Changing Perspective for Business Growth

Businesses go through slumps. Entrepreneurs find that when the
business goes through a slump – they find themselves in the same
position. Often to get themselves out of it, they go back to what has
worked in the past. It is also hard that when the money is not coming in
on the top-line that it creates very little room to manoeuvre and often
makes one think that there is little that can be done to increase
revenue or grow the business.

There is good evidence to suggest that a situation such as this is
not without hope. Any business can be revitalised by changing your
perspective. Many time the failing is that we hold on too tightly to
what has worked, past successes and the “old way” but when we change our
perspectives we have the opportunity to increase our creativity, our
revenue and our influence.

This article outlines some of the growth tactics that you can use to
make your business succeed.

Growth Tactic #1 Decide to grow

Successful entrepreneurs tend to have what is referred to as a
“growth mind-set” as opposed to a “fixed mind-set”. In a growth
mind-set, people believe their most basic abilities can be developed
through dedication and hard work — brains and talent are just the
starting point, whereas people with a fixed mind-set believe their basic
qualities, like intelligence are fixed and you will achieve what you set
out to do. The person with a growth mind-set is open to achieving more,
while the person with a fixed mind-set is set on achieving a specific
objective.

By recognising the power of you mind, spirit and emotions you can
overcome hundreds of hurdles, rather that moving through life one hurdle
at a time.

Growth Tactic #2 Deconstruct challenges

If you put “start a company” or “develop a new product line,” on your
to-do list the sheer scope and complexity of the project will overwhelm
and paralyse you with fear and uncertainty.

Instead, break down projects into smaller tasks and rank them based
on value and urgency. Then begin to execute or delegate projects in
priority of importance. If you take projects step-by-step, you start to
build self-confidence and momentum for the business, because the
projects seem more doable.

Focused on tasks that you can solve in a day. By stacking smaller
successes on top of one another, you can eventually build a business
that starts to run on its own.

Growth Tactic #3 Build a rhythm through focus.

If you start building a rhythm with those around you achieve more as
you adapt faster. If you meet your senior managers daily, you will move
much faster than when you meet them monthly. If you only meet quarterly,
do not be surprised that it takes many quarters for you to get to know
what the problems are and how to fix them. If you speak about what to
improve in the business – you will get improvement. If you do not – you
won’t.

Processes are as effective as the frequency with which they are
monitored. To have effective processes you have to increase the
frequency with which you monitor and improve them.

Growth Tactic #3 Learn from mistakes – fail fast

When you develop a growth mind-set you begin to view obstacles
differently. Instead of giving up when faced with these hurdles, you
begin to view these situations as learning experiences. And the quicker
you can learn and adapt to the environment and mitigate the risks you
took and the mistakes you made, the better off you will be in the long
term. The idea of “failing fast” is to make a mistake and to quickly
adapt to changing circumstances.

Growth Tactic #4 Persevere: Persist in the face of
setbacks

Some problems can be daunting and difficult to solve, but few, if
any, are impossible. If you become stuck, research the problem until you
find solutions. Talk to experts, mentors, employees or anyone who might
be able to offer insight. The solution may involve a number of steps but
at least you have a clear path you can follow. To go forward – at least
do something. You may have to change later but doing nothing if often
the worst strategy.

Growth Tactic #5 Evolve your services

You must constantly look at how to evolve your services. What may
start as a small bit of help that you give one customer will be a major
profit line soon. Be conscious that every new service will be effort and
you must evaluate return on effort. Diversification of the services you
offer, within your core product offering has the effect of
differentiating you from your competitor while making you not totally
dependent on one revenue stream. Offering a diverse pool of services may
help to take your business to the next level.

To develop a set of diversified services it is good to look at what
others do, what your clients want and also to speak to subject matter
experts, offering training to people as well as doing contract work for
others. This gives perspective on what is out there. Study tours,
studying and international exposure all gives different perspectives on
new services that will change the game.

Growth Tactic #6 Leverage staff diversity

Hire people that know more than you do and get them to bring their
creativity and input into every forum. Most entrepreneurs get stuck in
trying to hire people that can do more of the same – but we need to look
at people that bring different talents and experiences to the team game.
This changes the perspective, as someone may be able to link you to an
industry that you knew nothing about, or bring information about
competitive practices into the main fold.

Growth Tactic #7 Go into new target markets

You must find ways to sell your existing products to new customers
and to sell new products to existing customers.

The key to selling into new markets is to have a clearly defined
product and to find new applications for it. It may require minor
changes in positioning, packaging or content to give something a totally
new target market, a totally new business model or a radically different
revenue stream. By adding or removing one section, or changing a name
you can shift into totally untapped frontiers and explore new revenue
streams and business models. International markets are also a major
opportunity for growth.

Growth Tactic #8 Network and Network and
Network!

By speaking to more people about what you do – you get more business.
One study ascribes the network of the founder or entrepreneur in a
business as a critical success factor for long-term sustainability of
this business.

What are you doing to get out there, or even better – to get people
to come to you?

Growth Tactic #9 Use digital marketing to your
advantage

People can’t call you if they don’t know you exist and today there
are many ways to have relations with the public on a budget. But you
must be consistent and strategic. Utilise Facebook, Twitter, LinkedIn,
write blogs, Use Hootsuite or Tweetdeck to organise and send your posts,
make YouTube videos messages about your services and products, maintain
and update your website, and utilise radio and print. Press releases,
they may be “old school” but they are also a great way to get the word
out about what you are doing, what you’ve done and what you can do.

Growth Tactic #10 Leverage alliances

Aligning yourself with a similar type of business can be a powerful
way to expand quickly. You may be able to buy rather than build a new
product and thus capture a whole segment of the market. You have to look
closely at margins and make sure that costs are controlled – but you may
be able to do much more in a short space of time with this approach.
Also – reselling good brands reduces marketing costs, but be careful not
to be consumed and remember to stay true to your purpose.

Growth Tactic #11 Register as a supplier

This gives you an opportunity to use the diversification of your team
and alliances to pursue opportunities in a different environment.
Someone wants what you and your team have to offer and they will pay you
for it. Research how to do business with the government,
internationally, and with corporate entities.

Growth Tactic #12 Replicating your business

Franchising, branching out or expanding virtually or internationally
may be ways to grow your business reach without massive capital. Each
has their advantages but look into how to grow to make the best of
growth.