Spider Patience: Sometimes It Takes Time
The Chicago Cubs have waited 108 years for a World Series championship. Talk about spider patience. Especially those Chicago Cubs fans that continue to go to games or watch on television year after year expecting different results than the previous year. How is it even possible to have that kind of patience?
Sometimes in business having patience, even spider patience, can be a virtue. Sometimes being more aggressive is in order. How do you tell the difference between the two situations? As a rule of thumb, you want a new business to show a yearly net profit within 5 years. Some businesses will show a good amount of revenue early, some will not. It is up to you to determine what to expect and when to expect it. Here are some things you can research or be on the lookout for:
What has happened in similar businesses?
First, are there similar businesses out there? What kind of initial growth did they show? Are they a competitor or do you have a strategic advantage? Do as much research as possible and expect a similar result or better as other businesses you discover. If your growth does not match up, finding out why may be in order. Survey your customers for what their perceptions of your business are.
Is the economy a factor?
In an up economy it seems that all businesses are flourishing, but in a down economy, nearly all businesses are struggling. If the economy is in down mode, it may be time to have spider patience.
It is possible to adjust your marketing to appeal to consumers when the economy is down. Some businesses may even do well in a down economy. Look for ways to adjust if you cannot be patient.
Cash flow wrecking your spider patience?
If cash is an issue, you could take specific strategies to speed up collections, borrow, or raise money in other ways. Planning is probably the most important tool before setting off on an adventure so that you do not find yourself short.