It is a known fact that most growth and change are uncomfortable – especially in business. However, when your business grows, you grow with it and so will the business revenue, employment numbers and contribution to the country’s economy. Planning for growth is not only a good way to stay motivated through tough times in business, it will equip you for when the moment of growth arrives– to take your business to the next level.
Make the mind shift
James Cash Penney, founder of JC Penney, said:
“No company can afford not to move forward. It may be at the top of the heap today, but at the bottom of the heap tomorrow, if it doesn’t.”
Business growth should be actively pursued and be a constant part of your business planning acumen. Frequently ask yourself and your staff members: Where do we want to go to next, and what will we do to get there?
Take time out to plan
Research and planning lead to informed decisions which will be critical for your business growth. Consult all stakeholders – external and internal – through meetings or Strat sessions. Whether you bill by the hour, or bake by the truckload, it is critical to remove yourself from operations at least twice a year to take figurative stock of your business growth. This process requires you to be quiet and give it the importance it demands.
Reasons for growth
Studies have shown that the top five reasons for growth include:
- To increase the business’ market position
- To increase profitability
- To improve the use of company resources, better economies of scale
- To increase frequency of use or number of users
- To remain in business.
Know your obstacles
Know what challenges you may face on your journey to growth and be ready for them. Listing the obstacles will bring reality home and help you prepare for how to tackle these obstacles. Think of creative ways to sidestep these barriers to growth by being flexible.
Be brave
Continuously look for planned, achievable and sustainable growth opportunities. Calculate the risk, be mindful of the pitfalls, but do take up new growth opportunities in your business. See growth as the opportunity – that big break – you have been waiting for in your business, and it just could be that. Start slow or small but do continue to grow your business. In the words of Virgin’s Richard Branson: “There are people in this world who choose to see the glass half empty instead of half full… Personally, I see any glass half full as an opportunity to top it up, start a conversation and perhaps spark a great new idea.”