I’m continually being asked this question, by business owners of all sizes and from all industries, and I always answer the same thing.
Whilst speaking with a client who was having some external problems that affected his business, I told him that if he allocated his time to reacting to those external problems, he would never start growing and thriving. Growth, like everything, is a matter of priorities. That’s focusing on what makes your business improve and trying to replicate it in other areas. And, where would you look for these key drivers? Ask yourself: what do you need to run your company in an effective way? All companies need three different (but related) factors to create a sustainable growth: a management team, a strategy and resources. If you want to grow your business dramatically you’ll need a strong management team, that will develop and implement a strategy with enough resources to succeed.
But growth is not only a matter of choosing one of the above but of connecting and leveraging all of them to create a growth synergy throughout the company. For example, your strategy will need resources to support it, but it will also create new resources, therefore it’s about the optimal allocation of resources: clear priorities. Another example, the most common mistake companies make is that they have free internal resources that they aren’t using at all. That’s information. They are looking at the wrong financial statements and metrics two weeks later and, by not focusing on looking at sales, operations and cash in real time, they lose many growth opportunities.
Now, on a scale from one to ten how do you assess these three key drivers:
- your management team;
- your business strategy for growth, to create a sustainable and competitive, that makes the difference in the market; and
- your resources, in terms of cash, people, assets, brand, reputation, website, total days to cash, information metrics…
Once you have assessed yourself, summarize those in a flash report and review it on a weekly basis. You don’t know how? Ask me to send you this flash report and start growing right now.
© Oriol López Villena 2017
Foto: Jungwoo Hong