Which factors separate the best from the rest when it come to Business Growth? This is a well debated topic but we have found there are five factors that successful companies have in common:
1) A strong leadership team
Strong leadership has the ability to define a clear vision for the company. To be effective, the vision needs to be well-defined and explained in a way so people connect with it and are motivated by it.
The second major factor is appropriate involvement of leadership in leading and supporting projects that are strategic to the organization. Strategy statements are simply ineffective without a leadership team that is capable of driving the strategy home.
2) Hire and retain quality people
Get the right people in the right spots with a clear and defined understanding of their priorities. If a company has the right people, they will move faster and accomplish more in the same amount of time.
3) disciplined approach to their business
They learn how to work on their business, not just in it. This involves planning and, more importantly, aligning their people to execute the business’s Growth Plan.
4) Ability to strategically use tools
High-performing organizations looking for Business growth give more emphasis than lower performing companies to use technology to tools to impact the business in strategic ways. Organizations that have developed a culture that figures out ways to deploy tools or technology, not for technology’s sake, but to better serve their strategy will always succeed.
5) The wise use of trusted outside providers
To have a growth orientated business they need a systematic way of gathering and periodically analyzing vital information about the business. Outside providers whom they trust can be invaluable to performing this kind of review of their business.
High-performing businesses have learned to supplement their internal expertise by building trusted relationships with the outsourced personnel, this allows them to cost-effectively buy the amount of expertise they need when they need it.
Thanks for reading. I hope you found the article interesting. I’d really welcome your feedback on this article or let me know if there is a new topic that you would like to discuss.
To Greater Success,
Founder & CEO