Wednesday Wisdom: Ramping Up or Ramping Down Your Business?

Wednesday Wisdom, Hump Day, Inspiration for Women Entrepreneurs, Women Business Owners

The Advisory Board for Women TIES was an array of well-seasoned female business owners with unique knowledge in differing aspects of entrepreneurship. I carefully chose them based on the scale of their companies, business acumen, and talents. I trusted and respected them. Every six months we gathered to review Women TIES’ successes, obstacles, and growth plans.

At one meeting we got into a discussion about growth and expansion. I remember stuttering through their questions because I still had one son left in high school and wasn’t sure I wanted to expand until he was at college. “Tracy, would you prefer to ramp up or ramp down?” one board member asked. It stunned me at first as if the status quo wasn’t an option.

I often think of that question within every business year as I think of ideas to add services and products, or delete services and products, and when my accountant gives me a quarterly analysis of my financials. “Hmm, seems like revenue is going down, so I must ramp up” or “Wow, you hit new revenue goals, are you going to add staff or keep the status quo?

Running a business in an unpredictable world and economy can have a see-saw effect unless you are an excellent planner and perhaps a clairvoyant. Most of the time business owners keep their plans to themselves only confiding in certain advisors or people.

I have not been one of those entrepreneurs since losing all my hair to alopecia five years ago and the Covid-19 pandemic which shattered the event planning industry. I gave all my members a plan about my retirement of Women TIES, over a year and a half ago, only to have it continue because some members wanted me to, and because I wasn’t quite ready to walk away from what I worked so hard to grow.

But now it’s time to ramp down the business event side of Women TIES and keep the Women’s Athletic Network Division open, continuing to bring women in business together through sports and adventures, as I move into semi-retirement. So, the ramping down is underway.

This Wednesday Wisdom is not to be vocal about my plans but rather to have you look at your business and ask yourself, “Am I ramping up or ramping down or am I okay with the status quo and where I am right now?” If you feel like a change is coming, make sure you have a plan, communicate it to the right people, seek an advisor if you need one, and ensure your most loyal customers know what’s happening.

Don’t put the “Sorry, We’re Closed” sign on your door without proper notice.