Small Business Growth – 3 Elite Growth Strategies To Hit The Next Level Of Success

At Business Growth Institute we train and mentor hundreds of small business owners each year and we see people getting into the same old scrapes...

• They get to a certain level of success by finding a growth tactic that works (largely through luck) and then doing ‘rinse and repeat.’
• At some point they get into trouble (they run  out of working capital, lose a key client, the tactic stops working, a new competitor enters the marketplace etc.)
• They enter ‘panic mode’ and scrape through by the skin of their teeth. Every day becomes a struggle for survival.

Now some businesses haven’t hit the ‘panic mode’ yet. They are coasting along in blissful ignorance.

Of course, it’s not all ‘doom and gloom.’ There are many well-run, profitable companies that add massive value to their customers and massive wealth to their owners. So the question is… if you’re currently struggling or coasting in category A,  how can you make the leap to the sunny world of a profitable category B business?

Let me share some of the elite growth strategies that I share with my clients…

 1. Seek the truth- It’s a scary but true fact that most business owners have no clue what’s really going on in their business! Don’t believe me? I see it all the time. They don’t track the cash going in and out of their account, they don’t track the key metrics of their funnels, they don’t adequately track the output of their employees and they don’t make decisions based on data. This is a recipe for disaster!

What’s the solution? : Think of the key questions you need answers to…

• How much profit are you making?
• How much can you safely re-invest in your business?
• How long could you survive if a key client or employee left?
• How many new prospects do you have in the pipeline?
• How many of them are likely to convert?
• ...you get the idea…

Then think about the data you need constant access to in order to answer those questions. Put it into a spreadsheet and make sure it stays updated. This data shows you the ‘truth’ about your business. You can make decisions based on solid fact and not wish-based fantasy.  

2. Seek the best- Business success is largely down to the talent of the team running it. A mediocre team will rarely get exceptional results. An exceptional team won’t tolerate mediocrity for long. You need to surround yourself with ‘A-players.’ These are the top percentage of a pay bracket. Without a-player managers, you’ll struggle to build an A-player team and your growth level will always struggle at the level of mediocrity.

What’s the solution? :  Create an org chart for your business. List the roles in your company and the tasks assigned to each role. How well are your current staff performing? Would you rehire them all today? What roles are missing? What skills are lacking? What are you currently tolerating? Remember… what you tolerate you get more of. Don’t like the current level of performance in your company? Stop tolerating it!

  3. Seek domination- This is a bombastic (and motivating) way of saying… get a plan together to win bigger and better in your marketplace! If you’re not planning to dominate it then ask yourself ‘why not?’ As we said above, if you tolerate mediocre thinking, then that’s what you’re going to get.

What’s the solution? :  Create a strategic plan that encompasses a 3-5 year goal, a one year goal, quarterly goals and then monthly/ weekly milestones. Get a graphic designer to make it look visually appealing and then turn it into a poster on the wall for everyone to see. A well thought through strategic plan focuses everyone on the same page. It say ‘we’re playing to win, this is the game, these are the rules. Everything you are doing on a daily basis adds up to this amazing vision!'

This is just a quick overview and obviously each tactic can get very deep. When we work with business owners they very quickly move from being unfocused and putting out fires 24/7 to being in control of their business and their future. As I’m sure you can imagine… that feels good!

By the way, if you want to discuss how your business can break the ceiling to the next level of profitability with one of our strategic advisors then grab a complimentary session here.