Every company wants to grow their business, yet few know how to sustain it for the long-term or look beyond the next quarterly or yearly report. Growing a business requires the right intellectual capital, carefully selected strategic partnerships, and products and/or services with strong marketplace demand. Beyond these fundamentals, sustaining growth requires a strong operational foundation – to reduce the risks to the business over time.
What approach would you take that will help your business to continue to grow at an exponential rate?
Few questions to ask yourself.
– Are you transactional or transformational in your business approach?
Transactional entrepreneurs are the ones that just want to seal the deal, take their profit and move on while transformational entrepreneurs are the ones that values relational capital. They build relationships and the customer becomes a loyal clients who keep coming back to make orders.
– Are you tactical or strategic in your business approach?
Been tactical is doing the right things while been strategic is doing things right.
Been tactical is placing process above results but been strategic is prioritizing results above process.
To think strategically, you ask yourself and team the following questions;
– What can we do to dominate the market
– What can we do to become a threat to our competitors
– Are you an African Impala or a Lion?
Impalas are fantastic jumpers. They can leap as far as 33 feet (10 meters) and as high as 10 feet (3 meters) but an African Impala will never jump until he sees where he is going before taking a step. So many business people are like African Impala, they will never move until they know where they are going to land.
Before your business can grow and sustain its momentum, you must take action in support of the following points to assure your company builds a strong foundation for long term success:
1. Top Talent
Without the right people, a business can’t grow and it certainly makes it difficult to sustain momentum over time. Business is about people and without the right people a business can’t grow and mature. Oftentimes, this requires an organization to refresh its talent pool in support of the organization’s business model and the unique needs of its clients.
When next you are hiring for your business, please consider this 4 Cs:
i. Hire base on Culture
ii. Hire base on Character
iii. Hire base on Communication
iv. Hire base on Competence
2. Prospecting the right client
Entrepreneur is no longer just a business term anymore, it’s a way of life. You must always embrace an entrepreneurial attitude to see and seize the right opportunities – especially those previously unseen or that others don’t see at all. This is why you must embrace an entrepreneurial spirit when prospecting the right clients –to assure the business not only grows, but sustains itself over time.
3. Sound Decision Making
Problem solving is the essence of what leaders exist to do. As leaders, the goal is to minimize the occurrence of problems – which means we must be courageous enough to tackle them head-on. We must be resilient in our quest to create and sustain momentum for the organization and people we serve.
4. Don’t be Afraid to grow
To sustain growth, you must have the mindset of embracing risk as your best friend. The moment that employees are not encouraged to share their ideas and ideals, it becomes difficult to take ownership of the needs of the business – and the marketplace quickly begins to pass you by.
Sustaining growth requires you to share your momentum with others. It demands that you have the best interests of others on your team, and colleagues throughout the organization, at heart.
9 steps to adding zeros to your net-worth
1. Have a great product/service
– A great product must be a solution to a problem that customers has
– A great product must be a natural extension of your clients comfort
– A great product must have the ability to generate money
– A great product must be scalable
2. You must be strategic and not tactical
3. Create multiple source of income
4. Marketing and Branding
5. Know your numbers
6. Spending vs Investing
7. Right team, right culture
8. Better, faster, more efficient system
9. You must have a coach
Reasons why entrepreneurs don’t succeed
iii. Lack of coaching
iv. Over analysis
vii. Fear of failure
viii. Fear of success
ix. Lack of money
x. Worried about other people’s opinion
xi. Not taking action
Secrets to Success in Business
1. Mental toughness
2. Maximize your strength
3. Take action/Execution
4. Time and energy management.