The ebb and flow of business can be disorienting. How do you know when it’s time to expand your business? When is it time to change up the game plan? And how do you know when it’s time to close the doors? There’s not a manual for entrepreneurship, so Bold Business host Philip Michael sat down with CEO of Predictable Profits, Charles Gaudet. He teaches about inflection points, which are pivotal moments in the way you do business, e.g., the 2020 pandemic and lockdowns. Gaudet says you have four choices in crisis. You can either change your message to meet the market, keep your message and change the market, change both the message and the market or do nothing.
When is it time to expand?
A pivotal moment with a positive connotation is when you need to expand your business. How do you know when it’s time to unload your duties and hire more people? Gaudet says business owners may find themselves at a point where they shoulder everything. Eventually, they hit a breaking point and can’t take another job. Ask yourself, “What can I do less?” Then find the talent that will take on those responsibilities for you. Boom, your start-up is expanding!
When is it time to completely pivot?
If you find yourself at a negative inflection point, such as nationwide lockdowns or a stock market crash, it’s time to re-evaluate. Gaudet says that this is a time to be proactive. He’s been popularly quoted as the guy who says “I love a bad economy.” Why? Companies that succeed in crisis figure out the existing opportunities when their competition starts cutting back. So ask yourself what it will take for you to compete. Ask “Why is now the best time for me to be in business?” and “How can I be a must-have?” Challenging times are when you find out what you’re made of as a business owner.
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