Often business owners ask themselves, what small businesses that achieve sustained growth do differently from those that have slower growth? No magic pill, one size fits all, or cookie-cutter system can answer this question. However, here are three areas that growth companies concentrate their efforts to overcome the challenge.
- A Strong sense of purpose
Most leaders that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of “more money.”
- Outstanding market intelligence
The ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in where they compete. Growth leaders see the bigger picture.
- Active growth planning
The best predictor of whether a business will grow. To be effective, a plan for growth does not need to be overly formal or complicated. However, needs to be written, well-communicated, and regularly updated as the need for the business changes.
The key to growth is to build a strong foundation; know your sense of purpose, explore your market thoroughly, and plan on staying ahead of the game.