How can you Take Growth Further?
All business owners want to be successful in their business, whatever their definition of success means to them. Part of that success will be about growing the business.
You put the time, hard work and energy into your business, but there's always setbacks, challenges and your competition looking over your shoulder. So, I've penned thoughts down on paper, to help you to gain further gain traction when seeking growth.
Focus upon your End Game
When I mentor young businesses, I pick up on ways of thinking and doing that can either support that end game or sabotage their plans.
That’s when I bring it back to focus. The best possible outcome is the one you planned for. Every decision, risk-assessment and investment at any given point or milestone in a company's growth journey, need to be assessed in line with your desired, ultimate objective.
If thinking and actions don’t support that, you’ll side-track, stagnate or even back-peddle.
What's your Competition Doing?
Do you even know who they are? How do you know if they’re succeeding and how does that impact upon you?
Do your research, check out what they offer. How does your offer in it’s entirety, truly stack up? Be honest, then proactive.
Be Agile & Don't Forget the Metrics!
Being agile means ensuring you are one step ahead. You need to find growth before your competitors do. You also need to sell the way your customers want, and you optimise your operations. Your teams are the ones to seek out competitor and customer insights. They should then collaborate to make continuous improvements.
Your metric are an important sign of customer trends. Ensure you have a dashboard to you can work out how to further activate, retain and monetise customers. Seek customer feedback and act upon it.
Grow & Exploit Knowledge
The way you gather, grow and exploit your knowledge can make a difference to business growth. Your understanding of what customers want, combined with your employees' know-how, is often known as your knowledge base. That’s different to knowledge advantage. That’s about using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full.
At a deep level knowledge comes from practical learning from past experiences. What worked and what didn’t.
You can also delve into research studies, explore models, talk with a mentor to gain wisdom. Knowledge and insights come from artistic expression. Think of stories, visual stimulation, to provide insights and to develop creative energies. It has to work for you, and your business.
Encourage your Growth Mindset
None of the ways stated will work if you haven’t fostered a growth mindset. Early-day challenges can stifle creativity, reduce your focus upon your end-game, and you could end up being caught up in a fish-net of non-productive, valueless activity.
As Maslow, the great psychologist, quoted many years ago. “You will either step forward into growth or you will step back into safety.” Growth comes out of a healthy competitive atmosphere; that means risk is essential, although calculated. You can’t play too safe.
If you can keep positive and be persistent, you’ll evolve. You’ll realise the downturns are temporary blips; the difficult times do turn themselves around, and misfortune is specific and situational. And, don’t shoulder all of the blame; some causes are external. You need to figure these out by reassessing and regrouping, and take learning from these situations.
As you grow, your business will grow.
If you'd like further insights into how to be more successful by working on your mindset, I've created two courses packed with tips, slides, exercises and videos. You can see the landing page of the first, Getting into the Entrepreneurial Zone, right here:
Any questions can be popped over here. I aim to reply within 48 hours. firstname.lastname@example.org
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