What is the velocity of your business?
I asked that question because a lot of small business owners that are trying to double their business confuse speed with velocity.
Speed is the rate at which someone or something I was able to move or operate.
Velocity is the change in position divided by our time of travel.
If your two-year goal is to double your business, we’ve defined the time of travel, it’s two years.
What is your change in position?
Let me try to use an analogy to illustrate what I mean.
If your small business for a car it might be a four-cylinder vehicle. To grow you’ve transitioned through all the fears to the highest gear and your foot is down to the floor. Your RPM gauge is all the way to the redline.
To grow, you can’t put your foot down any further. You’ve already reached maximum capacity in that engine or in your business.
What got us here won’t get us there.
You can’t do more of the same and hope to double your business, there are not enough hours in the day. To double your business we have to change our position. That means we need to trade in our old four-cylinder car and invest in a new car. A six-cylinder car. A car with better performance and more capacity.
You need to make an Investment.
You have to invest in talent and leaders who come from larger companies. Leaders who can create processes and procedures your company can grow into rather than chasing the business and trying to adjust as you grow. You need to invest in suitable ERP and software. You need to invest in consultants or whatever you can to change your position in order to grow.
That’s what I mean by Velocity.
I would love to know your thoughts on how you can add velocity to your business. Leave your comments below, I’d love to see them.
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About the Author
Corey is currently the Principal Consultant of Key Hire Team Building Solutions, the only solution on the market that helps Small Business Owners focus on Positions, People and, Process so they can enjoy a stable, growing business and balanced life.
He is a driven consultant, teacher, keynote speaker, and three-time business founder. After shutting down his Recruiting Agency HRN in Canada to move to Houston, Texas, Corey realized that the vast majority of businesses and business owners were severely underserviced and, in some cases, completely ignored. So, he created and launched a company with a mission of helping small and mid-market business owners. He has authored dozens of articles on team building, talent acquisition, and the power of Building High-Impact Teams for growing companies.
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