Insurance Services of Washington Blog
Wednesdays are sometimes known as "hump day." It is the middle of the week. Once we get over the middle, we see the weekend a little bit better now. This gives us an impression that the week is almost over and we can look forward to the fun of the weekend.
The Stages Of A Startup
The same concept can be seen in business. When starting a new business, we go through different phases each year. The first year focuses more on the execution of your ideas. You make your ideas a reality and get it running. You plan, build, and eventually run it. It is your first experience with your whole concept.
The next year sees you perfecting your operation. You begin to see patterns and work off it. You strive to be more efficient and more productive. You make sure profit is sustained and grown. You work out the deficiencies and make it better.
On the third year, you may feel like you hit a wall. This is the "hump year." It is the year when you need to decide which direction to take. Do you stay still or expand? You have supposedly worked out all nuances and should be running smoothly. Do you have all things in place? Are you at the point you want to be? What else should you do? These are the things you will need to realize in your third year. How can you say you are over this hump? It's time to review your business.
Realize It Takes Time
For any business, longevity is a success criterion. How can you stay relative to your market over a period? Success will always need time. Give yourself the time to succeed.
Are you performing at the scale you want? You will never be able to serve everybody. However, You do want to cater to a broader audience. Are you already maximizing your clientele? Have you addressed more potential clients?
Investment Never Ends
As with any moves, you will need to invest in it. This is usually the time when a jump in marketing is required. The time when new or additional equipment is essential. If a change in scale is in order, the corresponding investment is needed. As the saying goes, you need to spend money to earn it.
Ensure your business is there for the long run. Give it every chance to succeed. This is where the right coverage comes into play. Ensure your business is always well protected. At Insurance Services of Washington Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (425) 868-1123. Get your free quote today by Clicking Here.