There is always interest among owners in taking their business to a higher level. It is more than the tired cliché of “work smarter and harder”. Many factors are involved in attaining growth and here are a few thoughts to consider:
1. Embrace Change: The road ahead has many turns and you either come to a screeching halt or head for the cliff. The only way to survive is to turn with the road. Change can be scary and unsettling for some but you should welcome the challenge. This may also require eliminating preconceived notions about growth.
2. Define your target market with laser accuracy. Many businesses have drifted along and survived on low hanging fruit; perhaps it is time to refocus. Take a step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Imagine where you want to be in 3 to 5 years and what the business can become. Without this, you’re shooting blind hoping to hit the target.
3. Boost R&D. Times are not going to remain down indefinitely. When the next “up” wave comes around, you want to be ready with new solutions for the market. This is when weaker companies scale back on R&D and smarter companies invest in their future.
4. Engage your employees and listen. Your employees can be a goldmine of ideas. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.
5. Stay physically fit. You need to keep healthy to handle the pressures of working harder while managing change. Stress compromises your system and induces depression and anxiety. Regular exercise has the exact opposite effect and has myriad of other benefits.
I hope you find this outline of value as you try to expand growth. Please let me know what you think.