People love to quote Albert Einstein’s definition of insanity: “Doing the same thing over and over again and expecting different results.” The thing is, it’s so appropriate for businesses—especially today. The marketplace is constantly changing and businesses have to change if they want to remain relevant and profitable. There are some things, however, that you need to do repeatedly if you want to transform your company and stay abreast (or even ahead) of the competition. In one sense, growing your business is “déjà vu all over again.”
Transformation Isn’t a One-time Event
If you’re really serious about changing the way your business operates so that you can experience real growth, you’ll need to keep monitoring and assessing the way you do business. There are key areas of your business that you’ll need to review and adapt over and over. Yes, it’s important to have a clear vision and strategy. But as the needs of the marketplace (and your potential clients) change, you’ll need to make sure that your vision and strategy are still aligned with your audience.
Constants That Need Constant Monitoring
There are other areas within your business that are both constants—and constantly changing. You’ll need to monitor them constantly.
Having the right people on your team will always be essential to your success. You’ll have to ensure that you are hiring and developing the right kind of people to build a business that can really make a difference. As your clients’ needs change, you may need to bring in people with the skills and knowledge to meet those needs.
I mentioned the importance of strategy above, but a strategy isn’t static. As there are shifts in the marketplace you’ll need to make sure your strategy adapts. Do you have a solid, thoughtful, and current strategy—or are you just winging it”?
You’ll want to constantly monitor how you’re performing. Do you have the systems, tools, and measures in place to ensure that you are successfully moving toward your goals? Just because something was working six months or a year ago, doesn’t guarantee it’s still working today. It may be working fine, but you won’t know unless you’re tracking your execution regularly.
As you grow, your cash needs will change. To ensure continued growth you’ll need to be sure you have enough cash on hand to fuel that sustained growth. If you’re scrambling for cash every month, it will be exceedingly hard to grow.
Those are some of the key areas where a great business coach can help. These are the things I help clients with on a regular basis. We go over them repeatedly. But you know what? It doesn’t get boring because these are some of the critical things that drive their business growth. On the one hand, it’s repeating the same things over and over. But on the other hand, it’s always changing.
By the way, if you’d like to get a better handle on these key elements for growing your business you’ll want to check out the ScaleUp SUMMIT 2018 from October 16-17 in Denver. You can hear some of the best minds in business share their thoughts about these topics—and you’ll have the chance to interact with hundreds of business peers who are taking steps to transform their businesses and grow. Plus, if you use my name as a reference when you register, you can receive a significant discount.