Growth does not need to be a singular occurrence or a firmly defined path. In fact, the best growth plans always leave room for at least a little improvisation.
Need inspiration? Look no further than the hard-working folks whose products stock your local farm stand – the farmers, themselves.
Now, you may be thinking – what does agriculture have to do with my business? Actually, a lot, especially if you’re running a small agency, or frankly any small or mid-size business.
Every farmer knows that successful growth can take many different forms. Some are expected and, at best, planned. More likely there are surprises along the way…good and bad. Those who have been around for a season or two - or twenty - can tell you it is never a straight path. But that doesn’t mean they started without a plan. Like business owners (which in fact they are), farmers typically fall into two categories – those who rely more on intuition and experience, and those who rely more on planning. The most successful find a way to combine the two and have developed their plan well before the growing season starts.
Vision is only half the battle.
You have a vision for your business. Maybe you even have a set of goals that you want to accomplish this year…in the next 5 years…in the next 10 years. That’s a great first step, but how are you going to achieve those goals? Here is where strategy and planning come into play. By clearly articulating what you want to accomplish, outlining a timeline, and identifying potential obstacles (i.e. contingency planning), you’ll be off to a great start, and ready to dig deeper to figure out exactly what tactics you need to execute to get there. Along with this plan will likely come some important decisions that may have a huge impact on the future success of your business.
Betting the Farm
Have you ever heard the phrase “bet the farm”? Maybe you’ve even used it when contemplating a big, financial decision for your business. The origins of this phrase, used since the 1900s, refers to using the family farm to cover a gambling debt. While in most cases you’re not putting your business up as collateral, this phrase is commonly used across all industries when taking a big risk. And it doesn’t just have to be financial, although money is likely a component.
Take technology, for example. Yes, even in farming. Since the invention of the plow, technology has been helping farmers increase efficiency and yield. And the potential impact of technology continues with the myriad of advances the AgTech sector is exploring today.
Farmers know their process – what works and where there are challenges. They know the intricate details, dependencies, and pitfalls. They also know you can’t make plans in a vacuum. Farmers want proof, if possible undeniable proof, that the latest crop input, soil sensor, mapping software, or other technology will work for their farm and deliver the necessary ROI. For them to invest in one or more of these solutions, they literally may be “betting the farm.”
As a business owner, you can take a lesson here, especially as you are bombarded with technology solutions that promise to give your team time back, create efficiencies in your sales process, or simplify project management. Maybe these promises could be true for your business – but only if you know your processes including all the intricate details, dependencies, and pitfalls.
There is a great quote by Bill Gates that illustrates the importance of having an optimized, efficient process – “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an efficient operation with magnify the inefficiency.”
Only you and your team know if your process is efficient or working to best support your business. If you don’t, you should. Scrutinize your process before you “bet the farm” by investing in the latest and greatest technology solutions. Your team and your wallet will thank you.
And what about that plan? Part of planning is to identify what you know, what you don’t, and figure out how to get the information you need to make good, hopefully, great decisions. Yes, you’ll have to take risks, but it won’t feel like betting the farm every time, as long as you have your vision, goals, plan, and the understanding that you will need flexibility and resilience to achieve success.
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