Specialty Fabrics Review August 2021 - 56
[ MARKETS ] BUSINESS
Scaling your business
requires more time
spent working 'on' your
business than working
'in' your business.
Start with a vision
Your vision is what you aspire to
become and where you want your
business to be. Your vision should
clearly define your company and,
most importantly, its future. Do you
want a successful business or just an
expensive hobby? Your vision should
clearly lay out your purpose and what
you want your business to look like
three years from now. Brainstorm
ideas on how you will reach this
vision. High-level ideas are fine at
this point, such as " upgrade website "
or " delegate more " -don't filter out
too much in this stage. Next, look at
these high-level ideas and begin to
label the ideas as short- and longterm.
Label each idea with Year 1,
Year 2 or Year 3 depending on when
it can have the most positive impact
or is the most feasible.
Set SMART goals
Goals convert your vision into action.
These are the steps you will need to
take to achieve your vision. To be
effective, goals must be SMART-
specific, measurable, achievable,
relevant and time-bound. For example,
" I want to make more money " would
become a SMART goal if it were
stated as, " I want to make $500,000
in gross revenue with a 25 percent
profit margin next year. " SMART goals
will hold you and others involved
accountable and should always be in
writing. Goals should always lead back
to your vision. For each goal include:
1. The " measurement of success " -
the benchmark to keep you on track.
2. A realistic time frame for
execution and completion along with
milestones that may need to be built in
along the way.
3. Who is responsible?-Your name
cannot be next to all the goals. You will
need to delegate to scale effectively.
4. Financial impact, including the
projected ROI in terms of revenue
growth, expense reduction and/or
net profit gain.
SAVE the DATE
Join us at the Wild Dunes Resort in Isle of the Palms, SC USA for the
annual Marine Fabricators Conference from Jan. 13-15, 2022.
IFAI.com/MarineConference
56 SPECIALTY FABRICS REVIEW / August 2021
Financial footing
Scaling a business requires smart,
calculated financial investment.
Your strategic plan may call for
hiring staff, adding new technology
or equipment, or expanding your
facilities. It is helpful to identify
funds to accelerate growth such as
a loan or a line of credit to draw on.
When approaching potential lenders,
show them your strategic plan and
be prepared to explain how your
business will be able to scale, including
http://www.IFAI.com/MarineConference
Specialty Fabrics Review August 2021
Table of Contents for the Digital Edition of Specialty Fabrics Review August 2021
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