Over the years, I've tried to answer one question: What do small businesses that achieve steady growth do differently than those that don't? As a senior consultant for Inc magazine. I speak to thousands of business owners every year. I've learned that there are no silver bullets or 17-point checklists that will lead to guaranteed growth. However, there are seven specific areas where growth companies focus their efforts.
1. A strong sense of purpose. Most leaders in growth companies find that their aspirations and ambitions take much longer to fulfill than the promised increase in compensation. They find a higher calling than just looking for "more money".
2. Excellent market intelligence. It is the ability of an organization to first recognize major changes in the market and then adapt to them. Small business owners often become too visionary and provide only a limited view of the markets in which they compete. Development leaders see the big picture.
3. Effective development planning. It is the best predictor of whether a business will grow or not. Development planning does not need to be overly formal or complex to be effective. However, it needs to be written, communicated well and updated regularly.
4. Customer-driven processes. These days, every company I talk to believes they are customer driven, when in reality very few are. See all business processes from the customer's perspective. Are they there to make it easier for the business, or to help deliver on the promise of faster, cheaper and better for the customer?
5. The power of technology. Successful leaders do not allow the boom and bust of the technology cycle to ignore the fact that we live in the information age. If a company is in business, it is in the technology business.
6. The coolest and smartest people. Growth leaders believe they are only as good as the people they work with. The ability to hire, train and retain the best and brightest people or often the difference between success and failure.
7. A look into the future. Some organizations regularly take time to think about the future. Growth leaders learn how to diligently monitor and interpret the larger forces of change that affect the world in which they live. To grow your business, you need to increase your customer base and revenue.
This can be done by expanding your marketing efforts, improving your product or service, partnering with other creators, or adding new products or services that complement what you already offer. Think of ways to automate or outsource certain tasks, so you can focus on growing your business.
For example, if social media marketing is taking up too much of your time, consider using a platform like Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consuming one entirely.
You can also use technology to automate certain business processes, such as accounting, email marketing, and lead generation. This gives you more time to focus on other aspects of your business. As your business grows, it's important to keep track of your finances and make sure you're still profitable. If you're not making enough money to cover your expenses, you'll either need to cut back on your expenses or find ways to increase your income.
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