and your business is running like a well-oiled machine, then perhaps you can think about increasing your marketing efforts. You can improve on
any business without growing it. You can take the money you would have spent on growth and put it toward new advertising, or better packaging.

Create a plan to bring more customers to your current business. Look into improving your productivity levels by getting more organized through new software programs. Look into getting
another employee to help you out, or into outsourcing a consultant to help you with your marketing. There are many ways to get more from your business without growing it
physically.

Security in entrepreneurship can be hard to come by, so if your business is working, sometimes it’s best to just stick with what you have. Adding more to a recipe might create a result you’re
not as happy with.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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