Successful business owners grow with less struggle by using four keys to unlocking business growth.
What do they know that you need to know?
A business, much like a human being goes through a lifecycle of birth, growth, maturity and decline. Each stage of the business lifecycle has its own set of unique challenges and opportunities. There are in fact a known set of common problems that arise at each particular stage.
All successful business owners will tell you that each business stage has one singular focus and all of your effort and resources should be pointed in that direction.
“What you focus on grows, what you think about expands, and what you dwell upon determines your destiny.” – Robin Sharma
For business owners, CEOs and Entrepreneurs, such an understanding of the known problems and opportunities can assist in assessing and addressing current challenges, and help in anticipating key requirements at various points of business growth. It’s like having a crystal ball for your business.
Successful business owners ask the right questions and then assemble the best team of experts, support and resources to help implement the next steps with excellence.
Focus on these 4 keys to unlocking business growth, by asking yourself the right questions at each stage.
Stage 1: Start-up. Key Focus: Viability
• Can we get enough clients or customers, deliver our products, and provide services well enough to become a viable business?
• Can we prove results with one key customer group / one key offering?
• Can we expand from that one pilot to a much broader sales base?
• Do we have enough money to cover the considerable cash demands of this start-up phase?
Stage 2: Survival. Key Focus: Profitability
• Can we generate enough cash to break even and generate a profit?
• Can we generate enough cash flow to stay in business and to finance growth?
Stage 3: Success. Key Focus: Sustainability
• Can we exploit our accomplishments and expand?
• Do we want to keep the company stable and profitable?
Stage 4: Growth. Key Focus: Leverage.
• Can we finance growth?
• Can the owner delegate responsibility?
• Will there be enough cash to satisfy the demands that growth brings?
• Can we develop and refine our systems to support growth?
• Can we select, hire and retain the ‘best fit’ employees and leaders?
• Can we bring a more disciplined process of operational and strategic planning to the management team?
Lack of focus is the Entrepreneur and business owner’s pitfall. It can destroy even the best intentions of a passionate and brilliant founder. An unfocused approach can turn into discouragement, depression, anxiety and eventually a prolonged fight with failure.
The unfocused Entrepreneur is on a fast-track to destroying his or her business. A laser focus on what truly matters can turn any distracted Entrepreneur into a million-dollar machine.
What is the ONE thing that you are focused on in your business right now? Form a strategy around it by isolating your end goal, an objective – and then define the path to get there. Once you have your strategy, you know exactly what you should be doing and achieving on a daily, weekly and monthly basis.
Lack of focus can be costing you dearly. When you fix your lack of focus, however, you’re ready to accelerate into the next phase of business.
Have you struggled with a lack of focus? What did you do? Leave a comment in the box below.
To your success,