If Your Business Is Not Growing, You’re In Serious Trouble

growth

The old axiom, “The only constant is change” holds true for business and life. For both, if you are not experiencing growth, you’re possibly dying.

In business, the growth potential of entrepreneurs and leaders of organizations are sometimes challenged when they lose customers, followers or best talents. Regardless of how massive your customer base may be; this is a sad event to experience.  But People’s preferences change; what they like today, they tend to dislike next week. Others move from places near you to distant locations, making it impossible for you to enjoy their custom any more. Change in demography also occurs and each of these factors impacts the growth of your business positively or negatively.

Sadly, many entrepreneurs and business leaders are not proactive. They’re hard-wired to adapting to changing situations. If your business is doing well today, praise God; but what if a major client leaves tomorrow, a great employee resigns or a major credit line discontinued? Like every one else, you immediate response would be to replace them right?

Consider your business or organization as a car having comprehensive insurance cover, what would you do if those risks occur? Implementing some contingencies to regularly check on your stability and provide support for you and your business operations will definitely save you some troubles in the long run.

Nowadays, It is no news hearing people talk about “Plan B”, but let’s face the fact, do you have one in place? If you do, are you implementing it right now?

My experience of working with entrepreneurs and business executives tells me that majority of them know exactly what they should be doing. I guess that’s the case with you also. But the trouble is that they don’t know where to begin, what to do first, second or third. Some of them that know have no time to actually do it.

Succeeding in life and business is like falling in love with your wife (for those of you that are married). You can’t leave your wife at the mercy of another man and feel safe. Delegation is great and I highly recommend it; but when delegating major activities, be sure you are in control.

If you are ambitious about growing your business, or nursing a feeling that your business should grow more, here are some suggestions I teach my clients at Business Mastery Summit.

1. Develop crystal clear vision of where your business is headed.

If you were going to somewhere you don’t know, one of two things would likely happen… You might end up in a wrong destination, or waste your time and resources in futility.

You need to first develop clarity about your vision for the future of your business; where you and everyone in your organization are excited about reaching. Regardless of your current situation, your vision will keep you excited against the temporal dissatisfaction that current reality brings. Not doing this one thing first may cost you a fortune.

2. Get organized and take control

There are more distractions and complexities in life and business today than we have experienced in the past. Unfortunately, there seems to be no guarantee that the situation is going to get any better in future.

Having this in mind, it’s important to know that you can’t grow your business in the midst of complexities. This is quite a challenge for many entrepreneurs who are already experiencing distractions from social media platforms, unwanted emails, and hopeless media reports about worsening economies.

Successful people are highly organized. If your house is not in order, your mind will not be at rest. If you have important un-responded emails, unattended calls, pending reports to write, or meetings to attend, every one of these will definitely get in your way of growing your business. You need to get organized, clear all your messes, prioritize your time for the tasks that give you the most benefit, and then focus on them relentlessly.

3. Develop a success plan

If you are a small or medium size business, your success plan is the same as strategic plan for large corporations. It serves the same purpose that a GPS System would for navigating your business successfully.

As I mentioned earlier, many entrepreneurs don’t take action because they don’t know what to do first, second or third. Your success plan contains all the options you consider “most important,” plus the step-by-step approach you must take in achieving them. If you have a success plan with you, and implement it, you’ll become practically unstoppable and experience consistent growth.

About the author: Nkem Mpamah is founder and CEO of Cognition Global Concepts, specializing in helping entrepreneurs and business leaders develop the capacity to double productivity, increase revenue and deliver superior customer service through coaching, leadership training and strategy consulting. If you’ve found this piece useful and need some insights to accelerate your business growth, you can visit their website at www.cognitionglobal.com/business-mastery-summit or email him at info@cognitionglobal.com

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