10 Business Growth
Many business owners and leaders struggle to channel their thinking into ‘ownership or leadership thinking’ that focuses their actions on working “ON’ their business, and not just ‘IN’ it. It’s an easy trap to fall into as the daily demands will usually win. But if you want to identify meaningful outcomes and actions for business growth, you need to know what you should focus on and what should warrant your attention.
I often refer to 10 business growth enablers which, when working together, will help you align your priorities and focus you to successful execute your growth strategy over the long term. Each business growth enabler will help you assess a particular part of your business, giving you a view as to where your business is today and the path you need to take to accelerate its growth.
The challenge for all businesses, and especially those that have been around for a long time is that they become processors of products and services, focused on the WHAT and the HOW. They lose touch with their WHY and as a result, they lose the ability to see the world through the customer lens.
A spray and pray approach will not cut it in today’s market, but most companies approach market potential as a random series of moves that may or may not pay off.
Your product and service offering must be fresh, relevant and address specific needs and wants of existing and future customers. Your accelerated, sustained and profitable growth depends on it!
There is a massive philosophical shift happening in the way businesses around the world are having to think about how they acquire, maximise, and retain customers and it’s affecting your business right now.
The interdependencies between marketing and the other business growth enablers, specifically Business Purpose, Products & Services, Customer Experience and Market Potential, is so tightly woven that the boundaries where one stops and another one starts can often become blurred.
There is a direct correlation between sales and revenue, so in delivering accelerated, sustained and profitable business growth, your business development and sales strategy is critical.
Your people are one of the most powerful resources available to you in realising your goals and ambitions, and the way you culturally think about your people strategy is critical to your sustained commercial and business success.
Without a robust operational strategy, it doesn’t matter how much work you’ve done on the other aspects of your business growth model. You can invest considerable time thinking about what business you’re really in, and understanding your purpose and reason for being
A documented and robust finance and governance strategy understood by all and implemented across the business will create the headspace for you to channel your time and energy into the creative, innovative aspects of building and running your business.
The starting point for great leadership is inner leadership. The principle of leadership is this; before you decide to lead others, learn to lead yourself well.