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A national poll conducted by National Federation of Independent Business (NFIB) shed light on the most common external factors stunting small business growth. Although the majority of small business owners stated their desire to grow, few show an inclination to do so. Are small business owners buying the common myths associated with business growth?

cloud of words or tags related to myth and reality on a digital tablet

Yikes! What could possibly be wrong with that picture?

Is Slow Growth in Your Future?

Although small business owners state their desire to grow, most want to grow modestly. Here are the most common concerns expressed by small business owners that are having a negative impact on their growth….and how you can fix them.

1. Scared of the Unknown. As the NFIB reports, “3 out of 5 owners believe uncertainty — economic and political — impedes growth.”

If you are to wait until all the lights are on green to go someplace (especially if you live in LA), how long would you be willing to wait? Uncertainty is the nature of the beast when you’re in business for yourself.

Learn to love it! Build a reserve of clients and cash to provide a greater sense of security. Set double-digit growth goals to help you weather the storms ahead. Hire a growth advisor to keep you ahead of the game.

2. Where are the Customers? According to NFIB, “53% of owners say lack of demand is a key factor impeding growth.”

Consumer needs, and subsequent demands, are ever evolving. We no longer live in a “set it and forget it” economy. It’s the nature of today’s quick-paced business environment.

A lack of demand for products or services, indicates that you’ve lost touch with your clients’ needs, service lines are outdated, or your target audience has shifted in the dark of night without your knowing.

Get comfortable with change! Set up a Client Advisory Board to stay up-to-date on the ever-evolving needs of your clients. Develop a culture of continual innovation. Don’t just follow the crowd; set the pace for your industry to follow your lead.

3. Stay the Course. Despite lack of demand, “52% of small business owners expect little to no changes” to their marketing plans per the NFIB.

Isn’t that the definition of insanity — doing the same thing and expecting different results? Little to no change in your marketing plan only serves to net the same dismal results.

Do something different! Implement an inbound marketing strategy. (It better fits the majority of today’s consumers no matter what industry your business is in.) Understand your marketing and buying persona with the upmost of clarity. Upgrade your value proposition.

Although business owners may truly believe the negative influence of these factors on their growth, the truth is there is hope against the common myths about business growth.

My final word on the subject falls into the category “what I really want to say” — SNAP OUT OF IT! Believe the myths and your business will go the way of the myths. Believe what’s possible — and plan smartly — and experience double-digit growth.

Which option do you choose?

More to grow on:

small business

There is growing evidence of the vast benefits that a growth advisor or mentor provides for small enterprises. Research shows that small business owners who utilize growth advisors are more likely to experience a 20% growth. Is that enough substantiation for you to engage a growth advisor?

We could stop the article there. What could be more convincing that growing your business by 20%, especially since a 20% growth rate is the tipping point at which businesses are able to survive most any challenge?

Just in case you’re still not convinced, let me give you another factoid. Did you know that 70% of all small businesses that receive mentoring survive more than 5 years? That’s double the survival rate of non-mentored small business!

Given that 42% of all small business owners have yet to consult a growth mentor or advisor, here are a few more compelling reasons to engage a growth advisor:

1. Keep you focused.
As small business owners, we don’t need to be reminded how easy it is to get pulled off track. A growth advisor keeps you focused on the more critical aspects that directly influence your business growth.

2. Provide support and structure.
Growing a business can be a lonely endeavor. A growth advisor or mentor, worth their weight in salt, helps you employ growth metrics to measure your headway. The numbers never lie. They tell you whether you’re growing or not growing. No guessing needed.

3. Offer expertise.
Skilled growth advisors offer business expertise and knowledge about growth strategies and business development. This falls under the “two heads are better than one” scenario. Your ability to leverage additional business acumen lets you skillfully maneuver the curves and bends along the business growth road.

4. Propose insight.
Many times you’re too close to your own situation to clearly see what’s working or what’s not. An extra pair of ears and eyes helps heightens awareness and keeps you hip to where to put your energy, focus, and effort.

5. Deliver guidance.
A good growth mentor or advisor provides guidance on growth strategies, key activities, and potential roadblocks. They make available analytical intelligence to make sure you’re equipped to make smart, strategic decisions.

Finally, small business owners with 3 or more hours of mentoring report higher revenues and increased business growth.

What are you waiting for? Get your business growth on!

Core Business Assessment


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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