Business growth is something that every company wants. Whether you are a start-up or a seasoned veteran in the business world everyone wants to grow! The key to business growth is determining which key elements separates you from the others! This is a subject that is discussed a lot but in the end, we’ve found there are five key factors that all successful companies have in common!
The purpose of this blog post is to share what those five key factors are and the keys to each one of them.
1) Having a strong leadership team
Strong leadership has the ability to define a clear vision for the company. To be successful, the vision needs to be well-planned out and explained in a way so people connect with it and are motivated by it. This takes the total buy-in mentality. 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) Hiring the right employees for your business
Is there still good quality employees out there that want to work? This is a struggle for many people because finding people that want to work and excel at their position isn’t always the easiest. Getting the right people in the right spots with a clear and defined understanding of their priorities is vital. If a company has the right people, they will move faster and accomplish more in the same amount of time. When hiring you’re going to want to make sure these employees fit the culture of the business and are looking to grow with you. I always recommend being creative with the questions you ask during interviews and make sure you ask them what their long term goal is with you.
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. Again, this is where it will help to hire those individuals that love working for you, trust in you and know they feel valued. When employees know their self-worth based on you, it goes a long way in what you’re going to get from them. Ultimately, involve your entire team and make them feel like they are a part of the company!
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.
These are the factors that we believe will accelerate your business growth. Having the right employees and overall culture will go a long way in paving the success of your business. If you have any questions in regards to the five key factors that will help with business growth, please let me know, If there is a specific topic you would like me to write about in the future, please feel free to comment below!