In Business, You’re Either Growing Or You’re Dying
As a business owner, you're always asking yourself, "What does it take to build an enduring, great company and to continuously improve and grow?"
The answer is that in business "You're either growing or you're dying," so you can choose;
GROW
STAGNATE
DIE
It's your choice. But really, there is no choice. Who would seriously choose to stagnate? .. and obviously nobody chooses to die. So, there is no choice – but to grow.
Focus On Growth Culture
Growth culture isn't just a component of a company's strategy, it is the company's 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 don't grow generally don't 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 big goals creates an environment of continuous improvement 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’ve all go to focus on growth – or die!
Benchmark Business Sales and Valuations
