Growth
Rules of Growth For Small Businesses
By: Samuel Martin
For years, I have tried to answer this one question: What do
small businesses that achieve sustained growth do differently from
those that do not grow?
As a senior consultant for Inc. magazine, I speak to thousands of
business owners each year. I've learned that there are no silver
bullets or 17-point checklists that will lead to guaranteed growth.
There are, however, seven specific areas in which growth companies
concentrate their efforts.
1. Strong sense of purpose. Most leaders of companies that have
achieved growth discover that it takes more than the promise of
increasing financial reward to fuel their aspirations and
ambitions. They find a higher calling than simply the pursuit of
"more money."
2. Outstanding market intelligence. This is an organization's
ability to first recognize, then adapt, to fundamental changes in
the marketplace. Many times, small-business owners become too
myopic, seeing only a limited view of the markets in which they
compete. Growth leaders see the bigger picture.
3. Effective growth planning. This is the best predictor of whether
or not a business will grow. To be effective, a plan for growth
does not need to be overly formal or complicated. However, it does
need to be written, well-communicated and regularly updated.
4. Customer-driven processes. These days, every company I talk to
believes it is customer-driven, when actually very few really are.
Take a look at all of the business processes from a customer's
perspective. Are they in place to make it easier for the company,
or to help deliver on the promise of faster, cheaper and better for
the customer?
5. The power of technology. Successful leaders don't let the boom
and bust of technology cycles give them the excuse to ignore that
we live in an information age. If a company is in business, it is
in the technology business.
6. The best and brightest people. Growth leaders recognize that
they are only as good as the people with whom they work. The
ability to hire, train and retain the best and the brightest people
is often the difference between success and failure.
7. Seeing the future. Few organizations take the time to regularly
consider the future. Growth leaders learn how to diligently monitor
and interpret the macro forces of change affecting the world in
which they live.
Steven S. Little is the former president of three fast-growth companies and is the author of the new book "The Seven Irrefutable Rules of Small Business Growth." To get more information, visit his Web site at www.stevenslittle.com. - NU
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