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strategic thinking for business growth

What do wise entrepreneurs do when their business growth begins to slow? Most either work harder or throw money at the perceived problem—or both! Neither of these options is advisable—or desirable—until you apply some strategic thinking to your business strategy and operations.

strategic thinking for business growth

Consider a recent strategic conversation with “Katherine” (not her real name for the sake of confidentiality), which perfectly illustrates how strategic thinking can shape business success. Katherine had already invested a lion’s share of time and money into her growth initiative. As results failed to materialize, her initial frustration turned to irritation. Finally, in total exasperation, she decided to move forward with a project requiring a substantial investment of resources in the hope that it would be “the thing” that fueled her small business growth.

Her situation sounds only too familiar, doesn’t it? As entrepreneurs, we’ve all experienced the same frustration when results fail to materialize despite our best efforts.

What Strategic Thinking Can Do For You

Before proceeding with her plan, we decided to put strategic thinking to the test. We examined her performance metrics to glean whatever insight was available. For many small business entrepreneurs, looking at performance metrics is like partaking in a Rorschach test. We know it’s supposed to mean something, but it all looks like a bunch of undefined, incoherent inkblots.

What we discovered—in a word—was hopeful!

Using our best investigative skills, we poked, prodded, and analyzed her performance metrics. We compared them to industry benchmarks. We aligned them with her growth goals and business strategy.

Ultimately, our strategic thinking skills cracked her performance metrics wide open. We identified a set of actions Katherine could take immediately to boost her business growth —before making another substantial investment.

Isn’t that exciting? Time will tell how Katherine’s actions will ultimately shape the trajectory of her business growth. Until then, she won’t have to grow her business in the dark with fingers crossed, hoping for success. She now has strategic actions to guide her.

The Power of Strategic Thinking

This experience underscores the transformative power of strategic thinking. You can uncover insights that save time and money by taking a step back, analyzing available data, and aligning actions with strategy and goals. It’s about working smarter, not harder.

So, how willing are you to apply strategic thinking, knowing it could shape your business success and save you time and treasure? Strategic thinking involves assessing your goals, understanding the market, and planning the most effective ways to achieve your objectives, using data to guide your decision-making.

Doing so allows you to navigate challenges more effectively and capitalize on opportunities. Remember, strategic thinking is the way forward if you’re ready to see tangible results and elevate your business to the next level.

Take the First Step Today

Strategic thinking isn’t just a buzzword—it’s a crucial tool for navigating the complexities of running a small business. By adopting a strategic mindset, you give yourself a roadmap to success.

Are you ready to transform your business with strategic thinking? The time to start is now.

If forming meaningful, growth-driven partnerships sounds like the next step for your business, we’re here to help. Contact us to explore how we can support your efforts.

entrepreneurs delegate

As ambitious boot-strapping entrepreneurs, you’re no stranger to hard work. You’ve turned over every rock to identify valuable work and avoid unnecessary tasks that keep you from bringing on employees. But despite your best efforts, you’ve hit a wall. Your personal capacity has reached its limit, and you know that to take your business to the next level, you need to expand your team.

Knowing that hiring is the next best step, why does the thought of it fill you with dread? It’s simple: you’ve built a brand based on exceptionalism that you, personally, have commandeered. The idea of trusting someone else to do the job as well as you creates a deep sense of anxiety. Even so, bringing on help is necessary for your business to grow. It’s quite the dilemma — hire, trust, and grow or keep to a small scale.

The fear of entrusting some of your work to others can hold you back. But, by continuing to work beyond what is humanly possible, you are only bottlenecking your growth and limiting your success. 

The truth is, bringing on help doesn’t have to be scary. With the right skills in place, your team is equipped to handle tasks with the same level of excellence you require.

entrepreneurs delegate Photo by Eden Constantino on Unsplash

Task Assignment for Entrepreneurs: Deciding or Delegating

When it comes to managing your team and getting the right tasks done, there are two fundamental approaches: deciding and delegating. The problem is — most entrepreneurs think they’re “delegating” when they’re really “deciding.” It’s no wonder they’re frustrated 

Deciding is when we take charge of a task and make all the decisions on how to complete it. This approach makes sense when a project requires only the entrepreneur’s specific skill set or knowledge. In such situations, you want control to ensure the task is completed correctly. 

On the other hand, delegating involves assigning tasks to team members with the necessary skills and experience to complete them. Delegating, done right, frees up your time so you can focus on more critical tasks. It also allows your team members to take ownership of their work and develop their skills. It makes them an integral part of your organization. And it’s the primary reason most entrepreneurs want to expand their teams. 

Mastering Delegation: A Step-by-Step Guide

Delegation is an impactful skill that involves assigning tasks and responsibilities to others. Done right, it free’s up your time, expands your team’s skills, and boosts overall productivity. 

To avoid the “decision trap” when you really intend to “delegate,” here is a step-by-step process:

  1. Identify the task. The first step is to identify the task that needs to be assigned. Sounds simple enough, right? Except, identification is not enough. It’s equally important to be clear about what needs to be done and why it is essential. This increases the likelihood that you reach your intended outcome. 
  2. Choose the right person. The next step is to choose the right person for the task. Consider the individual’s skills, experience, and workload before assigning the task. And, if you don’t have the right skill on your team? That’s a dilemma immediately. However, it can serve as a powerful reminder to understand and hire the skills needed to move work off your plate. 
  3. Define the task. Once the right person has been selected, communicating the details of the task clearly is essential. Explain the task’s goals, timeline, and expectations. Finally, be sure to ask if they have any questions or concerns. 
  4. Provide support. Make sure your team member has the necessary resources, tools, and support to execute the task successfully.  
  5. Set deadlines. Inform your team member of the date by which the task needs to be completed. Honestly, I love providing a timeline that is 48 hours before the actual deadline to allow enough time for anything that may go wrong. 
  6. Monitor progress. Without micromanaging (no one likes a “helicopter boss”), check in with the team member periodically to monitor progress and ensure that everything is on track.
  7. Provide feedback. When the task is completed, provide feedback on their performance and coach them through their experience. 

Finally, when delegating tasks to others, it’s essential to reward your team members’ ownership of the task. Your goal, after all,  is to shift your responsibility for decision-making to them. If a team member is being punished or made to feel they failed for wrong decisions, you merely train them to come back to you for decisions.

Keys to Fruitful Delegation: Trust & Communication

Trust and communication are essential for business success. It’s no different with delegation.  

As entrepreneurs, we must trust our team members to handle the assigned tasks and make the right decisions successfully. This trust doesn’t happen overnight. It’s built over time through clear communication, collaboration, and beneficial feedback. If we’re struggling to delegate, it may signal that we lack trust in our team members, which leads to micromanagement, reduced productivity, and demotivation.

Another crucial skill required for productive delegation to occur is communication. We must communicate our expectations clearly, which means that we need to be clear about our own expectations. We also want to provide guidance and support whenever needed, answering any questions or addressing any concerns without hovering.  Good communication fosters a culture of collaboration, essential for effective delegation and growth. 

In essence, deciding and delegating are two distinctive approaches to task assignment, and each has its benefits and drawbacks. Deciding can be appropriate for short-term or high-pressure situations requiring quick decisions. Delegating, on the other hand, is essential for long-term success, as it allows team members to develop their skills and take on more significant responsibilities. Effective delegation requires trust, communication, collaboration, and feedback. Being skilled in both and knowing when to use each approach to achieve the best outcomes for their team and organization is key. 

Entrepreneurs strategy for slow growth

You’re an entrepreneur. You made it through the core startup phase of your business growth. You’ve refined your buyer and honed your offerings. Your marketing funnel is consistently generating client leads. And, you’ve built a strong reputation in your industry. Well done! 

The good news? You no longer worry about survival. 

And yet…

You’re overwhelmed. Burned out. Exhausted. 

You work long, endless hours. Each day is utter chaos only to wake and do it again the next day. 

With no end in sight, you wonder how much longer you can work at this fevered pace. 

The worst part? Despite your continued effort of hard work and long hours, your business growth has slowed or stalled. Egads! 

Entrepreneur strategy for slow growth
Photo by Luke Chesser on Unsplash

You’ve hit a plateau — a ceiling — that seems impenetrable regardless of the successful implementation of effective strategies. 

What started out as an exciting journey for you as an entrepreneur has turned into a bit of a nightmare. You feel trapped. You’re falling out of love with your business but can’t quit!

You’ve invested too much.

You no longer own your business – your business owns you.

Welcome to the Stage II Enterprise! 

Stage II Enterprise: By The Numbers

Imagine that. There’s actually a name for the current state of your business existence

As a Stage II Enterprise, you’ve moved beyond startup. During the three to five-year period of business ownership, you’ve proven your business model and achieved some level of sustainability. (Insert sigh of relief here.) 

Annual revenue is between $350,000 – $1 Million. And, although you “enjoy” some fluid cash flow, revenue is stalled. Your response? Tighten down the hatches and work harder!

You manage a team of 5–15 hybrid employees and freelancers, which allows you to expand and contract as dictated by cash flow and opportunities. 

Sadly, your talent pool is a bit stagnant with unqualified hires stemming from the earlier, inexperienced days of business ownership. 

Employees haven’t grown with the organization and because pay may not be aligned with the labor market, you’re hesitant to ask them to step up their game.

Plus, as the former “lone ranger,” you are accustomed to “doing it all” yourself. You either don’t know how or are uncomfortable delegating to the staff. Staff is underutilized.

Your ability to survive missteps, misjudgments, and bad decisions is real. With little to no time focused on forwarding movement and strategies needed to grow the business, the ability to remain relevant is challenged.

And yet…

You know what it takes to run a business and have the aptitude and appetite to continue growing.

Stage II Enterprise: The Information Gap of the Entrepreneur

As a Stage II Enterprise, the marketplace does not serve you well — if at all. Few sources exist to provide you with the proven strategies that work.

A colossal information gap exists between startup, stage one business growth and development, YOU, and the corporate behemoths; information vital for solving the problems of your enterprise.

What you long for — and need — are effective strategies to accelerate the process of stopping the stall and getting to the next level.

Stage II Enterprise: Bridging the Information Gap

To turn a stall into success requires navigating complex challenges, especially in times like this. It’s a strategic balancing act to test the boundaries of what is possible, understand the limits of your business, and maximize its potential. 

Although your chosen strategy is business dependent, there are several problems to solve, such as: 

  • Inability to focus.
  • Sense of overload, overwhelm and overburden by the current business environment.  
  • Limited access to resources needed to succeed like money and talent. 
  • Poor deployment of resources such as staff, time, and money.
  • Cloudy thinking accompanied by poor decision-making. 
  • Lack of a clear direction, plan, or focused execution. 
  • Missing knowledge or skill.  Not knowing what you don’t know. 

Despite the challenges faced, you want to put your talents to use, grow your business, and make smart decisions. Good for you! 

The question remains — where do you start? Don’t worry. We’ve got your back!

_______________________

Connect with Community. Contribute to the Conversation. 

Visit our community platform to connect, commiserate, collaborate, and collude with like-minded Stage II Enterprise entrepreneurs on what it takes to rise above your growing pains.

Core Business Assessment

Testimonial

Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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