What are the 5 Business Growth Factors?
Most businesses start small and stay small. Small does not guarantee survival and staying small is not normally by design. Why is it that most entrepreneurs start and invest in a business with the intention growing it but fail to do so!
The reason is the owners and entrepreneurs fail to evolve the business through the stages of growth, the business must change to grow and business owners fear the changes or limit the growth to within their owner’s capabilities. Unless the owner has experience in growing companies, they have to learn on the job and at the same time embrace new challenges and delegate responsibility and relinquish control. This is hard! Growth is stalled because the entrepreneur does not know how to:
- Set and achieve bigger goals.
- Secure the capital they needed to fund growth.
- Adequately use technology to market and systemise.
- Recruit and manage the right people.
- Secure more significant contracts and nurture relationship.
- Manage multiple locations, products and services.
- Build customer relationships segment and manage different needs.
- Plan and manage concurrently the many other challenges.
The more you think about your goals the more likely you are to achieve them, but only 3% of adults write down their goals, just the action of writing your goals puts you in the top 3% of the population. This is where I start with the first business growth strategy.
- Let your imagination fly, dream big, write your goals down and most importantly share them (with colleagues, employees, mentors, family and friends). The more you share the more powerful they become. We all like to live up to our promises, sharing makes you accountable to your goals. If you are not willing to share them you are not committed to achieving them.
- Have a campaign for your business. This is something which is important you but also important to the world that others will share, whether it is your employees, customers or stakeholders. Companies find it difficult to survive beyond the motivation of the owner if the only motivation is owner. The better growth companies are those that have a compelling passion to make a difference or to do something different. It is the reason why the business must exist, survive and thrive beyond the owner and for the customer.
- With a clearly defined campaign and shared purpose it is easier to attract the right people to help grow the business. The right people at the beginning may be the wrong people as the business develops through its growth stages to maturity and reinventions.
- The company will take on a life of its own beyond the control of the owner and the owner must be prepared for this if they are to achieve the big dream of making a difference. The support of experienced advisor will help in the transition, that the nurturing through the early stages of growth is now paying dividends. However without the robust systems and processes, you will have good intentions accompanied by bad results.
- Never forget that the company exist for its customers. You can grow only if you have your customers grow with you. The customer must be at the centre of every decision you make. The biggest mistake growing companies make it to take their customer for granted and lose customer focus.
In all industries there are successes and failures these factors are common to all businesses starting to develop traction through the stages of growth to maturity and reinvention. The reason why I state reinvention is after maturity is because by the time you get to maturity the environment as changed that unless you reinvent you will decline and have to begin to again. I will talk more about this in other blogs.
If you want to find out what you can do to develop your campaign and grow your business, book a consultation and coffee with me, Janice B Gordon in London.
Book your session with an expert, 7th December in London. Message me or one of the other experts Moe Nawaz, Amanda C Watts, Kelvin Golding, Janice B Gordon and Jackie Barrie and walk away with more knowledge on growing your business. www.meetourexperts.co.uk
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