Finding the path to continuous growth requires thoughtful business growth strategies that are timeless. Business owners often find themselves plateau at a certain level of success. However, if you’re wired and committed to continuous business growth, that might not be enough for you. I know it certainly doesn’t fulfill me and can be challenging.
I have identified a few variables responsible for being “stuck.” Here are the most common culprits that keep businesses small, and revenue stagnant:
Relying too heavily on your gut instincts: I am a big proponent of trusting your gut, but once the initial startup phase is over, and you have historical performance data available you should consider using it to make your decisions.
If you refuse to use past data (financial or historical) as things get more complicated during your decision-making process, you might be missing opportunities for potential growth. Keep in mind that what got you here often won’t get you to the next level of growth.
Refusing to invest in business operating systems: This is very common. Some CEOs I know refuse to invest in new software systems (accounting or customer management, for example) because they are pricey. Yes, the good ones are. However, procrastinating on managing your business efficiently never pays off.
Consider the time you and your team are spending on mundane tasks such as manually entering expenses in a spreadsheet, updating customer information or creating manual sales funnels for your services.
Lack of process documentation: A small business usually starts with one-to-three key people fully committed, who have a successful way of doing things. The problem is that they are so “busy” early on that they neglect to document their processes.
As they grow, each new staff member does things the best way they know how. However, taking the time to record what you do helps with efficiency. How? When you document a process, you will most likely uncover gaps as well as unnecessary or repetitive steps. Getting rid of the fluff helps reduce costs and can free-up your staff to focus on more critical tasks.
Not knowing your “ideal” customer: Most business owners lump their customers into one “bucket.” You probably have some customers who are more profitable than others. Some may even be bad for business. Take the time to identify how each customer affects the bottom line and phase out those that may be hurting you.
Not investing in your professional development: Neglecting to expand your abilities as a leader can be detrimental to your business. Let’s say your company is experiencing a 20% growth annually, shouldn’t you aim for at least 20% growth in your professional development?
Developing your abilities enables business growth. Increase your emotional intelligence quotient, and you’ll multiply the success of your team.
A study done by Korn Ferry analysts David Zes and Dana Landis confirmed the “direct relationship between leader self-awareness and organizational financial performance” through an intensive multi-year study. The conclusion? The more developed the leader, the healthier the bottom line.
In summary, the timeless business growth strategies mentioned in this post can help you find the path to continuous forward and upward movement. Implementing is not complicated, but it takes some discipline:
- Avoid relying on your gut feeling alone.
- Invest in business systems early.
- Document your processes.
- Get rid of customers that are costing you time and money.
- Continuously invest in your professional development.
The path to continued growth is ongoing, which is why these timeless strategies can help you. There is no final destination, no last effort, no pot of gold at the end of the rainbow. For me, this means there is no end to continuous improvement – things can be improved once they have been improved, again and again.
And I think that’s a wonderful thing.
If YOU are ready to implement the 5 timeless business growth strategies and want some expert guidance, let’s have a conversation. Only if you feel ready, contact me to schedule a complimentary consultation at http://maricarmenpizarro.com/contact-mari-carmen/
