Should I Grow/Expand My Business to Survive Competitively?

Here's the situation:  You have a large competitor moving into your market.  You currently like the place your business is at in terms of volume, but you know that this competitor may, and probably will cut into your current business.  Do you grow beyond your comfort zone in what you like to do, in order to stay competitive, or do you maintain your business and find new clients if you lose some, and continue to enjoy what you do?  Todd Kivimaki and Craig Magrum discuss in depth the challenges of competition in your business.

 

Show Summary:

0:00-2:37 Intro

2:38-11:20 Do I have to grow beyond where I am now to stay competitive?

• There is no wrong answer
• Being small has its perks- more client interaction, minimal management
• “If you’re not growing, you’re shrinking”- is this true?
• There’s always a place in the market for small companies that can give a deep level of service
• A competitor might take some of your clients and that’s okay
• Being a business owner is a mindset shift because the business exists to meet your needs
• One definition of business: “a commercial profitable enterprise that runs without you”
• Growing gives you the ability to create jobs

11:21-16:50 For the person who wants the entrepreneurship and leadership side, what should they be doing to grow?

• The E-Myth by Michael Gerber: technician asks what work must be done, entrepreneur asks how must the business work

• These definitions help you decide what you want to do 
• Think about goals and visions for the company
• If your goal is to grow and scale, train your people to be competent and not need you to give the answer. Empower your team by shifting from giving the answers to asking the questions; this keeps you from getting bogged down in the details.
• They might not do it exactly the way you would, but if it gets done and the client’s happy, who’s to say their way isn’t better?
• When you focus on what you’re passionate about, it becomes less about the competition and more about what you’re called and equipped to do 

16:51-20:21 For those who enjoy the technician side,

• One-on-one relationships give the opportunity to inspire others
• Go deep with your clients- this will give you a competitive advantage over larger companies
• It’s not about competitors- do what you’re passionate about 
• You are the business owner; you get to define what growth means

20:42-22:58 End

 

Have questions or comments? Email hello@spiro.media or craig@spiro.media. You can find out more about Spiro at spiro.media.