Ways to Boost your Business Growth

Randon Morris

Many businesses and startups in various development phases are preparing to enter a new chapter or overcome a crisis, and they’re searching for ways to drive business growth. But a business can find itself struggling to move into that next big phase. This can happen for a number of reasons, whether it’s a lack of infrastructure or bandwidth, not having the appropriate people in place, or even just because of fear.

Though it may sound counterintuitive, businesses and individuals are often frozen by their own success. While it’s important to be able to make a plan to successfully weather a particular challenge, truly successful people also plan when a business is still doing well. If your goal is to drive growth, then it’s time for a strategic planning discussion.

Envisioning Company Growth in Five Questions

A growth plan requires a goal for the future, but just as importantly, it requires analysis of the company’s present situation. Start by asking these five questions to determine your business’ next steps:

1. How Do You Define “Long-Term?”

When determining your long-term goals to drive business growth, it’s important to determine what “long-term” means to you and your organization. For some, long-term could be next month or next year. For others, it could be five to ten years from now. Whatever it is, you need to set a specific time frame. Five years is an acceptable answer. Ten years is an acceptable answer. “Five to ten” is not. Specificity rules! No matter what, one key point to remember is that a long-term goal is not the end game. Rather, it is the next touchstone.

2. What Will Things Look Like When You Get There?

Once you’ve determined your timeline, define exactly what you want to see happen within that time frame. Once you’ve defined what you want, ask yourself what you want your business to look like once you’ve gotten to that touchstone.

In order to better envision your company through its process of growth, consider this advice from authors and partners at Innosight consulting firm, who tell the Harvard Business Review: “Interrogate what is likely to change about your customers, markets, and operating environment, and what isn’t. Focus on what your customers will require, how you’ll meet their new and evolving demands, the resonance of your products and services, and your overall capabilities.”

Our industries and technology are always changing and evolving, and you’ll want your business to stay relevant and competitive in the future. Will your company be positioned to meet these changes once it has reached its goals?

3. What is Your Current State of Being?

For this question, even more so than others, you’ll need to seek input from all involved –employees, customers, an advisory board or a small group of trusted counselors. Ask your team if the business is progressing or just remaining stagnant. What is going on in the market in which you operate? Where do team members see any gaps? Is everyone in agreement on your current state? If not, dig deeper to understand why there is disagreement. If everyone is in agreement, have a few more questions ready to make sure that you haven’t missed something.