Focusing on Growth

Many of us start a business with big ideas. We know we have a great idea, that it will catch on, and we will become a household name across the country- or maybe even the world. Usually things go well for a while. We make some great sales, build a little business, and hire some employees. After a while, though, things level off and we find ourselves wrapped up in actually running the business instead of growing huge.

The GO BIG Network is a great resource for small businesses and start-up companies. Wil Schroter has a knack for bringing business owners back to square one and giving great advice. Last week Schroter wrote a post called “Identify The Growth Factors.” In his post, he explains that each business has certain factors that, with energy and focus are applied, will cause your business to grow quickly and become strong- much like gamma rays to the incredible hulk.

Here is a quick synopsis of his main points with a little bit of my two cents:

1. Identify what makes you business grow. Schroter says this will be just a couple of factors- like reducing the cost to make a sale, converting website visitors to sales, or even just reducing your cost of goods sold. If you don’t know what these factors are for your business, it’s time to sit down with your CEO hat on and brainstorm. Do some what-if scenarios, make some assumptions, and get your thoughts organized. Chances are, your growth factors are sitting just beneath the surface waiting to be discovered.
2. Shift your energy and focus to those growth factors. Although this point seems obvious, it won’t do you any good to know your growth factors if you don’t do anything with them.
3. Outsource. It may be a scary word, but it’s worth a look. What is your business spending time on that doesn’t significantly add to growth? Why not let that aspect be handled by a company that solely focuses on that? Cheaper than employees, scalable, and expertise. What’s not to like? You can outsource IT, HR, Sales, Production, and yes, bookkeeping and accounting.
4. Get the rest of your team on board. If people in your company are being petty and territorial, you are going to stay stuck. Find creative ways of getting everyone on your team to stay focused on growing the company. Give them incentives to do so. Having everyone on the same page is essential to the fast, strong growth you are looking for.

Growing your company should be a priority. In many cases, if you are not growing then you are dying. Get your mind off the day-to-day and start looking at the big picture. Your employees, your bank account, and your customers will thank you.