So you want your business to grow faster? One of the following strategies will help – can you spot the right choice?
- Make more promises – even if you can’t keep them.
- Water your business regularly.
- Use steroids.
- Plan like a bigger company.
- Try fertilizer – similar to #1.
(If you selected #1 or #5, you’re a politician. )
So you realize the answer is to plan like a bigger company. See, if you always think like a small business , then every decision you make will colored with that thought process. When you consider investing is assets or projects, you’ll emphasize cost over utility and benefits, whereas to grow you need to consider the benefits of any activity before the cost – then evaluate whether the cost (or investment) is justified.
One example is your accounting and inventory software. A business with serious growth plans should be growing into, rather than outgrowing, business systems. Otherwise as you grow. your inability to handle the growth without band-aid solutions and / or hiring extra people will itself become a growth limiter.
But folks, this principle is not just limited to accounting and inventory software. Whether it’s the phone system, the people you hire or the warehouse equipment you put in place, visualize how your company will look in 3 years’ time, and ensure that what you invest in now will support that vision.