What actions do smart entrepreneurs take when business growth stalls? Most double down and work harder or throw more money at the perceived problem — or both! Neither of these options is advisable — or desirable — without the application of some strategic thinking to your business growth.
A recent strategic coaching conversation with “Katherine” (not her real name for the sake of confidentiality) is a perfect example of how strategic thinking shapes business growth. 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 that would be an additional — and substantial — investment of resources in hopes that it would be “the thing” that fueled her small business growth.
What Strategic Thinking Does For Your Business
Before doing so, we decided to put strategic thinking to the test. We took a peek at 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, honestly, it all looks like a bunch of undefined, incoherent inkblots.
Using our best investigative skills, we poked, prodded, and cajoled her performance metrics. We compared them to industry benchmarks. We aligned them with her goals for growth and her business growth strategies.
What we discovered — in a word — was hopeful!
Ultimately, our strategic thinking skills cracked her performance metrics wide open to reveal a set of actions Katherine could take immediately to beef up her business success — before heading out with a substantial investment.
Isn’t that exciting? Time will tell how Katherine’s actions will ultimately shape her business success. Until then, she won’t have to grow her business in the dark with fingers crossed hoping for success. She has actions that are strategic in nature to guide her.
If you’re willing to apply strategic thinking to positively shape your business growth and save time and treasure, count me in!