If your child, young pet or garden wasn’t growing…what would you do?
A. Nothing
B. Hope they started to thrive without YOU making any changes
C. Ask yourself, “Am I adequately feeding and hydrating?”
D. Consult a pediatrician, veterinarian or expert gardener?
I bet you’d go with C & D yet many business owners choose A & B hoping for a miracle. Don’t be one of them.
In a publicly held corporation, growth reflects and depends on the knowledge, skills and abilities of others. Growth in your business is 100% under your control. It reflects, to a large degree, the decisions you make and actions you take to generate growth.
6 Keys To Increased Growth
You have probably heard the phrase “If you aren’t growing you’re dying.” Business growth is a fairly predictable outcome if you utilize strategies that foster it. Without growth, stagnation and decline are likely results.
Six factors you can leverage for growth in your business in 2016:
1. YOU
The ultimate source of energy, leadership and direction for your business
2. Prospect Pipeline
The quantity and quality of prospects you’re attracting
3. Average Customer Value
The average value that a customer spends with you
4. Purchase Frequency
How often a customer buys from you
5. Selling Efficiency
How quickly you can help someone make the decision to buy from you
6. Profit Margin
How much of each dollar is left in your business after all expenses have been paid
Growth . . . Begins With YOU
Your business has the energy you feed it. If you’re seeing shrinking customers, profit margins, inspiration… take care of yourself first.
Failure to thrive in your business may be the first and best indicator that you’re failing to thrive personally. New York Times bestselling author Michael Port believes that business problems and personal problems are interchangeable. “Ditching the dichotomy between what’s going on in your personal and professional life may be the fastest way for you to accelerate growth in both areas.”
A Valuable Lesson Learned
At a recent networking event I asked the attendees “How many of you want to learn new ideas?”
Almost all raised a hand.
“How many of you want to learn how to generate more revenue?”
Almost all raised a hand.
“How many of you believe that learning new ideas is all it takes to generate more revenues?
No hands went up!
A more realistic path to growth comes from learning new ideas and implementing those ideas. Modest changes applied consistently and conscientiously will grow your business.
SUMMARY
- You and your business both need to grow to survive
- Many factors that drive revenues and profit are under your control
- Focused, conscientious action is required for growth
- Small improvements over time generate significant growth
Have you made a commitment to grow personally and in your business during 2016? Don’t miss the opportunity to participate in the MBA Crash Course Accelerator. 15 Weeks of working “ON” your business instead of just “IN” your business! We have a great cohort developing. Make you application appointment before all the spots are taken! Call 931-456-4910.
I look forward to hearing about your growth throughout 2016.
