Innovative Business Growth Ideas
How To Achieve Business Growth
After you launch your business, you really want to get up that hill—to grow your business—but nothing you did starting out as an early entrepreneur seems to be working anymore—even when you press yourself harder.
In all likelihood, you have your hands in every part of the business, wearing way too many hats in an effort to maintain control.
Meanwhile, you are continuing to implement the same old strategies, management practices, and mindset that you used in the early days—which will not work as you get further along on your climb.
Stop losing opportunities and wasting time and money recreating the wheel. To reach your business growth goals in a fraction of the time, work with mentors who have walked this path before you—and succeeded!
Grow your business through your systems—not your blood, sweat, and tears. Use the SCALEit Method™ as your roadmap for scaling your business for growth.
For instance, if you spend your time writing a book, what do you want your return to be for investing that time? Would it be business growth—a sense of accomplishment?
Looking at your life this way forces you to take a hard look at how you invest your time, your most valuable asset.
What's Your End Game?
What do you want your return to be for the time you invest on your business and your life? If you think of getting a return for every action that you take, then you will choose your actions wisely within the time period that you have.
For instance, if you spend your time writing a book, what do you want your return to be for investing that time? Would it be business growth—a sense of accomplishment? Looking at your life this way forces you to take a hard look at how you invest your time, your most valuable asset.
Expand Your Business Growth Without Increasing Workload
Learning how to manage your time and inspiring your team to do the same is the underpinning of business growth.
I like to think of this in terms of being able to grow your business while, at the same time, managing the expanding workload without sacrificing your level of performance, efficiency, and employee safety.
In the early days of growing your business, the struggles tend to be around cash flow and getting clients in the door.
As you scale, the challenges tend to shift around time—as in, there never seems to be enough of it. Therefore, the need to manage your time and make the most of every minute becomes the priority.
To kickstart your business growth, invest in hiring your A Team. When you hire forward—that is, adding talent while looking for the holes in your company where you want to grow—you identify an area of business growth, onboard someone into a brand new role to own it, and then watch your business organically grow.
Your mind may try to tell you that you are adding expense in an uncharted area that makes it “high risk,” but that’s not the case.
It’s not about recruiting who will add to your overhead. You do this so your business will get to the next level. If you’re waiting for that money to magically appear in your account on its own, then it’s never going to happen.
You need to bring in people with talent and contacts so you can extend your business vision. Then your cash flow will soar.
To sustain your business growth, passionately believe in your Big Picture Vision—share it with your team, your customers, your partners, your friends, your family. Shut out the voices of disbelievers who would throw you off your path.
Don’t be afraid to fail
You will recover and be smarter, stronger, and more resilient than ever before. Learn how to make quick decisions and stick to them. Get out of the way of your employees and empower them, so that your company becomes a team-managed one.
Focus on creating a mindset—and culture—of abundance. These are just a few of the top principles to emblazon in your memory, to scale your business for growth.
What Are the 4 Types of Business Growth?
Growing a business is easier said than done. It's also one of the fundamental goals of each and every business. After all, if a business is not busy growing, it's busy falling further behind competitors and the market itself. The good thing is that there are many ways a business can grow, and that means a business can exercise one or a cross-section of strategies to have an impact.
However, knowing which business growth strategy to pursue is an art form in and of itself. Some businesses may double down and hope they get lucky, but most smart business owners and executives know that bringing on a business growth coach is one of the best ways to grow quickly without stumbling. In fact, determining how to grow your business is one of the most crucial aspects of a modern enterprise, which means that it's important you get it right.
Organic Business Growth
As the most basic yet effective way to grow a business, organic business growth is focused on increasing production, services and the space needed to ensure success. Things like a larger storefront or onboarding new resources are all valid ways of organic business growth, but so is manufacturing more products or increasing service capability. In this sense, organic business growth is about expanding internally.
Strategic Business Growth
The next type of business growth is known as strategic business growth. This type of strategy for business growth has an eye towards long-term growth with the introduction of new markets and initiatives. If a business has exhausted all of their organic growth opportunities, it's common to turn to strategic business growth initiatives. Whether it's through advertising or introducing new products or services, strategic business growth helps a business reach new markets and opportunities, and it can also represent a way forward if sales and revenue have plateaued.
Partnerships, Mergers and Acquisitions
The third type of business growth is known as partnerships, mergers and acquisitions. Rather than looking inward, partnerships allow a business to expand their offering while minimizing the capital and other resources required. It can be a great opportunity for businesses that want to expand their exposure in the market, but it's also a risky gamble. However, if it does pay off, the rewards are plentiful. Indeed, partnerships, mergers and acquisitions can be some of the most profitable endeavors in business today.
Internal Business Growth
The last type of business growth opportunity is known as internal business growth. While other strategies for business growth attempt to expand a business by creating more, introducing new products or partnering with another business, internal business growth is focused on optimizing the business itself. Given a set amount of resources to draw from, internal business growth attempts to better utilize those resources. Implementing new tech, designing lean systems and automation are all examples of internal business growth.
If you're interested in business growth but don't know where to start, we can help you find a business coach with our coaching for business growth strategies. Contact us today to get started.