I love spring. I love everything about it - the fresh scents of blooming flowers in the air, the chorus of birds chirping in the trees, and the opportunity to focus on new business growth. When did you last take some time to think about factors that influence the growth of your business and focus on ways to help make it grow into greatness?
A good place to start is asking "Do I have a growth mindset?" Your growth may be influenced by factors like the economy or the market sector you have chosen to play in. But your growth is not fixed by fate. It's driven by a growth mindset. Right now, there are growth sectors that have failing businesses in them. And there are sectors that have reached maturity which have growth stars rising in them. This is probably the critical factor in producing growth. You decide to grow. You commit to grow. Growth follows the will to grow. What's the difference between someone who has a successful local restaurant and someone who has a chain of successful restaurants? Mindset. One wanted to expand, the other was content with the success at hand. There is nothing wrong with being content with your current level of business scope and scale. But there are constantly new ways to grow your business. The minute you see the economy or the market as the reason you can't grow, you've surrendered control of your business to outside forces beyond your control. The only way to regain control is to decide to grow in-spite of what others in your industry have decided to do.
Next, consider that often business grow faster by doing less. When you make a list of all the ways you can think of growing your business, have you ever thought about putting down things that you are going to STOP doing. There is something instinctive in human nature that makes us think of adding when we think of growth. But have you considered growing by stopping certain products, marketing channels, sales processes, etc.? Imagine you have a bucket of water and seven rose plants to water. Your water resource is now equally divided between those rose plants. Now imagine that instead of watering all seven of those plants, you only water two of them. Which scenario will create the largest, most beautiful roses? Maybe your most successful clients or customers all come from one type of lead source. It may be wise to stop spending time and effort on all other sources and only focus the sales team on that one channel. Maybe one type of customer is far more valuable than all the others. Does it make sense to choose to narrow your business focus to that one customer type? Stop thinking of all the things you might do. Take some time to do an 80/20 analysis on your business and focus your efforts on the best opportunities.
Finally, is it time to listen closer to the market? You may have a passion for a product, service or segment. Yet, if you do an 80/20 analysis on your business, you may find the profit and growth is coming from somewhere else. You have two choices. Continue to swim against the current - or swim with the current. Just because we have a passion, an idea, a focus, it doesn't mean the market is going to buy it. Sell them what they are buying.
So next time you are out among the daffodils and tulips, think big. Thinking small will keep you small; thinking big and planning big will lay the path to growing your business into greatness.
THEODORE C. LANDWEHR LANDWEHR LAW OFFICES
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