Do you want to separate your business from the rest? If so than understanding the following key factors will propel your business and separate the best from the rest when it comes to Business Growth!
This is a well-debated topic but we have found there are five factors that successful companies have in common and we want to share them with you:
- A Strong Leadership Team – Strong guidance and business leadership has the ability to define a clear vision and mission for the company. If you want it to be effective, the vision needs to be well-defined, documented and explained in a way so people connect with it, believe in it and are motivated by it. Another 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 and motivating all parties involved!
- Hire And Retain Quality People – This can be challenging but take your time and hire 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. Make sure they completely buy into your mission and can carry out those principals in every business decision.
- 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. This also means allowing your team to make key decisions to help grow the company. Too many owners of companies feel they need to be involved in every part of the business, which isn’t always good!
- Ability To Strategically Use Tools – Most high-performing organizations looking for business growth will give more emphasis than lower performing companies to use technology 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.
- The Wise Use Of Trusted Outside Consultants – One of the biggest challenges that businesses have is they feel they can do everything on the inside without any outside support. 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 hire the amount of expertise they need when they need it and get an outside unbiased opinion on what is necessary to build.