For a water damage restoration company that has reached the maturity phase, the work is far from over. The daily operation may look very different than it did way back in the existence phase, but the business owners aren’t coasting or working any less.
Instead, this is a phase with a new focus. The goal of a restoration specialist who has reached the maturity phase is to dominate in their market by expanding their services or diversifying their streams of income. This requires creativity and strategic thinking.
If you’ve made it this far, we believe you have what it takes to thrive in the maturity stage.
The Challenges of the Maturity Stage
It is easy to believe that reaching maturity means fewer challenges. When it comes to owning a business, the day-to-day is rarely free from struggle or hurdles. When a water damage restoration company has reached maturity, the owner can expect the biggest challenges to pertain to the necessity of stepping away and letting their managers take control of running things.
Why is this so important? As an owner of a mature business, it is no longer possible to thrive if operations rely on your involvement. Your energy is needed elsewhere, focused on continued growth and strategizing. If you don’t trust your managers and crew to run your business so you can pursue other things or take a few days off, you’ve got more work to do on developing systems and training your employees.
The Opportunities of the Maturity Stage
Here’s the good news: the opportunities for businesses that have reached the maturity phase are practically limitless. At this point, your cash flow is healthy, your team is performing well, and you have the resources and connections that will help you move past finding more work and into a time of diversifying income by offering additional services.
The opportunities of the maturity phase aren’t limited to business owners who want to continue on the path of running their water damage restoration business. This is the point in the life of a small business when selling is also possible. For some, this might be the chance to retire. Others might be itching to get back to the beginning of starting a business from scratch because they have a new idea to flesh out. That chance is there with a business in the maturity phase. You can cash out, sell, and move on to new things.
Action Steps in the Maturity Stage
Perhaps one of the most important actions steps in the maturity stage is continuing proactive action. It might be tempting to relax now that you don’t feel like the survival of your business is in question, but this can be a big mistake.
Instead, we recommend you continue to improve how your business runs to make sure it remains sustainable for the long term. It may be time to restructure your business as well, creating departments and hiring managers that can focus on specific tasks and team members.
Always be looking ahead during the maturity stage and asking yourself what is next for you and your water damage restoration business. Whatever tomorrow holds, the team at More Floods is anxious to be a part of your continued growth. To learn more about how we can assist you in the maturity stage, click here or call 1-866-667-3356.