Sage advice from a 4-year-old, and when I heard this, it rang true for a project we are currently working on. I share this with you with the approval of the client.
Our client came to us somewhat frustrated that they were not able to break through to their next phase of growth; they openly shared they felt stuck. They had been incredibly successful in their business to date, having started selling a product that they had a personal interest in. They experienced substantial growth in their first three years, though they couldn’t work out why their sales were plateauing; they believed nothing had changed in the market and that their product still stacked up.
The issue is that they were doing what they had always done, and expecting a different outcome, hence “you get what you get, and you don’t get upset.”
It may sound harsh though, wouldn’t you rather hear this, define your growth pathways, and then act on them, than not.
The opportunity for small to mid-sized businesses is that they were often started from the founder’s passion, and it has been the founder’s passion for the company that has driven its success to date. Passion will take you further than most, though it may only take you so far. Without a well-structured business strategy that identifies future revenue streams, trigger points for activating them, and whereby checks are in place to course correct as required, you may not be future proofing your business.
We talk to many who want to unlock growth for their business and have some plans in mind on how they can do this, and it’s just a matter of putting some discipline around their thinking and assessing the opportunities.
There are some things we look to understand to unlock growth for our clients;
- Are you clear on where your business or brand plays? Understanding this will help you define where you can stretch to for new growth opportunities in the future
- Are you clear on where you currently make your money and what your costs base is? Understanding this will help you know which parts of the business you may want to grow in the future
- Are you clear on what your end-user can access today in the market? Understanding this will help you define where the gaps are and how you can close them in the future
In addition to these, there are several other questions you need to ask to unlock growth. Once you do, you have a more unobstructed view on the pathways you have available to you. Then it is a matter of evaluating the opportunities and putting in place a horizon plan to execute them.
If you’d like access to the full list of questions, please contact us here.
