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Stop Fixating On Growth and Your Business Will Grow

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In the 2013 State of the Business Owner (SOB) Report, it was discovered that an overwhelming percentage of small business owners are focused primarily on company growth. However, when a business owner becomes fixated on growth alone, it is easy to unknowingly lose sight of the bigger picture. It is important to remember that the source of sustainable revenue and profit growth comes from a holistic focus on the customer, a clear growth strategy and alignment between metrics and goals.

So if focusing on growth can actually hinder growth, the question becomes: how does a business owner establish a bigger empire? First and foremost, it is important that your business is organized and has a strong foundation. You will never grow unless your operations run smoothly on even the simplest level. Ask yourself: Is your customer satisfaction extremely high? Do you have low turnover among your management team and staff? Are your products at the highest quality they can be? Do you have effective accounting measures in place? Is your cash flow organized and are your profits sufficient enough to warrant increasing your expenditures? If you have answered yes to all of these questions, your business is on the right track. If not, there are adjustments you still need to make at the ground level in order to grow. Focus on the elements that need improvement and that will inevitably make your business ready for bigger (and better!) things in the future.

Once the foundation of your business is solid, you can start building. The next step is to ensure you have the right set of tools that cover the following fundamentals: vision, planning and metrics. The tools for these three fundamentals will work in tandem to support real and sustainable revenue growth and increased profitability. According to the SOB Report these tools include a set of written values, a written vision, business metrics, a written marketing plan, an ideal customer profile, marketing metrics, employee role descriptions, a revenue plan and a repeat sales plan. For a description of each, download your own copy of the 2013 SOB Report by clicking here. Once you are using these tools, you will have the ability to make informed business decisions based on an established vision and hard data. In turn, your business will grow naturally.

So what are the most important takeaways are in this article?

  1. Stop fixating on growth and start evaluating the foundation of your small business.
  2. Ask yourself these important questions before making plans to grow your business: Is your customer satisfaction extremely high? Do you have low turnover among your management team and staff? Are your products at the highest quality they can be? Do you have effective accounting measures in place? Is your cash flow organized and are your profits sufficient enough to warrant increasing your expenditures?
  3. Ensure you are using the right set of tools, including a set of written values, a written vision, business metrics, a written marketing plan, an ideal customer profile, marketing metrics, employee role descriptions, a revenue plan and a repeat sales plan.

Are you a small business owner who is passionate about growing your company, but also finds some of this advice overwhelming? Let us help. We can work with you to transform both your personal and professional life for the better using our proven EMyth coaching strategies. To request a FREE one-hour consultation right now, click here.

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