There’s something exciting about owning your own business. Whether it’s the feeling of freedom running wildly through your hair or the animated “ahhh” that comes from breaking through to the next level, business ownership is electrifying. Overall, though, it’s the growth of the business that is most fulfilling and gratifying.
Show Me the Baby
Growing a business is like birthing a baby. There’s the initial thrill of the possibilities — the fear when the “what ifs” surface — and the angst when your products/services finally make it to market.
And, like parenting, there are days your business is the “apple of your eye” and other days you wonder what invaded your business in the dead of the night!
Overall, parents want to see their baby grow to be a healthy, happy, successful contributor to society. And, every small business owner wants to see their business grow to a healthy, successful entity that contributes to society and the happiness of the owner.
How Will You Grow?
Most businesses fall short of achieving their growth objectives for revenue and profitability. In fact, studies show that only 20% of business owners achieve their business growth goals. Shocking, isn’t it?!
Why is growth so elusive? Although it is the goal of every small business owner to grow their enterprise, few have identified a growth strategy.
There are a variety of growth strategies that you can implement to ensure your business succeeds. Well-known growth strategies such as market development or penetration, and product development or diversification are a few options available for you.
What is your small business growth strategy? Keep doing what you’re doing? Or, identify a clear, concise growth strategy that gets you to the end game you’re working so hard to achieve. It’s the only way to ensure your business scales to the heights you want.