If you’re a Westchester County small business owner who’s interested in growing your small business, but you’re not sure where to start, you need to know about the Timmons model. The Timmons model was developed by Jeffrey Timmons of Babson University as part of his Master’s Degree. The model was published in Business Plans that Work: A Guide for Small Business in 2004; in the ten years since then, many entrepreneurs have found it to be a valuable resource for successful small business growth.
The Timmons model identifies the three essential elements for business growth. Under the Timmons model the business owner must have:
- Opportunity, defined as a combination of a great idea and a market that’s both willing and able to buy
- Resources, which includes the materials and infrastructure necessary to take advantage of the opportunity
- Team, the people who will make it happen
In a perfect world, you would have access to all three of these essential elements to an equal degree. However, things don’t always line up that way. Many Westchester business owners and entrepreneurs have been in a position where they have a great opportunity, and have even identified the people who can help them capitalize on the opportunity, but they lack the resources to make it happen.
That’s where the Timmons model and SCORE Westchester come together. Because the Timmons model is based on real-world research of actual small businesses, it can address a situation where one essential element is not as readily available as the other two. Provided there is an adequate amount of resources, the efforts of the team can be enough to capitalize on the opportunity enough to generate the additional revenue needed to secure the optimal amount of resources a little further down the road. In other words, by starting with what you have, and following a smart, strategic plan, you can eventually grow and achieve the success you’re dreaming of for your small business.
On Wednesday, March 19th SCORE Westchester is offering a free educational small business workshop, “Do You Have the Right Stuff to Grow Your Business?” Glenn H. Shell, SCORE Chairman and an experienced SCORE small business mentor, former bank executive, and presently an adjunct Professor of Venture Creation an MBA program, will share his insights during this informative small business workshop. You’ll learn more about the Timmons model and what character qualities are most essential for people who want to grow their business. Space for this free workshop is limited, so to avoid disappointment, please register now.
If you can’t attend the workshop, don’t worry! One of the many services SCORE Westchester offers to small business owners and entrepreneurs who want to accelerate their growth is onsite mentoring sessions. Meet face-to-face with two or more mentors to answer your questions confidentially. Book your mentoring session today.