In a recent article for Forbes.com, David K. Williams discussed the most powerful, important word in business. He explains that while many would guess “No”, the winner is really “Enough.”
The ability to recognize the ‘enough’ moment grants balance and therefore, success. Williams explains:
- Enough time.
“Do you find yourself not having enough time to handle your day-to-day operations, let alone to plan for the future? Many small business owners have this problem as their companies grow.”
The solution, he says, is heavy delegating.
2. Enough employees.
“This case has two sides. Startups eventually reach a point where they need to add employees to keep up with growth. On the other hand, many businesses find they’ve increased efficiency through automation and/or software that they don’t need as many workers as before.”
Make sure to take notice of worker productivity and critical processes.
3. Enough money.
“How much money does it take to run your company? Do you have ‘enough’ to make payroll, pay rent, and meet other expenses of doing business? This goes back to knowing how many employees you need and which operations are vital.”
Williams suggests implementing a compensation plan.
4. Enough growth.
“Do your best to be prepared for changing conditions. Too much growth can be just as damaging as stagnant growth. A sudden jump in demand could leave your customers with a bad impression if you are ill-equipped to respond to their needs.”
“Aim for the sweetest spot of healthy growth,” Williams says. “Consider the pros and cons of growth that would require an influx of debt or equity cash.”
5. Enough inventory.
“If you carry goods or supplies, measure your inventory turnover ratio to see how many times you sell your average inventory in a given year… Find the optimum ratio for you, and stick to it.”
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