Growing a business is not a simple task; it takes an enormous amount of hard work, dedication, and devotion. With all the advice and opinions out there, sometimes growing a company can be overwhelming for entrepreneurs and business people simply because they have so much input coming at them. Toss in the pressure that can come from backers and investors, and if not carried out with purpose, it’s incredibly easy to lose your vision in the growth process.
The good news is that there are ways to ignore all the voices and stay on the path to success, and here are a few helpful tips for doing just that:
Have a concise vision statment: your aspirational, purpose-driven statment that describes the impact your product will have on the lives of those your serve (NNGroup). It is important that anyone working to help you grow your business can clearly articulate– and work towards the vision.
Keep track: This doesn’t only mean with finances. Keep records and follow your growth. In times when you feel that you don’t see any change being made a great way to be encouraged is to look back and see how far you’ve come. Web stats and ROI is a great way to keep track of growth.
Avoid the snowball effect: It’s easy to turn around and realize that somewhere along the way your company owes a lot of money, you are trying too many new things/are everywhere at once, etc. By sticking to your goals and being diligent in tracking your data, you are ensuring that you are avoiding the dreaded “business mission creep”.
Stay true to yourself and your mission: If anything or anyone requires you to change your focus, it’s probably not a good idea. A big area that is affected by this is with investors. At some point, you are going to need more capital for growth, and you may be sorely tempted with a reasonable offer that requires you to change your vision. Leave it. Stay on track and keep your company’s goals pointed in the direction you have a vision for.
Stay with the times: Watch what others are interested in, and be flexible. Don’t sacrifice your mission or goals, but consider implementing new trends. Stay with the times and stay profitable. When it comes to running a company, a teaspoon of precaution is worth a truckload of damage control. Put plenty of foresight into your new business, and plan, plan, plan. Growing a business while keeping your vision isn’t impossible; however, it does require being proactive and protective of your goals.
Apply the principle of comparative advantage: by definition this condition describes that, under free trade, your competitors that produce more of and consume less of a good– meaning they do something better, faster and cheaper– holds the advantage. So, position your business for growth by striving to be data-driven, understanding the entire marketplace– including keeping an eye on competitors and newcomers to your industry.
Want to learn how to transform your business? Get in touch.
Ali Jaffar has been building dazzling websites and creating amazing online experiences for over a decade. His mastery of the latest innovations in web development results in world-class website experiences set apart by show-stopping style and seamless functionality. A Google Mobile Sites and Google Analytics qualified individual and award-winning web development guru, Ali lends his talents to build and bolster digital experiences for a wide array of clients. When Ali’s not helping his clients grow, you can find him doing yoga, walking his dog, exploring beautiful open spaces, and enjoying a nice bike ride around Philly.