Rules To Remember When Growing Your Small Business

What are the things that small businesses that achieve sustained growth do differently from those that do not grow?

There are no silver bullets or 17-point checklists that will lead to guaranteed growth. However, there are seven specific areas in which growth companies concentrate their efforts.

You must have a strong sense of purpose. Most leaders of companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. A higher calling is what they find instead of simply being in pursuit of more money.

Outstanding market intelligence. An organization's ability to first recognize, then adapt, to fundamental changes in the marketplace is what this refers to. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. Growth leaders see the bigger picture.

Having a plan for an effective growth. This is the best predictor of whether or not a business will grow. In order to be effective, it is not necessary for a plan for growth to be overly formal or complicated. But you have to make sure that it is written, well-communicated and regularly updated.

Customer-driven processes. These days, every company I talk to believes it is customer-driven, when actually very few really are. You can have a look at all of the business processes from a customer's perspective. Do you think they are in place to make it easier for the company, or to help deliver on the promise of faster, cheaper and better for the customer?

Facts on the power of technology. Letting boom and bust of technology cycles give them the excuse to ignore that we live in an information age is what successful leaders don't allow to happen. In fact, a company is in technology business if it is in business.

The best and brightest people. What growth leaders recognize is that they are only as good as the people with whom they work. The difference between success and failure is often the ability to hire, train and retain the best and the brightest people.

The ability to see the future. Few organizations take the time to regularly consider the future. Growth leaders learn how to diligently monitor and interpret the macro forces of change affecting the world in which they live.

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