Are you ready to grow your business? If you’re wondering whether or not you should grow your business, the answer is likely yes, you should. The painful truth is, if you don’t grow, your business will gradually die — and if you’re not careful, your competition will eventually overpower you.
However, before you begin to expand, it’s important to take a hard, sober look at the current health and well-being of your business and of the market you serve. Are you enjoying regular, increasing profits? Do you have more business than you can handle? Is the industry you serve among some of the fastest growing?
If there are clear signs that your company is poised for growth, then it is time to unleash Actionable Intelligence for your business growth.
What Does Business Growth Look Like to You?
Business growth is a term used in every industry, yet its definition is highly subjective. And while no one would argue that growth — regardless of the industry — is critical for long-term survival, many business leaders struggle to define what growth looks like and how to develop (and maintain) a results-driven successful business growth strategy.
So, what does business growth look like to you? For some, it’s all about increasing product sales or service income. For others, it’s about greater market penetration, product expansion, diversification, or even acquisition. Also, increased business profitability might even fall into the mix. If any of the above rings true for you, are you actively measuring your company’s successes and failures against this definition? It isn’t enough to define your business growth laid out in broad strokes. Every business (regardless of the industry) requires a clear roadmap that measures growth and informs next steps.
Growth Begins with Your Business Mindset
Many business leaders wonder why their company isn’t growing despite the increasing demand for their products and/or services. You’ve taken the time to develop meticulous processes, your employees are consistently productive, and you run a highly efficient operation. So, why are you not growing? Believe it or not, your mindset is likely the culprit. By learning to shift toward a results-oriented mindset, you’ll begin to gradually achieve your desired growth.
Fixed Business Mindset
Coined by Carol Dweck, a psychology professor at Stanford University, a “fixed” mindset refers to people who believe their intelligence and their abilities are “fixed.” People with fixed mindsets work hard to convince others of their already-achieved expertise. According to Dweck, this mindset limits a person’s ability to grow since they are afraid to admit what they don’t know and are, therefore, unwilling to take risks. When applied at the business level, business leaders with fixed mindsets remain too rigid and conservative in their approach to business expansion, which can inadvertently stunt your business’ growth.
Growth Business Mindset
According to Dweck’s research, people with growth mindsets believe that their intelligence, abilities, and skill sets continue to develop over time. They are, therefore, unencumbered and ready to learn from their mistakes. Professionals with growth mindsets are excited to share what they’ve learned and are not concerned to admit what they don’t yet know. If a company’s culture is built on a growth-mindset model, the company as a whole will be more willing to take chances and rise to any challenge, eventually leading to business growth.
Exponential Thinking
How do you envision success? Have you traditionally worked with an incremental growth model, gradually increasing customers, leads, sales, and therefore revenue over time? If so, there is an additional mindset shift you might wish to consider — exponential thinking. Instead of growing “incrementally” one step at a time, your business will begin to grow by leaps and bounds. This doesn’t happen overnight, of course, but for those truly committed to this mindset, results will accelerate over time.
Building, maintaining, and growing your business is a journey, and every step counts along the way. If you are truly ready to grow your business, start with a commitment to shifting your company’s collective mindset. This first critical step will allow you to take more risks, opening up opportunities for creativity and innovation.
The following table will help guide you as you begin to shift from incremental thinking to exponential thinking.
References
“Industries with the Fastest Growing and Most Rapidly Declining Wage and Salary Employment.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 4 Sept. 2019, www.bls.gov/emp/tables/industries-fast-grow-decline-employment.htm.
“Decades of Scientific Research That Started a Growth Mindset Revolution.” The Growth Mindset – What Is Growth Mindset – Mindset Works, www.mindsetworks.com/science/.
“From 10% to 10x.” SHIFT Thinking, www.shift.to/essentials-guidebook/10-percent-to-10x.
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