Some businesses are lucky enough to experience growth year after year. Fast growth can create its own set of challenges. These businesses can find themselves constantly trying to play catch-up. The key concern for these businesses is burnout.
Based on your Business Assessment Scores, it would appear that you are in this phase of development. Because you’ve been growing quickly, you may find that you are having a hard time keeping pace. You’re likely burning the candle at both ends. While not a bad problem to have, it’s not usually sustainable.
We want to introduce you to Eli, who may have been experiencing the same challenges you might be facing.
“The business is going great, but I wish my life was. I find that I’m spending so much time working that I don’t have time for everything else. It’s not as fun as it used to be. I’m resent being so tied to the business, and I’m wondering if I should do something else. But my family needs the income so I can’t. I really feel stuck”
Seaside Chiropractic Clinic was growing rapidly. After several successful years in their new location, they found themselves at capacity. Dr. Ocean had seen this coming, but he was just too busy to take time away until the issue became obvious.
This is probably the most common problem we see. It easy to get overwhelmed with all the ‘business stuff’ because most professionals aren’t educated in business management. That means it’s easy to get caught off guard by everything that needs to be done to run a company well.
How We Helped Eli
Luckily, Dr. Ocean came to us early enough to intervene before things got out of hand. Dr. Ocean, like most small business owners, did have enough time to plan. He was so busy doing that didn’t allow time for planning. Who could blame him? He was working 50-60 hrs. a week.
Unfortunately, this becomes a trap. You either burn-out, stop growing, and/or start shrinking. The one thing you don’t normally do is keep growing.
So, how did we fix it? This is a classic example knowing when and how your business is ready to expand. There are 3 key factors:
Chiropractic services are one of the fastest-growing alternative health care options in the United States, and as the population ages, this trend is expected to accelerate. Chiropractic supply in New York (1:11,000 people) was vastly lower than demand (10% looking for services). So, demand will be there.
While the business was profitable, because he had waited a bit too long it was becoming less so. Once Seaside hit their maximum, they became less efficient. So, each new customer is a little less profitable than the last because they are paying overtime, etc. Or, each new customer is a little less satisfied because quality suffers due to burnout, etc.
For now we can call this a Check, but that could change if we don't act fast.
The key is to grow your small business without significant disruption to your current business due to distraction, inattention, or the like. This is usually the most difficult point for owners to understand. No one could take time away to focus on expansion, and that’s where we came in to help manage this process.
Eli passed the expansion tests
Since Eli passed the tests with flying colors, then the next step was to determine which type of funding we would pursue
Eli Needed a Commercial Loan
With this information, we knew that a commercial loan for a major bank was the way to go. He had enough collateral, credit history, etc. to make him attractive to commercial bankers. The SBA process would have taken too long, and thus, it wasn’t pursued.
By going the commercial route, we need to have the location selected before seeking capital since we knew the bank needed that information to support approving the loan.
Luckily there was commercial space within the same neighborhood in Manhattan that we could easily convert within a few months.
We filed the application and received approval within 30 days of submission. Like we said, good credit history, a clear business plan, a tight and well-explained and justified use of funds, and a location where there was proven demand, made this an easy sell.
Eli Was a Success
We acquired the space. Made the renovations. Purchased the equipment. Recruited the staff. Dr. Ocean oversaw and approved everything, and within a short amount of time, the new office was ready to go.
Dr. Ocean has continued to grow and has started to creep up to capacity in his new location. Luckily, this time he didn’t wait to take action. He’s actively pursuing a 4th location now.
I am so thankful for ProStrategix I really didn’t know what to expect, and I didn’t know how they could help. I thought I’d just more things to do that I couldn’t handle They explained everything to me in plain English so I could understand why and what needed to be done. When the said they would help execute the plan, I was stunned. I’m so glad they did.