If Your Company Is not Growing It is Falling BehindBy Andrew J. Birol, President, Birol Growth Consulting, Inc.
You have started, purchased, or built a business. It has survived the first year in spite of multiple threats to its survival. Your firm has created products, services, and value for your customers. Employees, vendors, and partners have come to rely on you, and your responsibility to them has grown. As a result, your business has turned a profit, and you have started to prosper.
Now, you think to yourself, I’ve grown the business enough and it’s time to finally relax.
But not for too long. While you relax, your costs will grow, your competitors will gain, and your customers will demand more. In fact, by choosing to ’not grow’ your company, you are weakening its position with every passing day.
WHAT IS GROWTH, REALLY?
Growth is an increase in your company’s top and bottom lines. Specifically, growth comes from:
- Increased sales
Obviously, every company needs to create, sell, produce, and profit. But all of these things are by-products of growth. Start defining your company as a growth company, and organize your critical activities into these four key areas:
Your firm’s best and highest use: Continually examine your firm’s best and highest use.
This is your company’s reason for existence. Understand what makes your company special to your customers -- and then produce more of it.
Increased business and additional customers: Always seek more business and additional customers.
When you do this you will confirm your business role in the marketplace. Understand what turns a prospect into a buyer. Provide low risk options for prospects to try your products or services. Learn what it takes to create stable, repetitive customers. Turn your customers into your best advocates and champions.
Delivering the goods: Deliver what you offer.
Measure, assess, and improve all that your firm does to meet your customers’ expectations. And do it often. How can your services help your customer’s business to grow? What part or parts of your business do your customers value most? Do your costs reflect your value? Which customers pay your overhead?
Profit and growth: Assess your people, activities, functions, and programs in terms of how they contribute to the firm’s overall growth. Create initiatives that deepen employee commitment to growth -- both their own and the organization’s.
Business, industry, and commerce is all about growth; growth is all that matters, and all your firm’s activities should reflect this priority. Take risks. Learn from your mistakes. And remember: standing still is always the same... as falling behind.
Articles by Birol Growth Consulting are © copyrighted and all rights are reserved. However, articles may be reprinted with prior written consent if attribution is included as follows:
© Copyrighted by Andrew J. Birol, President of Birol Growth Consulting, who helps owners grow their businesses by growing their Best and Highest Use ®. Andy can be reached at (412) 973-2080, by email at email@example.com, or on the web at www.andybirol.com.