What are the Keys to Successful Growth?
James Cash Penney, the founder of J.C. Penney, once said, “Growth is never by mere chance. It is the result of force working together.”
Successful growth is the goal of every small business owner, but as Penney mentioned, it never simply happens by chance.
Instead, it means relying on a number of other factors, including flexibility, planning, and solid organizational skills.
When you founded your company, you may have simply thought you’d turn on your computer, unlock your door, and success would follow.
As your company grew, though, you likely realized that making money is far more difficult. Fortunately, there are ways to set yourself up for a prosperous business and encourage growth.
It Begins with Goal Setting
Business growth can mean a variety of things depending on the business itself. Unfortunately, most of them want to grow without actually understanding what that looks like or means, making it tough to focus on real growth.
Understanding what your goals might be, then creating a plan forward may help you build a winning growth strategy that works well for your company. What goals are appropriate?
Keep S.M.A.R.T goals in mind: These are specific, measurable, attainable, relevant, and time-based.
- Specific: Make your goals specific to help narrow your process for more effective planning.
- Measurable: Define the metrics that will prove progress and identify opportunities to improve.
- Attainable: Aiming for the stars is great, but make sure you can accomplish your goals within the given timeframe.
- Relevant: Ensure that your goals are aligned with your values and long-term plans.
- Time-Based: Set a reasonable but efficient timeline to keep you and your team motivated.
Where to Begin for Successful Growth
Begin the process by thinking about what growth means for your company. Can growth only be measured by increased revenue, or is there something different you had in mind?
Perhaps growth for you looks like more repeat customers. Maybe it means added brand recognition online. Decide exactly what growth means for your company, then decide on the numbers that will better help define growth for you.
For example, perhaps you want to double the number of units sold. That’s a great goal, but understand whether they’ll truly be achievable and sustainable for your company as you set your numbers. Make sure it aligns with your overall business objectives.
The final step is then to attach your goals to a reasonable timeline. That goal could be in the form of wanting to achieve a certain level of growth over a certain amount of time that you’ve specified and know is achievable.
Maybe the level of growth you’ve chosen will take a year to reach. No matter what your time frame might be, meeting your set goals within that time is part of achieving them.
Make Sure You Have The Right Team
As we all know, goals aren’t enough to create growth in and of themselves. Instead, it often takes surrounding yourself with the right team to make it happen.
Focus on developing a team that is excellent in communication, resourcefulness, and innovation. When putting this team together, be sure they’re as passionate about your company and your goals as you are, and ensure they’re willing to commit to the role they play within your company.
Create Some Organization Around Your Goals
If you’re looking for growth, staying organized is critical. You’ll want to start with the physical space around you. If you’re not already committed to a paperwork management system, now is the time.
Beyond that physical space, you’ll want to organize other facets of the way you do business. Make sure you’re keeping careful records about everything.
Additionally, automate what you can. Automating customer support, record-keeping, and other day-to-day processes will help you quickly identify potential problems and take care of them quickly.
Begin Scaling Up
After you have the right goals in place, the ideal team surrounding you, and you’re organized enough to move forward, the last step you need to take is to begin to scale up so you can start achieving your goals.
You have a timeline to meet, but don’t try to move too quickly. Growth may be essential for your company, but moving forward too fast can create unforeseen interruptions down the road. Be sure to cross your T’s and dot your I’s before jumping into the next item.
Carefully Monitor Your Progress
As you grow, don’t forget to monitor your progress regularly. All of the goals you created should be measurable. Check-in regularly to measure them to help you quickly identify what is working and where there are opportunities to improve.
Knowing what’s working and what’s not in terms of the metrics can be a great way to make sure you’re achieving what you should be according to the goal’s original timeline.
A Prosperous Business is at Your Fingertips
As you work on successfully growing your company, you may encounter some frustrations along the way. If you’re looking for great ways to grow your business, connect with an AMB Performance Group – ActionCoach today.
Our team is dedicated to assisting you in keeping your business moving towards your goals and, ultimately, attaining the successful growth you aimed for.