Simple business growth strategies to accelerate your potential
As you transition from entrepreneur to CEO, it is very common to hit a plateau at around $1 million in revenue. Most will fall into the trap of believing more customers or more sales will help solve this issue. Although sales and customer acquisition are essential, they only fund your future growth – the right business growth strategies are key.
At Growth iQ we like to think of business growth as a bicycle – sure you can pedal harder and faster, and that could help you pick up speed again, but is it sustainable? Short answer no – a more sustainable and effective way would be to shift into a higher gear.
For this to happen, leaders need to understand the sacrifice of short-term profit to reach the next stage of success. But what simple strategies could you easily invest in?
Adding the right team members at the right time
It is impossible to make big moves that successful business growth strategies require if resources are spread thin over the business or operations. Rather than running down current employees, invest in new staff members who can take the load off sometimes neglected or half-hearted responsibilities/roles. That employee could be the key in boosting your company’s gears.
Helping existing members grow within their role
As a leader you are in a great position to identify what training employees need to perform better. Investing in the right training for the right people is hugely beneficial for your business growth. Identify where team members could develop their skills and what training is out there to assist. Training is not the only strategy to develop current employees – effective delegating can also strengthen their abilities. Handing over responsibility for projects and tasks to someone new gives them the opportunity to gain skills and experience. For this to succeed leaders need to provide staff with the support and guidance to complete their new responsibilities.
Developing yourself as a business leader for the next logical and beneficial stages of growth
Business owners bring an incredible amount of value to the table however for a business to grow, they should do. A business owner that focuses on their own personal growth is more likely to see the health of their business increase. Personal growth as a leader can come in many forms – further education, learning a new skill, improving relationships, or even increasing personal confidence. Continuously learning can drive away the dullness of work. By learning new skills, leaders become reenergised and passionate, and this influences employees – building their excitement and drive to seek out more effective ways to do business.
Investing resources into the right aspects of your business, such as new employees, staff growth and personal development can shift your business smoothly into a higher gear and allow you to pick up the speed without having to work a lot harder.
If you feel like your business growth has reached a halt and you want to keep your business bike riding uphill then explore 's Agile CFO and COO services – we can guide you on the steps to get there without the price tag or commitment of a full-time executive position.