Why business owners have to grow their business?
How to grow your business setting and changing mindset
Business Owners you must make a choice! In Business, You are Either Growing or You are Dying.
As a business owner, you must ask yourself, What does it take to build an enduring, strong company and to continuously improve and grow?
GROW
STAGNATE
DIE
Its your choice. But really, there is no choice. Who would seriously choose to stagnate, and obviously nobody chooses to die. So, there is only one choice and that is to grow.
Focus On Growth Culture
Growth culture is not just a component of a company’s strategy, it is the company strategy. Growth is a framework that needs to drive all operational tasks, projects and initiatives of a company. The DNA of the company needs to be all about growth. Opportunities for growth are everywhere and should always be explored. Companies that do not grow generally do not attract the most talented team members (because great people seek growth) and are therefore at a disadvantage from the very beginning.
Growth-focused companies have direction and that attracts the best people, and A-team players want to play with other A-team players, creating a cycle. Growth focussed companies invest heavily in the development and growth of their people, and watch as everyone grows together. This positive feedback loop of obtaining great people allows for more growth, which allows for more personal and professional challenges, which in turn allows for more growth that leads to more great people becoming team members (and repeat, again and again). This momentum is everything – and it only occurs if a team is constantly growing and pushing their own boundaries and capabilities.
Have Large, Audacious Goals
Operating a small-to-medium business is hectic. Bushfires and distractions are always popping up, let alone the endless opportunities for improvements. Having large, audacious goals and working backward allows a team to understand where they are going and how to get there. It provides everyone with the same direction, and allows the team to all work together for the common aim.
Having a growth mindset and pushing for bigger goals creates an environment of continuous improvement and growth.
The Australian Government Business department (www.business.gov.au) supports the Australian business community to succeed in Australia and to adapt to change. You can find all information about how to innovate, restructure, change and improve the way you run your business here: https://www.business.gov.au/change-and-growth
Growth usually feels scary and intimidating, it requires additional investment, making choices based on probability-weighted outcomes, constantly weighing and considering opportunity costs, and stepping into the unknown. However, by not having these challenges or growth opportunities, you face the bigger risk of not attracting and/or keeping great people, which could lead to your company’s demise. Not to mention, there is likely another competitor in your industry that is focused on growth and eventually and inevitably they will eat your lunch.
So we have all got to focus on growth or die!
The Australian Government provides tools and a Growing Your Business Checklist, which you can find here: https://business.gov.au/change-and-growth/growing-your-business-checklist
Written by Bruce Coudrey
Principal Benchmark Business Sales and Valuations
Bruce Coudrey has been Principal of Benchmark Business Sales & Valuations, since 1999. Benchmark is one of Australia’s largest national business brokerages. Bruce is a Registered Business Valuer and has acted as a court-appointed expert witness.
